Wednesday, June 12, 2024

Sector Update: Tech

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Tech stocks were rising late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 1.6% and the SPDR S&P Semiconductor ETF (XSD) up 0.2%

The Philadelphia Semiconductor index shed 0.1%.

The Biden administration is considering additional restrictions on China’s access to chip technology used for artificial intelligence, Bloomberg reported. The new restrictions will limit China’s ability to use gate all-around chip architecture and are aimed at increasing the difficulty of assembling systems for building and operating AI models, the report said.

In corporate news, Airship AI AISP shares surged past 48% after the company said it secured a six-figure contract with a US Department of Justice agency for the Acropolis Enterprise Sensor Management video and data management platform.

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