U.S. stock futures waver as doubts grow around AI trade
U.S. stock futures were mixed on Wednesday as Wall Street tried to stabilize after a sharp selloff in technology shares. Investors remained cautious after two difficult sessions for the AI trade wiped about $1.3 trillion from the market value of Nasdaq 100 companies.
Highlights
- Nasdaq 100 futures gained 0.54%.
- Nasdaq 100 stocks lost about $1.3 trillion over two days.
- Micron earnings will test confidence in the AI trade.
Futures point to uneven open
Futures tied to the Dow Jones Industrial Average fell 0.13%. S&P 500 futures rose 0.16%, while Nasdaq 100 futures gained 0.54%, suggesting a modest rebound in tech after the previous day’s slide, Yahoo Finance reports.
The move followed a weak Tuesday session, when technology and chip stocks came under pressure. Nvidia, Micron and AMD led losses among semiconductor names, while concerns grew that AI-related shares had become too expensive after months of rapid gains.
Cerebras Systems added to the caution after reporting its first earnings since going public. Its shares fell as investors questioned whether the AI chip company can compete with larger rivals such as Nvidia. FedEx also declined after reporting results and citing shifting trade policy as a major headwind.
AI valuations face a test
Micron’s earnings, due after the bell Wednesday, are now a key test for the AI trade. The memory-chip maker has been one of the biggest contributors to the S&P 500’s gains this year, with its shares up more than 250% before Tuesday’s 13% drop.
The broader market remains heavily tied to a small group of technology companies. Analysts say this week’s moves look like short-term turbulence, but warn that geopolitical uncertainty and crowded equity positioning could keep markets unstable.
At the same time, investors have grown used to sharp daily swings. The concern now is whether a deeper decline could test market support if sentiment turns harder against AI-linked stocks.
The stakes for Wall Street
The pressure on futures matters because the AI rally has been one of the main forces supporting U.S. stocks this year. If investors start questioning the earnings power behind AI spending, the market could become more volatile.
The numbers show the risk. The Nasdaq 100 remains about 28% above its March 30 level, but a 3.3% drop in one session and a $1.3 trillion two-day rout show how quickly sentiment can shift. With Micron earnings ahead and U.S.-Iran uncertainty still in the background, traders are likely to keep testing whether the AI boom still has room to run.
Earlier, we reported that oil drops as Trump presses companies over gasoline prices.
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