Technology Sector Update for 06/03/2024: CAMP, NVDA, MSTR

Tech stocks fell Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.5% and the SPDR S&P Semiconductor ETF (XSD) falling 1%.

The Philadelphia Semiconductor index was down 0.7%.

In corporate news, Nvidia (NVDA) Chief Executive Jensen Huang said Sunday the company's next-generation artificial intelligence chip platform Rubin will be introduced in 2026, several media outlets reported. Nvidia shares popped 3.8%.

MicroStrategy (MSTR) and co-founder and Chair Michael Saylor have agreed to pay $40 million to settle a tax fraud lawsuit brought by the Washington, DC's attorney general, multiple media outlets reported Monday. MicroStrategy shares were gaining 4.8%.

CalAmp (CAMP) has filed for Chapter 11 bankruptcy protection in a deal to be taken private by its principal secured lender. CalAmp shares plunged 59%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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