U.S. Futures Fall as AI Payback Worries Lift Treasury Demand

U.S. stock futures fell Thursday as investors weighed whether heavy spending on data centers and computing infrastructure will take longer to pay off, prompting a shift toward Treasurys.

Nasdaq 100 futures dropped 1.8%, and S&P 500 futures fell 1%. The 10-year Treasury yield declined 4 basis points to 5.08% as Treasurys strengthened broadly. Brent crude rose above $112 a barrel.

Meta posted revenue above expectations and raised its capital spending plan. Tesla cut spending, and the companies’ earnings drew different market reactions.

Lam Research shares fell more than 7% after the chip equipment maker issued weaker-than-expected guidance, weighing on related stocks. Meanwhile, the continued rise in AI-themed stocks has intensified concerns about stretched valuations and the risk of a bubble.