Technology Sector Update for 06/16/2023: AMZN, IRBT, MU, META


Tech stocks were lower late Friday with the Technology Select Sector SPDR Fund (XLK) decreasing 0.6% and the Philadelphia Semiconductor index dropping 0.7%.

Amazon’s (AMZN) health information collection practices have been called into question by two Democratic senators, Politico reported Friday, citing a letter to the e-commerce giant’s Chief Executive Andy Jassy. Amazon shares were down 1%.

Separately, Amazon’s $1.7 billion planned acquisition of iRobot (IRBT) was approved by the UK’s antitrust regulator, sending the robot vacuum firm’s shares soaring even as regulatory probes in other regions remain ongoing. iRobot shares were up past 20%.

Micron (MU) warned that China’s ban on its chips may impact roughly half of the company’s China-generated revenue. Despite the ban that prohibits information infrastructure developers from using Micron chips, the company said it will invest about $600 million to expand production in the Chinese city of Xian. Micron shares were down 1.5%.

Meta Platforms (META) was down 0.3% after saying it launched a generative AI model called Voicebox, which can be used for speech generation tasks.

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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