Tech stocks were mixed Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.4% and the SPDR S&P Semiconductor ETF (XSD) rising 0.7%.
The Philadelphia Semiconductor index shed 0.3%.
In corporate news, China's State Administration for Market Regulation is investigating Nvidia (NVDA) on suspicion of anti-monopoly law breaches, Bloomberg reported. Nvidia shares fell 2%.
Advanced Micro Devices' (AMD) potential to gain market share is limited by higher competitive risks in artificial intelligence against Nvidia's "dominance" and increasing cloud preference for custom chips from Marvell Technology (MRVL) and Broadcom (AVGO), BofA Securities said Monday. AMD shares tumbled 5%, Marvell dropped 5.4%, and Broadcom shed 1.4%.
Meta-owned (META) Instagram and Alphabet's (GOOG) YouTube have emerged as alternatives for American TikTok content creators, who have urged followers to subscribe to their Instagram and YouTube channels after a federal appeals court ruled that the Chinese-owned social media app could be banned if not sold to a US-based company by Jan. 19, Reuters reported over the weekend. Meta shares were down 1.7% and Alphabet added 0.7%.
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