US stock futures rose Friday, poised to end a two-day losing streak, as falling oil prices and encouraging AI spending updates eased investor anxiety. S&P 500 futures climbed 0.4% and Nasdaq 100 contracts advanced 0.9% in premarket trading. A report that OpenAI expects to reach or exceed $70 billion in annualized revenue by year-end helped calm fears over the AI boom’s sustainability.
Goldman Sachs strategist Christian Mueller-Glissman argued that current investor caution, rather than exuberance, signals the market is not in a bubble. He cited the J-curve dynamic of tech investment, where heavy upfront spending precedes revenue growth. Meanwhile, signs of strain emerged in the AI infrastructure sector: Nvidia-backed Firmus Grid Ltd. shelved a $30 billion Australian IPO, and Oracle Corp.’s credit-default swap spreads hit new highs amid warnings of project delays.
Banks, set to report earnings next week, have underperformed the S&P 500 by 11% over the past month. Investors poured cash into money-market funds at the highest level since April 2020. In corporate news, Delta Air Lines cut its full-year earnings forecast, and Apple shares fell 2% after reports of reduced component orders for the iPhone 18 Pro.
SpaceX rose after acquiring low-band spectrum, positioning Starlink as a major US mobile carrier.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing