Tech stock futures were bullish this morning—contracts for the Nasdaq 100 were up 0.22% prior to the opening bell in New York—after a fistful of tech companies said they would increase their capital expenditures (capex) on AI, promising a vast wave of cash big enough to effect U.S. GDP growth. S&P 500 futures were up 0.19% this morning, too.
The only bad news? Some analysts have begun to warn that the pace of capex growth will start to slow down this year and next.
Shares in Meta and Tesla rose in overnight trading. Meta was up 7.85%, and Tesla rose 3.29%. Microsoft, by contrast, declined 6.53% overnight.
All three stocks were driven by their earnings calls, on which each company promised to keep spending on AI:
