Tech stocks were lower Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 2.1% and the Philadelphia Semiconductor index down 3%.
In corporate news, Adobe (ADBE) shares were shedding 5%, adding to Thursday’s losses, after it beat Q3 expectations but issued unimpressive guidance for Q4 and indicated that AI price hikes would take longer than expected to be reflected in the company’s bottom line.
The semiconductor sector was on the defensive as Taiwan Semiconductor’s (TSM) request for suppliers to delay delivery of chipmaking equipment underscored concerns about slowing demand for chips. Shares of Advanced Micro Devices (AMD), Applied Materials (AMAT), Nvidia (NVDA), and Broadcom (AVGO) were all lower in sympathy.
Samsara (IOT) was down over 7% after it was disclosed that Chief Technology Officer John Bicket sold shares in the company.
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