Nasdaq futures tumbled 2.5% on Tuesday as a global tech selloff deepened amid mounting concerns over the sustainability of massive artificial intelligence infrastructure spending and losses in high-flying stocks like SpaceX.
SpaceX shares fell 16.4% on Monday, erasing $400 billion in market value over three trading days following its historic $85 billion initial public offering earlier this month, according to Fortune and CNBC. The collapse in the newly public aerospace and AI company set off a broader retreat in tech equities.
Semiconductor stocks led the decline, with Micron Technology falling on Tuesday ahead of its fiscal third-quarter earnings report scheduled for June 24, according to Benzinga. South Korea’s Kospi index dropped 10%, dragged down by chipmakers SK Hynix and Samsung, as concerns about AI demand and the economics of the buildout spread globally.
The selloff reflects a shift in investor sentiment toward the massive capital expenditures required for AI infrastructure. Companies including Amazon, Google, Microsoft, and Meta have committed roughly $690 billion to U.S. AI data center construction in 2026 alone, according to Value Add VC and The Futurum Group. Yet concerns have mounted about whether these investments will generate adequate returns, with fewer than a third of enterprises able to demonstrate financial returns on AI spending in 2026, according to VaaSBlock analysis.
The New York Times reported that futures for the tech-heavy Nasdaq were trading 2.5 percent lower in early European trading. The Wall Street Journal noted that Alphabet, Nvidia, and Oracle were all sharply lower as the tech selloff accelerated. This represents a reversal from recent momentum: the Nasdaq had climbed 1.9% on Monday, June 22, as AI and chip stocks surged on SpaceX IPO momentum, according to earlier reporting.
The broader market weakness extended to the S&P 500, which also declined as investors reassessed the risk-reward profile of high-growth technology shares. The selloff underscores the tension between enthusiasm for artificial intelligence and questions about the pace and profitability of the infrastructure race to support it.
Sources
- The New York Times — confirmed Nasdaq futures trading 2.5% lower, June 23
- CNBC — reported Nasdaq futures tumble led by tech stocks, Micron down 9%, South Korea’s Kospi falls 10%
- Fortune — reported SpaceX lost 16.43% Monday, wiped $400 billion from market cap
- Barron’s — reported SpaceX tumble and broader tech selloff on June 23
- Benzinga — reported Micron Technology stock falling Tuesday, June 23
- Value Add VC — reported $690B+ committed to US AI data center buildout in 2026
- VaaSBlock — reported fewer than a third of enterprises can demonstrate financial returns on AI spending in 2026
- The Wall Street Journal — reported tech selloff deepens with Alphabet, Nvidia, Oracle sharply lower
- Reuters — reported Nasdaq futures fall over 2% as AI buildout costs weigh
