Tech stocks were lower Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.4% and the Philadelphia Semiconductor Index down 0.9%.
In company news, the Biden administration intends to stop supplies to China of advanced AI chips made by companies including Nvidia (NVDA) to block the country from using the technology for military purposes, Reuters reported Tuesday. Nvidia shares fell more than 4%.
VMware (VMW) shares fell more than 6% after media reports said that there’s market speculation related to the uncertainty of the Chinese regulatory approval for the company’s $61 billion sale to Broadcom (AVGO). Broadcom shares were down 2%.
Ericsson (ERIC) shares fell more than 3% after the company reported a Q3 loss of 9.21 Swedish kronor ($0.84) per diluted share, swinging from earnings of 1.56 kronor per share a year earlier. Analysts polled by Capital IQ expected earnings of 0.32 krona per share.
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