03:29 PM EDT, 07/02/2026 (MT Newswires) -- Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 3.3% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 8%.

The Philadelphia Semiconductor index slumped 6.6%.

In corporate news, Apple ( AAPL ) plans to launch five new iPhone models to gain market share despite a memory shortage that is driving up prices, Nikkei Asia reported. Apple ( AAPL ) shares rose 4.5%.

Nvidia ( NVDA ) said it is expanding access to its AI infrastructure by introducing a revenue-sharing model that grants token credits to developers in exchange for a portion of the recurring earnings from the cloud networks. Its shares fell 2.4%.

Microsoft ( MSFT ) is combining the consumer and enterprise versions of its Copilot AI chatbots into a single application in an effort to better compete with Anthropic's Claude and OpenAI's ChatGPT, The Information reported. Separately, Microsoft ( MSFT ) said Thursday it is launching Microsoft Frontier, a new operating business to provide frontier transformation services using AI. The company said it is investing $2.5 billion in Microsoft Frontier and embedding 6,000 employees at clients to co-design and deploy AI systems. Microsoft ( MSFT ) shares added 1.9%.

Alphabet (GOOGL) and its Google ( GOOG ) unit are facing a fine of about 4.13 billion euros ($4.71 billion) after the Court of Justice of the EU dismissed their appeal and upheld an earlier court ruling that found Google Search in violation of competition laws, according to a Thursday statement. Alphabet shares were down 0.6%.