US stock futures slipped early Tuesday as AI‑related valuations came under fire. Nasdaq 100 contracts fell 0.8% at 4:25 a.m. New York time, while S&P 500 futures dropped 0.2%. The move mirrored Asian markets, where South Korean chip shares tumbled after a second trading halt before clawing back some loss, still reflecting growing investor wariness of AI hype.

The rally that lifted chip makers earlier in the week faded after Apple announced a price increase and a Micron outlook blew past expectations, tempering enthusiasm for lofty AI valuations. A New York Times report that OpenAI may postpone its IPO until 2027 added to the nervousness. Lombard Odier’s macro chief said investors are now questioning price, supply and capex assumptions behind the AI infrastructure cycle.

Lombard’s Florian Ielpo warned the pullback reflects a reassessment of the market’s most crowded segment, not a systemic crash. The Nasdaq 100 is poised for its first weekly decline in three but still sits roughly 28% above its March trough, finding support near the 50‑day moving average. Analysts therefore see a tighter pricing environment ahead for tech equities.