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S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
U.S. stock index futures rose Thursday evening, driven by strong earnings from Alphabet Inc. and renewed investor enthusiasm for artificial intelligence (AI) and tech stocks. Alphabet (NASDAQ:GOOGL) jumped nearly 5% in after-hours trading after surpassing Q1 earnings expectations and announcing a $70 billion stock buyback. The company also reaffirmed its aggressive AI development roadmap, boosting investor confidence in sustained demand for data centers and chips.
Alphabet’s performance helped lift other major tech players. Amazon.com (NASDAQ:AMZN) and NVIDIA (NASDAQ:NVDA) both gained over 1% post-market, while chipmaker TSMC (NYSE:TSM) rose 0.5%. ServiceNow Inc. (NYSE:NOW) also contributed to bullish sentiment with stronger-than-expected results, reinforcing momentum in AI-focused software and infrastructure.
S&P 500 futures rose 0.4% to 5,531.0, while Nasdaq 100 futures climbed 0.5% to 19,427.25. The Dow Jones futures traded flat at 40,260.0. Earlier, the S&P 500 gained 2%, the Nasdaq surged 2.7%, and the Dow rose 1.2%.
Investor optimism was further supported by U.S. President Donald Trump suggesting ongoing trade talks with China, despite denials from Chinese officials. Markets remained focused on the possibility of tariff reductions amid trade war concerns.
However, the earnings landscape outside tech was mixed. Consumer-facing companies like Procter & Gamble (NYSE:PG), Chipotle (NYSE:CMG), PepsiCo (NASDAQ:PEP), and Skechers (NYSE:SKX) cut or withdrew guidance, citing uncertain consumer spending. Intel Corp. (NASDAQ:INTC) fell 5% in after-hours trading despite beating estimates, as weak guidance and macroeconomic risks weighed on sentiment.
With more tech earnings ahead, including Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) next week, investor attention remains on AI growth potential and corporate guidance amid economic uncertainty.
