Nasdaq futures rise as SpaceX and Super Micro results revive AI trade

what happened

According to Reuters, futures tied to the tech-heavy Nasdaq gained on Wednesday as results from SpaceX and Super Micro Computer brought investors back to artificial intelligence stocks. SpaceX rose 9.4% in premarket trading after posting its first profit as a public company, and Elon Musk said a merger with Tesla would be a good idea. Super Micro jumped 12.7% after forecasting quarterly revenue and profit margin above Wall Street estimates.

Last week AI-linked shares sold off on doubts about the profitability of the AI buildout, with data center operator CoreWeave at the center of the selloff. The Philadelphia semiconductor index snapped eight straight sessions of declines, its longest losing streak in 18 years, but remains near two-month lows.

Oil stayed elevated, with Brent crude futures trading above $110 a barrel, near a five-month high.

why it matters

Last week's data showed price pressures spreading beyond energy and strengthened the case for another Federal Reserve rate hike at its meeting next week. That means tech stock gains now hinge on company earnings and how markets react to rates, while expensive oil adds to inflation risk.

market impact

AI and chip stocks: strong results support the sector, but expectations of a Fed rate hike pose a risk to gains.

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