US STOCKS-Nasdaq futures lead gains as SpaceX, Super Micro results lift AI stocks

​Futures tied to the tech-heavy Nasdaq led gains on ‌Wednesday ​as quarterly results from SpaceX and Super Micro Computer revived the AI trade, while Netflix slipped after its forecast failed to impress investors. Elon Musk's rocket and space technology firm rose 7.2% in premarket trading after he said on Tuesday ‌that a merger of SpaceX and Tesla would be "a good idea". SpaceX also posted its first profit as a public company. Tesla shares were up 1.4%.

"There is potential for substantial gains in its AI business, as AI infrastructure is capital intensive, and SpaceX has more means than many smaller companies ... if AI stress mounts, SpaceX could swallow ‌up infrastructure business from smaller competitors," said Ipek Ozkardeskaya, senior analyst at Swissquote. Ozkardeskaya said that a merger with Tesla could be a good idea if "the two ‌companies can prove that the synergies create value for both of them", but could be rejected by investors if Tesla was "better off exploring AI synergies with other companies".

Other space stocks were also higher, with Rocket Lab , Planet Labs and Intuitive Machines adding between 2.6% and 3.9%. EchoStar, which holds SpaceX shares, rose 4.3%.

Super Micro jumped 10.9% after the AI server maker forecast quarterly revenue and profit ⁠margin above ​Wall Street estimates, signaling that AI demand remained ⁠resilient. Peers HPE and Dell rose 4.5% and 5.5% respectively.

Investors drew comfort from the reports as concerns over the profitability of the AI buildout triggered a selloff in AI-linked stocks last week, with ⁠data center operator CoreWeave at the center of the storm. It was up 2.5% before the bell on Wednesday. Most chipmakers also rose, with Nvidia up 2.1%, Intel gaining 2.3% and Advanced ​Micro Devices adding 1.9%.

Semiconductors have had a volatile month so far, with the Philadelphia SE Semiconductor index marking eight consecutive sessions of declines, its longest ⁠losing streak in 18 years. Despite a brief reprieve on Monday, the index is trading at two-month lows. The Dow outshone the S&P 500 and the Nasdaq on Tuesday on the back of robust gains ⁠in ​healthcare stocks.

On the other hand, Netflix dropped over 6.6% after the streaming giant issued a weaker-than-expected forecast for its fourth-quarter profit, days after laying off 6% of its workforce. Results from Meta and Tesla will be parsed after markets close.

At 7:34 a.m. ET, Dow E-minis were up 64 points, or 0.12%, and S&P 500 ⁠E-minis were up 20.75 points, or 0.27%. Nasdaq 100 E-minis were up 196.75 points, or 0.67%. Before the bell, AT&T fell 3.5% despite beating third-quarter revenue and profit ⁠estimates.

Elevance Health rose around 1% after the ⁠health insurer lifted its 2026 profit forecast. Meanwhile, oil prices remained elevated, with Brent crude futures trading near $110 a barrel.

Data last week confirmed that price pressures were seeping into the US economy, and had broadened out beyond energy products, supporting the ‌case for another interest ‌rate hike by the Federal Reserve. The central bank meets next week.