Sector Update: Tech Stocks Fall Late Afternoon

03:49 PM EDT, 08/28/2026 (MT Newswires) -- Tech stocks were lower late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.6%. The Philadelphia Semiconductor Index was down 3.4%. In sector news, the Department of Commerce's Bureau of Industry and Security is working on a slimmed-down replacement plan for the export controls on advanced AI chips that the Biden administration imposed to slow the technological progress of geopolitical rivals, The Information reported. The new rule is expected to close a loophole via which Chinese AI firms can access advanced chips through data centers in other countries, the report said. In corporate news, Marvell Technology (MRVL) shares fell past 9% after the company's stronger-than-expected fiscal Q2 results were overshadowed by investor concerns over the timing of revenue from its deal with Alphabet's (GOOGL, GOOG) Google. Workday (WDAY) raised the low end of its full-year subscription revenue outlook after the finance and human resources solutions provider recorded fiscal Q2 results above Wall Street's estimates. Its shares climbed past 6%. Amazon.com (AMZN) has signed a power purchase agreement in Germany and invested in four Swedish wind energy projects, the company said Friday. Amazon said it agreed to buy 600 megawatts of electricity from the planned Gennaker offshore wind farm in the Baltic Sea. Amazon shares rose 3.9%. Microsoft (MSFT) workers have raised concerns about the impact of its AI data centers on energy use, water consumption, emissions, and local communities, Bloomberg reported, citing Development Chief Noelle Walsh's memo to employees. Microsoft shares were up 1.7%.