US stock futures plummet, large tech stocks lead the decline again

According to Odaily, US stock futures fell on Tuesday as a sell-off in large technology stocks spread to AI-related stocks in Asia, while investors await further progress in US-Iran negotiations.

On Tuesday, the Asian technology stock sub-sector suffered a heavy blow, ending an eight-day winning streak. Stock markets in Japan and South Korea collectively retreated, with South Korean stocks plunging nearly 10%. Currently, mega-cap tech stocks generally show synchronous fluctuations, with Alphabet performing weakly. SpaceX has also declined as the IPO frenzy fades, and market sentiment is gradually spreading to other leading tech stocks, leading to a renewed cautious stance on the technology sector.

This shift marks a stark contrast compared to last year, when almost any company related to artificial intelligence was seen as a "gold mine," and any business mentioning AI was pursued by the market. However, the market is now gradually entering a verification period where "delivering results" is imperative, and investors are demanding that large-scale investment in AI infrastructure must yield tangible returns.

This is particularly pronounced for companies like SpaceX, which have negative cash flow yet still raised $75 billion from their IPO. This transition keeps market sentiment tense, with the market's focus this week shifting to Micron Technology's earnings call. "Many investors hold AI-related stocks and have made substantial gains; any volatility could prompt them to reduce positions to lock in profits,"

said Jian Shi Cortesi, fund manager at Gam Investment Management. "Currently, tech stocks are also particularly sensitive to the interest rate outlook and potential rate hikes by the Federal Reserve." (Jin Shi)