01:47 PM EDT, 06/05/2026 (MT Newswires) -- Tech stocks were lower Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 5.1% and the State Street SPDR S&P Semiconductor ETF (XSD) shedding 9%.

The Philadelphia Semiconductor Index declined 7.6%.

In sector news, SpaceX, Amazon ( AMZN )-backed (AMZN) Anthropic, and Microsoft ( MSFT )-backed (MSFT) OpenAI's upcoming initial public offerings may drag down broader stock markets by drawing tens of billions away from existing companies, Research Affiliates founder Rob Arnott was quoted by Bloomberg News on Friday.

In corporate news, Microsoft ( MSFT ) said in a regulatory filing Friday that LinkedIn co-founder Reid Hoffman will not stand for re-election to the board of directors at the annual shareholder meeting. Hoffman notified the company of his decision on Tuesday and will remain in his position until the annual meeting, the company said. Microsoft ( MSFT ) shares fell 1.7%.

Amazon ( AMZN )-backed Anthropic and the University of Tokyo have partnered to establish the Japan AI Index, an index that will track the impacts of generative artificial intelligence on business management, government policy, and education, Nikkei Asia reported Friday, citing the firms. Amazon ( AMZN ) shares were down 0.2%.

Intel ( INTC ) and Hitachi on Friday announced a strategic collaboration to advance physical artificial intelligence, advanced computing, and digital infrastructure in industrial sectors. Intel ( INTC ) shares declined 8.8%.