Technology stocks were declining pre-bell Monday, with the State Street Technology Select Sector SPDR Fund (XLK) down 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) 1.7% lower.

NVIDIA (NVDA) said it has entered multiyear strategic partnerships with Coherent (COHR) and Lumentum Holdings (LITE) through which the AI giant will invest $2 billion in each company. Nvidia shares were down more than 1%, while Coherent stock was up more than 5% and Lumentum shares were up more than 7% premarket.