Sector Update: Tech Stocks Fall Late Afternoon

03:43 PM EDT, 09/23/2026 (MT Newswires) -- Tech stocks fell late Wednesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) declining 0.5% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 1.3%. The Philadelphia Semiconductor Index shed 1.3%. In corporate news, Paychex (PAYX) shares fell 8%. The company reported fiscal Q1 revenue growth in line with market expectations, while management reiterated its full-year outlook amid a tough comparison in the current quarter. Microsoft (MSFT) plans to invest more than $10 billion in capital and operating expenses on cloud and AI infrastructure across the Middle East by 2030. Separately, Microsoft will maintain current eligibility thresholds for shareholder proposals through next year's annual meeting under an agreement with activist investor Paul Chesser, Reuters reported. Microsoft shares rose 0.4%. Amazon-backed (AMZN) Anthropic employees Logan Graham and Sholto Douglas have personally invested in Pilgrim, the Wall Street Journal reported. The startup has developed Argus, a device designed to detect viruses and other biological threats in the air, as concerns grow that advanced AI could make it easier to create dangerous biological agents, the report said. Amazon shares fell 2.2%. IonQ (IONQ) shares gained 4.6% after the company said it will install its Superion 256 quantum computer at Nvidia's (NVDA) Accelerated Quantum Research Center in 2027.