Tech stocks were slipping late Thursday afternoon with the Technology Select Sector SPDR Fund (XLK) down 1.3% and the Philadelphia Semiconductor index shedding 1.6%.
In corporate news, Powerbridge Technologies (PBTS) shares jumped 9.9%. The company unveiled Thursday a “significant” step in its global expansion project via a partnership with a global smartphone provider to optimize its international supply chain and compliance operations across Asia and Europe.
Cisco (CSCO) agreed to buy software developer Splunk (SPLK) to expand its cybersecurity offerings. Cisco will pay $157 per share for Splunk, or about $28 billion. Cisco shares fell 4%, and Splunk jumped 21%.
Broadcom (AVGO) shares fell 2.4% amid reports that Google (GOOG) may drop the company as a supplier of tensor processing units starting in 2027 and begin making its own AI chips. Google is also reportedly looking to replace Broadcom networking chips with those made by Marvell (MRVL).
ViaSat (VSAT) said Thursday it has priced its offering of $733.4 million of 7.5% senior notes due 2031. Its shares dropped 6.9%.
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