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Technology Shares Fall as Fed Tweaks Rate Expectations -- Tech Roundup

06/16/2021 | 05:19pm EDT

Shares of technology companies fell as the Fed signaled a sooner-than-expected rate increase.

Oracle shares were down about 5% after the company issued strong earnings late Tuesday but its projection for the current quarter was on the low side of Wall Street forecasts. The enterprise software pioneer also plans to lean into its recent cloud momentum by doubling its capital expenditures this year, to around $4 billion.

Waymo said it raised $2.5 billion in its latest investment round as it seeks to continue developing its autonomous-driving technology for passenger cars and in freight hauling.

World leaders have focused attention on ransomware in a series of high-level meetings, highlighting how quickly the destructive cyberattacks have climbed the political agenda as a string of recent attacks disrupted companies and critical infrastructure in the U.S. and other countries. In Geneva, U.S. President Joe Biden said he told Russian President Vladimir Putin that critical infrastructure should be off-limits to cyberattacks, as the two leaders agreed to begin talks on cybersecurity issues.

Meanwhile, at the North Atlantic Treaty Organization summit on Monday and the Group of Seven meeting last weekend, leaders committed to disrupting ransomware networks and holding attackers accountable in documents published at the end of both summits.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

06-16-21 1718ET

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