03:50 PM EDT, 06/04/2026 (MT Newswires) -- Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) easing 0.2%. The Philadelphia Semiconductor index fell 1.7%.

In sector news, Tesla (TSLA) Chief Executive Elon Musk is set to become the world's first trillionaire following the IPO of SpaceX (SPCX), CNBC reported. Musk's stake in the rocket and satellite communications firm is worth $866.5 billion on paper, CNBC reported, citing the company's prospectus.

In corporate news, CrowdStrike ( CRWD ) reported strong fiscal Q1 results amid accelerating demand for AI, but questions around the company's performance sustainability remain, BofA Securities said. CrowdStrike ( CRWD ) shares were down 4%.

Broadcom ( AVGO ) shares fell past 11% after it reported fiscal Q2 results late Wednesday. The company's fiscal Q3 AI revenue outlook likely fell short of investor expectations, while Q2 results were slightly ahead of consensus, RBC said in a note.

Alphabet (GOOGL) said Thursday Google and Intersect plan to build the Meitner Energy Center, which includes a new data center co-located with more than a gigawatt of wind, solar, and battery storage systems in Gray and Roberts Counties, Texas. Alphabet shares rose 3.7%.

Meta Platforms' ( META ) Instagram is rolling out Instagram Plus globally, a new optional subscription tier offering exclusive features for users who want more control and customization. Separately, Meta is considering charging as much as $200 a month for a premium tier of its planned AI agent product, currently known as Hatch, The Information reported. Meta shares increased 0.2%.