Technology Sector Update for 11/24/2023: NVDA, MSFT


Tech stocks were mixed Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) declining 0.3% and the Philadelphia Semiconductor index was little changed.

In corporate news, Nvidia (NVDA) shares dropped 1.8% as US policies related to semiconductor exports to China continued to plague domestic chipmakers. According to a Reuters report, Nvidia postponed the release of the export-compliant H20 chip until possibly next year due to manufacturing integration issues.

Some OpenAI researchers wrote a letter to the company’s board with a warning about a significant artificial intelligence breakthrough that they said may threaten humanity, Reuters reported. The letter and new AI algorithm were major developments ahead of the board’s ouster of Sam Altman as chief executive officer, the report said, adding that before Altman’s return to the company as CEO late Tuesday, over 700 employees threatened to leave and join Microsoft (MSFT). Microsoft shares were down 0.3%.

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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