Wall Street set to open lower as AI selloff and SpaceX telecom fears weigh

Wall Street is expected to open lower on Friday following a wave of selling in AI-related stocks, while telecom shares fell on concerns that increased competition from SpaceX could erode their market share. AT&T, Verizon, and T-Mobile each dropped about 5% in premarket trading after a report indicated SpaceX is in talks with mobile infrastructure companies to launch a national mobile operator program. Tower operators Crown Castle and American Tower rose 10.5% and 7.3%, respectively, while SpaceX shares gained 2.1%. The Nasdaq fell nearly 3% on Thursday after Meta dropped 8% on its first cash outflow in over a decade amid AI spending concerns. Futures showed the Dow down 0.84%, S&P 500 down 0.45%, and Nasdaq down 0.28%. Investors await next week's earnings from Microsoft, Alphabet, and Amazon, with the Fed expected to hold rates steady.