Shares of technology companies fell sharply as traders retreated from risky sectors in light of rising Treasury yields.

Microsoft shares rose after the software giant unveiled a new version of its Copilot artificial-intelligence service, now more fully integrated with its other software offerings. Microsoft Chief Executive Satya Nadella predicted Copilot would "fundamentally transform coputing."

Cisco Systems struck a $28 billion deal to buy analytics and security-software company Splunk as the networking-equipment giant plans its own AI strategy. Splunk, which offers customers AI services Japanese semiconductor-equipment maker Kokusai Electric plans to offer shares worth about $860 million in its initial public offering.

Chip maker Broadcom fell after reports that Google had explored replacing the company as a supplier of chips used for AI applications.

Shares of Vietnamese electric car maker VinFast, one of the most volatile issues in recent months, fell sharply after it posted a second-quarter loss.

Write to Rob Curran at

(END) Dow Jones Newswires

09-21-23 1710ET