Sector Update: Tech Stocks Fall Thursday Afternoon

MT newswire2026/10/08 17:38

01:38 PM EDT, 10/08/2026 (MT Newswires) -- Tech stocks were lower Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 4.3%. The Philadelphia Semiconductor index shed 3.8%. In sector news, OpenAI's annualized revenue is about $20 billion less than previously signaled to investors, the Financial Times reported Thursday, citing financial documents shared with backers. The company recently told investors its revenue was approaching $50 billion on an annualized basis at the end of September, well short of the $70 billion reported late last month based on information investors had provided, the report said. In corporate news, Microsoft (MSFT) and Adobe (ADBE) are being suspended from the Permanent Labor Certification Program due to "multiple active federal investigations," US Secretary of Labor Keith Sonderling said Thursday at a press conference. Microsoft shares were down 1.3%, and Adobe was up 1.5%. GlobalFoundries (GFS) struck a multi-year $2 billion deal to supply silicon interposers to Taiwan Semiconductor Manufacturing (TSM) amid growing demand for AI. GlobalFoundries shares were up 0.4%, and Taiwan Semiconductor was falling 3.4%. Nvidia (NVDA) said Thursday it is committing $1 billion over the next five years to advance the US' capacity for super intelligence research and development in quantum computing, healthcare and energy security and other critical fields. Its shares were falling 2.7%.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.