Tech stocks were mixed on Friday, ahead of Korean memory chip maker SK Hynix’s debut on the Nasdaq.
Chip stocks rose in early trading after selling off earlier this week, while Meta rose more than 5% after CEO Mark Zuckerberg told Bloomberg that he is looking at selling the company’s excess computing capacity.
Elsewhere, the AI-driven memory crisis is biting into the PC market. PC shipments fell 4.9% in the second quarter, marking the first decline in two years. And while revenue is rising for now, due to price increases, analysts at market research firm IDC say that things will likely get worse later this year, as consumers become weary of higher prices.
Laptop makers, including HP (HPQ), Dell (DELL), and Microsoft (MSFT), have raised prices on their Windows systems. Apple (AAPL) increased the cost of its MacBooks, including its Neo, Air, and Pro lines.
Among other notable movers, SpaceX (SPCX) stock dipped below its IPO price after joining the Nasdaq-100 index. SpaceX’s fast-tracked inclusion in the index required mutual funds and exchange-traded funds that track it, such as Invesco’s QQQ (QQQ), to buy the stock.