US stock futures fell on Friday as concerns over AI valuations and a chip-led selloff in Asia stalled Wall Street’s technology rally.
Nasdaq 100 futures dropped about 0.8%, while S&P 500 futures slipped 0.2%. Technology shares led the premarket losses as investors questioned the returns from heavy AI infrastructure spending.
The pullback followed sharp declines in Asian markets. South Korea’s Kospi fell nearly 6%, while chip supplier SK Hynix dropped more than 8%.
Japan’s SoftBank also slid after reports said OpenAI may delay its public listing while seeking a higher valuation. The news cooled sentiment across AI-linked shares.
Investors have grown cautious after a year of strong gains in chipmakers, data-centre suppliers and other artificial intelligence companies. Many now want clearer revenue growth from the sector’s spending boom.
Component costs added pressure on hardware makers. Rising memory-chip and storage prices have raised concerns about margins for companies that depend on high-end devices and data-centre equipment.
Apple shares had already weakened after price increases on some products. Concerns about memory-chip demand and supply also kept semiconductor stocks volatile.
The latest move followed a mixed session on Wall Street on Thursday. The S&P 500 edged lower, the Nasdaq Composite fell 0.5%, and the Dow Jones Industrial Average rose slightly.
Read: US Stock Futures Rise As Iran Talks Lift Sentiment
Micron Technology’s upbeat earnings briefly supported chip stocks. However, the broader AI trade lost momentum as traders rotated toward less volatile sectors.
US stock futures also reflected caution before the next inflation readings. Traders watched Treasury yields and Federal Reserve rate expectations for direction before the opening bell.
Markets remained focused on whether AI spending can translate into faster earnings growth. Until then, investors may keep pressure on expensive technology shares.