💻 VGT Falls as Broadcom, NVIDIA Lead Declines Amid Insider Activity and Industry Headwinds | Tech Sector Insights
VGT declined amid notable weakness in top holdings. NVIDIA, Broadcom, Microsoft, AMD, and Palo Alto Networks contributed to the pullback, with Broadcom under pressure after insider selling and competition from Arista Networks. AMD gained attention following a large purchase by ARK Invest.
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Tuesday, July 1
VGT [-0.8%]
Vanguard Information Technology ETF (VGT)
The Vanguard Information Technology ETF (VGT) has seen a decline of 0.8% since Monday. Notably, top holdings have experienced significant drops, with NVDA, AVGO, MSFT, AMD, and PANW contributing to this downturn. Broadcom Inc. (AVGO) faced pressure following the sale of 40,000 shares by its CEO and the acquisition of its VeloCloud SD-WAN portfolio by Arista Networks, which may impact its competitive standing. Additionally, Advanced Micro Devices Inc. (AMD) attracted attention as Cathie Wood's ARK Investment purchased 356,000 shares. On a broader scale, the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) declined by 0.53%, reflecting market sentiment that may also influence VGT's performance. In a related development, Canada has eliminated its digital tax, affecting companies like Google and Oracle, alongside VGT.