Technology Sector Update for 01/25/2023: GROM, EXTR, TIGO, APH

Technology stocks pared most of their prior losses Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 0.3% while the Philadelphia Semiconductor Index was edging 0.1% higher.

In company news, Grom Social Enterprises (GROM) slid over 35% after the social media company overnight said it priced a $3 million private placement of more than 1.3 million shares at $2.26 each. The lone institutional investor who participated in the at-the-market offering on Tuesday also received warrants to buy another 2.3 million shares exercisable at $2.26 per share.