The chip-stock selloff is accelerating. Nasdaq-100 futures are down around 2% this morning, following a bruising session overseas that sent Taiwan and Japan’s benchmark indexes falling 6.5% and 4%, respectively. Trading in South Korea’s Kospi index was closed for a holiday.

Sandisk, Applied Materials, Corning and Dell Technologies are seeing some of the biggest declines in premarket trading. Netflix shares are also sliding, tumbling more than 9%, after the company said it expects revenue and profit gains to slow in the third quarter. Investors have been dumping shares of chip makers in recent weeks amid doubts that vast spending on the AI buildout can justify some firms’ lofty valuations. But now, the moves have grown more intense.

Oil prices are largely stable, with Brent crude futures hovering below $85 a barrel. It's a lighter day on the earnings front, though we’ll get results from Regions Financial and Fifth Third Bancorp.