Nasdaq futures fall on AI spending and Fed rate concerns

U.S. stock futures fell Thursday evening, with Nasdaq futures under pressure as investors remained cautious about technology valuations and the costs of financing artificial intelligence infrastructure. S&P 500 futures declined 0.1% to 7,786.75 points, while Nasdaq 100 futures lost 0.4% to 30,019.75 points. The weakness in the tech sector persisted despite record quarterly earnings from Taiwan Semiconductor Manufacturing Company, as the world's largest contract chipmaker struck a cautious tone about 2027 prospects due to macroeconomic uncertainties. Nvidia fell 1.8%, while server makers Dell Technologies and Hewlett Packard Enterprise lost 6.9% and 7.1% respectively. Inflation remained a key concern after producer prices rose more than expected in September, the largest increase in four and a half years. Markets priced a 67% chance of a Federal Reserve rate hike in December, according to CME Group's FedWatch tool. Concerns about debt-financed AI expansion also weighed on sentiment, with data center operator CoreWeave under scrutiny for its heavy debt load, while investors questioned whether revenue growth at companies like Anthropic justifies significant capital commitments.