US equity futures fell after a selloff in large tech names spilled into Asian
AI-related shares, while investors awaited further progress in US‑Iran talks.
Asia tech subindexes reversed an eight-day rally; Japanese and South Korean
markets retreated and South Korean stocks dropped nearly 10%. Megacap tech moved
in sync — Alphabet weakened and SpaceX slid as IPO enthusiasm cooled, notably
for companies still cash‑flow negative yet reported to have raised about $75bn
via an IPO. Market sentiment is shifting from last year’s broad AI euphoria
toward a proof‑of‑performance phase, with investors demanding that heavy AI
infrastructure investment produce returns. Market focus this week is Micron
Technology’s earnings call. Gam Investment Management fund manager Jian Shi
Cortesi said many investors holding AI names have large gains and may pare
positions, and that tech is unusually sensitive to the interest‑rate outlook and
potential Fed hikes.
