Technology Sector Update for 04/25/2024: META, IBM, MU, HCP

Tech stocks were mixed Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.7% and the SPDR S&P Semiconductor ETF (XSD) adding 1.7%.

The Philadelphia Semiconductor index rose 1.7%.

In corporate news, Meta Platforms (META) late Wednesday reported Q1 earnings and revenue that topped estimates by analysts while raising its spending guidance in 2024. The shares dropped about 11%.

International Business Machines (IBM) agreed to buy HashiCorp (HCP) in a deal with an enterprise value of $6.4 billion. The company also reported Q1 revenue that fell short of market expectations. IBM shares tumbled almost 8%.

Micron Technology (MU) shares added 0.8% after it signed a non-binding preliminary memorandum of terms with the US government for a $6.1 billion funding to support the construction of memory chip manufacturing facilities in Idaho and New York.

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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