AMZN

Technology Sector Update for 03/27/2024: AMZN, RDDT, NCNO

Tech stocks were mixed Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing less than 0.1% and the SPDR S&P Semiconductor ETF (XSD) adding 2.3%.

The Philadelphia Semiconductor index rose 0.6%.

In corporate news, Amazon.com (AMZN) said Wednesday it has made an additional $2.75 billion investment in Anthropic, bringing its total investment to $4 billion. Amazon said the investment is for a minority ownership position in Anthropic. It is part of a collaboration between Amazon, Anthropic and Accenture (ACN) to advance generative artificial intelligence. Amazon shares rose 0.5%.

Reddit (RDDT) shares fell 8% in recent trading as research investment firm Hedgeye Risk Management released a report calling the social media platform a "short idea."

nCino's (NCNO) shares jumped past 18% as Baird and Needham adjusted their price targets following the company's Q4 results the day before.

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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