Stock Futures Rise as Tech Rebounds After OpenAI Revenue Scare
U.S. stock futures climbed on Friday morning as technology shares staged a rebound from the previous session's sharp selloff. The turnaround came one day after a Financial Times report on OpenAI's revenue outlook sent AI-linked stocks tumbling, with the Nasdaq Composite dropping 1.25% and a gauge of chipmakers plunging 3.4%.
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Not every sector joined the rally. Telecommunications stocks were a weak spot on both sides of the Atlantic: T-Mobile shares dropped more than 6% premarket and European telecom names tumbled after SpaceX said it had agreed to buy up to 14 megahertz of paired spectrum in the 800 MHz band, putting Starlink Mobile on track to compete as a major U.S. mobile carrier. Separately, the U.S. Labor Department on Thursday suspended Microsoft and Adobe from its Permanent Labor Certification (PERM) program, citing multiple active federal investigations; it also said it would stop processing new applications from Cognizant, Infosys, Capgemini, Wipro, TCS, and HCLTech — adding a layer of policy uncertainty for the tech industry.
