US stock futures treaded water Friday after AI-driven losses swept markets Thursday, with Apple plunging 5% for its steepest drop since April 2025. All "Magnificent Seven" megacaps fell as Wall Street awaited January consumer inflation data that could shape Federal Reserve policy decisions and interest rate trajectories.

Contrasting the US slump, Asian chip manufacturers gained as global funds shift from AI pioneers to hardware producers with pricing power. Applied Materials surged 11% in premarket after beating expectations, while Rivian jumped 13% after reporting $1.286 billion revenue versus the $1.26 billion forecast, reflecting investor rotation toward tangible assets.

The divergence highlights investor concerns about AI disruption risks. Pinterest tumbled 19% after forecasting weak revenue, underscoring digital ad market challenges. Investors now parse inflation data for rate clues while monitoring how AI fears continue reshaping sector preferences and capital allocation strategies.