Tech stocks today: Big Tech stocks sell off, Anthropic considers IPO as soon as Q4

Tech stocks continued to be pressured on Friday after a sell-off in social media stocks and chip stocks sent the tech-heavy Nasdaq Composite (^IXIC) index into a correction.

On Wednesday, a Los Angeles jury found Alphabet's (GOOG, GOOGL) YouTube and Meta (META) liable for harm done to a young user. The jurors ordered the companies to pay the lead plaintiff $3 million in compensatory damages in the first-of-its-kind case.

Meanwhile, investors continue to evaluate Nvidia's AI offerings after the company unveiled new AI chips and an agentic AI platform at its developer conference last week.

On Tuesday, Arm (ARM) announced its own entrance into the AI chip market with a new data center chip and server rack, sending the stock more than 12% higher in extended trading.

In other tech news, Anthropic and Elon Musk's SpaceX are nearing their IPOs, memory chip stocks fell after Google researchers unveiled a tool that lowers memory intensity, and Apple (AAPL) CEO Tim Cook said the company is seeing strong enthusiasm for its new, low-cost MacBook.