Technology Sector Update for 02/27/2023: SMSI,OPRA,SMCI,INTC,MPRA,NVNI,NVDA

Technology stocks were hanging on for moderate gains late Monday, with the Technology Select Sector SPDR Fund (XLK) rising 0.5% while the Philadelphia Semiconductor Index was gaining 0.8% this afternoon.

Smith Micro Software (SMSI) plunged 38%. The company plans to cut expenses and reallocate resources in response to a US-based Tier 1 carrier customer terminating its contract for its home cybersecurity suite, effective June 30.

Opera (OPRA) jumped.21%. The company said it was collaborating with artificial intelligence research laboratory OpenAI to "reshape" upcoming versions of its PC and mobile internet browsers. Opera's Q4 profit and revenue topped Wall Street expectations.

Supermicro (SMCI) rose 2.6% after the computer server and data storage company introduced its next-generation Supermicro X13 AI systems using Intel's (INTC) 4th Gen Xeon processors and supporting built-in accelerators and GPUs up to 700 watts from Intel, NVIDIA (NVDA) and others.

Mercato Partners Acquisition Corp. (MPRA) was 0.1% higher late Monday after the blank-check company disclosed plans for a business combination with the Nuvini Group, a privately held software-as-a-service company that will trade under the NVNI ticker symbol after the deal closes.

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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