XLK Drops 8.29% in October as Intel Leads Technology Stock Losses

The State Street Technology Select Sector SPDR ETF (XLK) fell 8.29% in October as rising financing costs prompted questions about whether artificial intelligence infrastructure investment would keep its pace.

Intel dropped 45.20%, the steepest decline among the stocks highlighted, after its fourth-quarter revenue, earnings and gross-margin guidance came in below estimates. Sandisk, Coherent and Teradyne also recorded sharp losses.

PTC gained 33.50%, the strongest advance among the stocks highlighted, after Schneider Electric agreed to acquire it for $205 per share. Gen Digital and Roper Technologies also rose sharply.

Technology shares faced broader pressure in October, with the Nasdaq Composite losing ground as markets debated the costs and potential returns of AI investment.