Shares of technology companies fell as a flight from memory-chip makers continued.

The threat of competition from the Chinese semiconductor sector and questions over data-center financing deals has caused a rout in the chip sub sector this week. The PHLX "SOX" Semiconductor Sector index fell by more than 4% and has lost about one-quarter of its value since its recent highs. Meanwhile, concerns are mounting about the debt that "hyperscalers" such as Meta and Alphabet are taking on to pay for data centers.

PayPal shares rose after the online payment firm said it was open to a sale even as it boosted its growth projections.