SAN FRANCISCO—An index of Silicon Valley stocks fell late Wednesday, led by International Business Machines Corp., Apple Inc. and Electronic Arts Inc. (E-Arts).

The Bloomberg Silicon Valley index fell 13.54, or 2.1 percent, to 634.21. Twenty-eight stocks declined, two stocks rose and two were unchanged.

Computer-related stocks sank amid concern that growth in corporate budgets is slowing and prospects are limited for profit increases this year.

As the economy slows, technology-spending growth in the US will drop to 4.8 percent this year from 5.3 percent in 2007, according to Forrester Research Inc. in Cambridge, Massachusetts. That will mark the third-straight year of slowing budget increases, the researcher said.

“A lot of money moved into technology, thinking it was going to be a safe haven,” said Larry Valencia, who helps oversee $11 billion at UMB Asset Management in Kansas City, Missouri. “If the US slows and all the other economies slow to some extent, then tech takes a pretty good hit.”

The Bloomberg Silicon Valley index is a price-weighted list of companies with significant business in the region. It reached a seven-year high of 676.28 on October 31 and a 52-week low of 540.17 on March 5. The index gained 17 percent last year. (With reporting from New York, Bloomberg)

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