Shares of technology companies fell slightly as concerns about inflation offset deal activity.

Microsoft agreed to buy speech-recognition firm Nuance Communications for $16 billion, pushing further into health technology and adding to a series of deals that have widened the range of software tools it offers customers. The deal would be Microsoft's second largest ever, following the $26 billion purchase of LinkedIn in 2016, and will add speech- and artificial-intelligence technology targeted at the healthcare market to its suite of products.

Uber Technologies reported record monthly bookings for March as Covid-19 vaccination rates accelerated across the U.S. Shares of online bazaar Alibaba rallied, adding roughly $40 billion to its market value, after China's antitrust regulators imposed a $2.8 billion fine on the company over the weekend, but took no further action in a case involving alleged anticompetitive practices.

Nvidia is stepping up its artificial-intelligence competition with Intel and Advanced Micro Devices by introducing a new central processing unit to crunch reams of data, with technology based on acquisition target Arm Holdings.

Cybersecurity firm Darktrace said it aims to go public in London with a valuation of around $4 billion, hoping to capitalize on growing demand for its software, despite ongoing legal uncertainty over one of its leading backers.

American depositary shares of Canaan, a producer of bitcoin mining hardware, fell sharply after it posted a retreat in fiscal fourth-quarter revenue.

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

(END) Dow Jones Newswires

04-12-21 1705ET