Technology Sector Update for 01/02/2024: MSFT, GOOG, AAPL, TSEM, ASML

Tech stocks fell Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) shedding 2.6% and the SPDR S&P Semiconductor ETF (XSD) down 2.1%.

The Philadelphia Semiconductor index slumped 3%.

In corporate news, Microsoft (MSFT), Google parent Alphabet (GOOG) and Apple (AAPL) are expected to lead other tech giants in artificial intelligence monetization, which may boost the Nasdaq to 20,000 this year, Wedbush said in a note. Microsoft shares fell 1.7%, Alphabet shed 1.1% and Apple dropped 3.8%.

ASML (ASML) faces further restrictions on exports to China after the US convinced authorities in the Netherlands to block a shipment of microchip-making equipment on Monday. ASML said its export license for two lithography systems had been "partially revoked" by the Netherlands, where the company is headquartered, "impacting a small number of customers in China." ASML shares slumped 4.5%.

Tower Semiconductor (TSEM) said Tuesday the earthquake in Japan's Ishikawa prefecture caused minor damage to its two Japanese manufacturing facilities but had no impact on operations. Its shares were shedding 0.8%.

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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