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New York – Nasdaq 100 futures fell more than 1% early Thursday, with S&P 500 futures also declining, as investors reassessed the durability of the recent AI-fueled rally in major U.S. technology stocks. The downturn erased some of last week’s strong gains and marked a broader pullback from the so‑called “Magnificent 7” group of mega-cap tech names that have dominated market performance this year. Sentiment toward the sector cooled after Apple signaled that the elevated costs of AI-compatible chips and related technology would be passed directly to customers, contributing to notable price increases on its latest Macs and iPads. Those higher price tags have been framed by some analysts as an “AI tax” on consumers, highlighting how the expense of building advanced AI capabilities is beginning to show up in household budgets rather than company profit margins. New York – The shift in mood extended to the semiconductor and AI software space, where investors moved away from high-profile beneficiaries of the boom. Micron Technology shares dropped about 4% in pre-market trading, reflecting growing unease over the profitability of supplying costly, cutting-edge memory and processing hardware for AI workloads. Traders also rotated out of several AI-exposed names, including Palantir and Oracle, as they sought to reduce risk after a rapid, momentum-driven run-up in valuations. At the same time, reports that OpenAI may delay any potential initial public offering until 2027 underscored concerns that the billions of dollars flowing into AI development are not yet translating into the kind of immediate, large-scale profits previously anticipated. With futures under pressure and formerly high-flying stocks losing steam, market participants indicated that the recent hand-to-mouth rally in tech is giving way to a more cautious search for a near-term floor.

Prepared by Christopher Adams and reviewed by editorial team.