AI concerns pressure chipmakers premarket; UPS, Carrier rise

Investing.com - U.S. stock futures were mixed on Tuesday as renewed concerns over artificial intelligence spending weighed on semiconductor stocks ahead of a pivotal week featuring mega-cap technology earnings and the Federal Reserve’s latest interest rate decision.

By 05:59 ET (09:59 GMT), Dow Jones Futures rose 143 points, or 0.3%, S&P 500 Futures slipped 9 points, or 0.1%, and Nasdaq 100 Futures fell 233 points, or 0.8%.

Chipmakers remained under pressure after a broad selloff across Asian semiconductor shares overnight, with investors questioning the sustainability of the AI infrastructure boom amid rising financing costs and intensifying competition from China. Sentiment was further dented by the blockbuster initial public offering of ChangXin Memory Technologies (CXMT) in Shanghai, which heightened concerns over future competition in the memory chip market.

Here are some of the biggest premarket U.S. stock movers today:

United Parcel Service gained 2.1% in premarket trading after the parcel delivery giant reported second-quarter results that beat Wall Street expectations and raised its full-year outlook.

Adjusted earnings per share came in at $1.76, ahead of estimates of $1.66, while revenue rose 7.7% year-on-year to $22.8 billion, topping forecasts. UPS also lifted its full-year earnings and revenue guidance after completing its network reconfiguration following lower Amazon shipping volumes.

Carrier Global rose 3.0% after the climate control and building systems company reported stronger-than-expected second-quarter earnings and increased its full-year financial guidance.

Adjusted earnings of $0.86 per share beat analyst expectations, while revenue climbed 4% to $6.35 billion. Carrier also announced the sale of its NORESCO energy-efficiency business as part of its strategy to streamline operations and focus on core growth areas.

Altimmune surged 18% after reporting positive topline results from its Phase 2 RECLAIM trial evaluating pemvidutide for alcohol use disorder.

The study met its primary endpoint, showing a statistically significant reduction in heavy drinking days compared with placebo, boosting optimism around the company’s clinical pipeline.

ProMIS Neurosciences climbed 13% after reporting positive six-month interim safety and biomarker data from its Phase 1b Alzheimer’s disease trial for PMN310.

The company said no cases of amyloid-related imaging abnormalities with oedema (ARIA-E) were observed across all patient genotypes, while all reported microhaemorrhage events were mild and asymptomatic.

BuzzFeed jumped 14.2% after unveiling a restructuring plan that will eliminate about 35% of its workforce across its BuzzFeed, HuffPost and Tasty brands.

The digital media company said the cost-cutting measures are aimed at improving its long-term financial performance.

Cadence Design Systems gained 2.7% after reporting second-quarter earnings and revenue that exceeded Wall Street expectations and raising its full-year guidance.

The electronic design software company cited accelerating demand for AI-driven chip design tools as revenue rose 24% year-on-year.

Amkor Technology fell 5.3% despite reporting record second-quarter revenue and earnings that comfortably beat estimates.

Investors focused instead on weaker-than-expected third-quarter revenue guidance, which came in below Wall Street forecasts.

Chipmakers broadly declined as concerns over AI spending and rising Chinese competition weighed on the sector.

Micron, SanDisk and Western Digital each fell around 4%, while Intel dropped 3.2%, AMD lost more than 3%, Applied Materials and Marvell Technology each declined about 2.8%, Super Micro Computer slipped 2.9%, and newly listed U.S. shares of SK Hynix also fell more than 3%.

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