Tech Down as Chipmakers Give Back Some Gains — Tech Roundup
Shares of technology companies fell, as chipmakers gave back some of their hefty gains amid concerns about a speculative bubble.
The PHLX Semiconductor index fell by roughly 3%.
Chip makers have rallied due to signs that artificial-intelligence demand would cause a lasting spike in chip prices.
Qualcomm, among the biggest gainers in recent weeks, fell by more than 11%.
OpenAI Chief Executive Sam Altman's personal investments are coming under intensifying scrutiny from Republicans as the company heads for an initial public offering, with the House Oversight committee launching a probe into potential conflicts of interest. Altman testified in court, defending himself and his OpenAI colleagues against Elon Musk's lawsuit.
Google is in talks with SpaceX for a rocket-launch deal as the search giant expands its own efforts to put orbital data centers in space.
JD.com returned to profit with better-than-expected results in the first quarter, as the Chinese e-commerce giant made progress in stemming losses in its food-delivery business.
German software maker SAP said it was rolling out a new software suite bringing its data, cloud, artificial intelligence and automation features under one roof.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
May 12, 2026 18:03 ET (22:03 GMT)
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