26.06.202611:51:23UTC+00US Futures Turn Lower on Tech Volatility

US equity futures fell sharply on Friday as renewed doubts about the AI-driven rally reignited selling in chipmakers and AI-related stocks. Futures on the S&P 500 and Nasdaq 100 declined 0.5% and 1.2%, respectively, hitting two-week lows. The big cloud providers within the Magnificent 7 extended the steep losses from the previous session amid persistent worries that AI investment may have run ahead of fundamentals, with Nvidia, Tesla, and Oracle all losing more than 1% in premarket trading.

Memory and other semiconductor stocks also came under renewed pressure, giving back a portion of the prior day’s gains that had been driven by Micron’s earnings, as investors grew more concerned that AI infrastructure spending could slow. Micron and SanDisk dropped about 5%. At the same time, a report suggested that OpenAI may delay its IPO, reinforcing the narrative of moderating outlays on compute capacity.

By contrast, the Dow hovered near unchanged after testing record highs in the previous session, underscoring the relative resilience of more traditional sectors of the economy.