Sector Update: Tech Stocks Fall Late Afternoon

03:38 PM EDT, 09/01/2026 (MT Newswires) -- Tech stocks were lower late Tuesday 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 2.2%. The Philadelphia Semiconductor index shed 2.2%. In corporate news, GoPro (GPRO) shares surged 42% after the company and optical-photonics company Starman Optical said Tuesday they have signed a definitive merger agreement. Under the terms of the deal, GoPro shareholders will receive $1.14 per share, for a total of $285 million in cash and will retain a stake in the combined company of about 10%. Amazon-backed (AMZN) Anthropic has agreed to a $35 billion computing deal with Nvidia-backed (NVDA) cloud provider Lambda, Bloomberg reported. The project involves a Texas data center being developed by Hut 8 (HUT), with Nvidia holding the lease, the report said. Amazon shares were down 2.2%, and Nvidia was shedding 1.7%. Apple (AAPL) is continuing to reshape its leadership ranks as John Ternus begins his tenure as chief executive officer, with longtime executive Luca Maestri stepping away from his corporate services responsibilities, Bloomberg reported. Maestri's duties, including information technology, information security and corporate real estate, have been assumed by Chief Financial Officer Kevan Parekh, according to Apple's updated management biographies, the report said. Apple shares were up 2.7%. Duolingo (DUOL) shares jumped 7% after Evercore ISI upgraded the stock to outperform from in-line and raised its price target to $210 from $105.