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Sector Update: Tech Stocks Lower Monday Afternoon

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-- Tech stocks declined Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.1% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 3.7%.

The Philadelphia Semiconductor index dropped 1.8%.

In corporate news, Microsoft (MSFT) and OpenAI have amended their partnership under which the tech giant will no longer pay a revenue share to the ChatGPT maker, among other things, with Wedbush Securities calling the development a net positive for Microsoft. Microsoft shares rose 0.2%.

Meta Platforms' (META) $2 billion acquisition of AI startup Manus was blocked by China's National Development and Reform Commission, media outlets reported Monday, citing the Chinese regulator. Meta shares were up 0.7%.

Alphabet (GOOGL) unit Google's 560 employees have signed an open letter to CEO Sundar Pichai, urging him to block the use of its AI technology by the US government for military operations, the Financial Times reported Monday, citing the letter. Alphabet shares added 2.5%.

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