US stock futures pointed to a positive opening on Wednesday, with Nasdaq futures leading gains as upbeat results from SpaceX and Super Micro Computer lifted sentiment around artificial intelligence (AI) and space stocks. However, a weaker-than-expected profit forecast from Netflix weighed on the streaming company's shares.
Nasdaq 100 futures rose 0.50% to 149 points at 5:42 a.m. ET. S&P 500 futures gained 0.24%, while Dow Jones futures edged up 0.07%.
SpaceX shares surged 9.4% in premarket trading after the company reported its first profit as a publicly traded business. The rally came after Elon Musk said on Tuesday that a merger between SpaceX and Tesla would be "a good idea". Tesla shares rose 1.7% ahead of its quarterly results due after the closing bell.
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Other space-related stocks also advanced, with Rocket Lab, Planet Labs and Intuitive Machines gaining between 2% and 4%.
Super Micro Computer was another major gainer, jumping 12.7% after the AI server maker forecast quarterly revenue and profit margins above Wall Street estimates. The outlook offered investors reassurance that demand for AI infrastructure remained resilient despite concerns over the returns from heavy spending on the technology.
Most chipmakers also traded higher. Nvidia gained 1.5%, Intel advanced 2.3%, and Advanced Micro Devices rose 1.8%.
The gains come after a turbulent period for semiconductor stocks. The Philadelphia Semiconductor Index recently recorded eight consecutive sessions of declines, its longest losing streak in 18 years, and continued to trade near two-month lows.
Investors have been reassessing the sustainability of AI-related investments, particularly those financed through debt. Concerns intensified last week amid worries that spending on data centres and computing infrastructure may not generate adequate returns.
"There is potential for substantial gains in its AI business," Ipek Ozkardeskaya, senior analyst at Swissquote, said, according to Reuters, pointing to SpaceX's financial capacity to expand its AI infrastructure business.
On the losing side, Netflix shares fell more than 6% in premarket trading after the company issued a weaker-than-expected fourth-quarter profit forecast. The decline followed a period of slower sales growth at the streaming giant.
Investors will also watch quarterly results from Tesla and Meta Platforms after the market closes, with both reports expected to provide further clues about corporate spending on AI and its potential returns. Results from IBM, AT&T, Abbott Laboratories and Southwest Airlines are also on the earnings calendar.
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Meanwhile, oil prices remained elevated amid concerns over global supply risks. Brent crude futures traded above $110 a barrel, near a five-month high, while US West Texas Intermediate crude futures rose 1.25% to $99.04 a barrel, according to CNBC.
Higher energy prices and persistent inflation pressures have strengthened expectations that the US Federal Reserve could raise interest rates again. The central bank is scheduled to meet next week.
On Tuesday, the Dow Jones Industrial Average rose nearly 530 points, or around 1%, supported by gains in healthcare and industrial stocks. The S&P 500 advanced 0.3%, while the Nasdaq Composite ended marginally lower.
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