Key facts
- SpaceX and Super Micro Computer results boosted AI-linked stocks.
- Netflix forecast missed expectations, leading to a stock drop.
- Semiconductor index is trading at two-month lows.
- Oil prices remained elevated with Brent crude futures trading at over $110 a barrel.
Futures tied to the tech-heavy Nasdaq led gains on Wednesday as results from SpaceX and Super Micro Computer revived the AI trade, while Netflix slipped after its forecast failed to impress investors. Elon Musk's SpaceX rose in premarket trading after he suggested a merger with Tesla, and the company posted its first profit. Super Micro jumped after forecasting quarterly revenue and profit margin above estimates, signaling resilient AI demand. Investors drew comfort from these reports amid concerns over AI buildout profitability. Most chipmakers also rose, though the Philadelphia SE Semiconductor index is trading at two-month lows. Netflix dropped significantly after issuing a weaker-than-expected forecast for fourth-quarter profit. Dow, S&P 500, and Nasdaq futures indicated a higher open. Oil prices remained elevated with Brent crude futures trading at over $110 a barrel.