Tech Down as AI Rally Stalls — Tech Roundup

Shares of technology companies ticked down amid signs of exhaustion in a long-running artificial-intelligence rally.

Shares of Palantir Technologies, which harnesses AI for military and other applications, fell by more than 6% after reports that a prototype battlefield communications network being developed by the company and Anduril Industries for the U.S. Army has security problems.

The Roundhill Magnificent Seven exchange-traded fund, which tracks the largest tech stocks, fell by almost 1%. The rush to build AI infrastructure has reached levels that some strategists warn are reminiscent of over-extension in prior booms such as the Dotcom and railroad boom eras.

BlackRock is close to a $20 billion buyout of Aligned Data Centers.

Google said it will build a $4 billion data center on more than 1,000 acres in Arkansas, creating hundreds of operations jobs and thousands of construction jobs in the region.

Chip-equipment maker Applied Materials forecast a $710 million hit to its revenue from new export restrictions published by the Bureau of Industry and Security this week.

Apple blocked apps that enable users to track U.S. Immigration and Customs Enforcement agents after pressure from the Justice Department.

Write to Rob Curran at rob.curran@dowjones.com