Before the bell
Technology stocks are nursing their wounds on Friday after one of the rougher sessions of the year, with Nasdaq futures pointing to a tentative stabilisation following Thursday's 2.6% tumble.
The sell-off was driven by anxiety over the cost of the AI build-out, with chipmakers and infrastructure plays taking the heaviest punishment as investors questioned whether the returns would ever justify the spending.
SpaceX fell 9% on Thursday and is down a further 9% in pre-market trading on Friday, though JPMorgan has moved to reassure investors that the company is not planning an equity raise, saying it has sufficient debt capacity to fund its ambitions.
The bigger story developing on Friday morning is SpaceX's reported talks to acquire 80,000 cell towers from Crown Castle and American Tower, a move that would signal a serious full-scale assault on Verizon, AT&T and T-Mobile, sending all three sharply lower in pre-market trade.
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