Sector Update: Tech Stocks Edge Lower Monday Afternoon

01:41 PM EDT, 08/31/2026 (MT Newswires) -- Tech stocks were slightly lower Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) and the State Street SPDR S&P Semiconductor ETF (XSD) fractionally lower. The Philadelphia Semiconductor index increased 0.1%. In corporate news, Nvidia (NVDA) expanded its partnership with chip designer MediaTek, including a $3.5 billion investment, to support adoption of the company's proprietary interconnect technology for custom rack-scale AI chips. Nvidia shares were up 0.8%. Apple (AAPL) executive Phil Schiller stepped down from his role overseeing the App Store and Apple product events, Bloomberg reported. Schiller maintains his Apple Fellow title and will be working on unspecified initiatives, the report said. Apple is shifting responsibility for the App Store to the services division run by executive Eddy Cue, the report said. Apple shares were down 1.9%. Microsoft-backed (MSFT) OpenAI's ChatGPT Ads has reached $1 billion in annualized revenue run rate, the company said Monday. Advertisers can buy ChatGPT ads directly via Ads Manager in India, Europe, the Middle East and North Africa, effective Monday, the company said. Microsoft shares were shedding 0.6%.