Shares of technology companies fell as waning speculation on artificial-intelligence technology offset deal activity.
International Business Machines agreed to acquire Apptio in a deal that values the maker of financial and operational-management software at $4.6 billion, the technology giant confirmed.
Databricks agreed to buy generative artificial-intelligence startup MosaicML for about $1.3 billion, a move aimed at capturing the fast-growing demand from businesses to build their own "generative AI" tools.
After a near record-breaking first half of the year, the rally in the tech-heavy Nasdaq Composite has stalled recently. "Growing concern that the dominance of high-flying technology stocks has made this year's U.S. equity market rally too narrow for comfort is also fostering reluctance to participate," said strategists at money manager Nuveen, in a note to clients.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
06-26-23 1741ET
