<div id="readability-page-1">01:53 PM EDT, 05/18/2026 (MT Newswires) -- Tech stocks were lower Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.6% and the State Street SPDR S&amp;P Semiconductor ETF (XSD) dropping 4.1%.The Philadelphia Semiconductor index slumped 3%.In corporate news, Seagate Technology ( STX ) shares fell more than 9% after Chief Executive Dave Mosley said that building new factories to meet demand would &#34;take too long.&#34;Equinix's ( EQIX ) plan to build two data centers in Cape Town, South Africa, is facing opposition from community groups and UK non-profit Foxglove, claiming the project lacks key details on water use, electricity demand and environmental impact, Reuters reported, citing a formal objection filed with city planners. Equinix ( EQIX ) shares were fractionally higher.LiveRamp ( RAMP ) shares jumped past 27% after the data collaboration platform agreed to be acquired by French advertising and public relations firm Publicis Groupe in an all-cash deal with an enterprise value of about $2.17 billion.Baidu ( BIDU ) reported better-than-expected Q1 results on Monday buoyed by growth in its core AI-powered business. Its shares rose 2.5%. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</div>

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Tech stocks declined on Monday, with the State Street Technology Select Sector SPDR ETF falling 1.6% and the Philadelphia Semiconductor index down 3%. Seagate Technology shares dropped over 9% due to factory expansion delays. Equinix faced opposition for its data center plans in Cape Town, while LiveRamp shares surged 27% after being acquired by Publicis Groupe. Baidu's shares rose 2.5% following strong Q1 results driven by its AI business.

- Tech stocks experienced declines, with notable losses in ETFs like the State Street Technology Select Sector SPDR ETF falling 1.6%.  
- Seagate Technology shares dropped over 9% due to CEO comments on slow factory expansions, while Equinix faced opposition regarding its Cape Town data center plans.  
- In contrast, LiveRamp saw a share increase of 27% following its acquisition announcement, and Baidu's shares rose 2.5% on positive Q1 results.

Sector Update: Tech Stocks Fall Monday Afternoon