Nasdaq futures fell more than 2% in early trading as two concerns converged: growing investor skepticism that the enormous AI infrastructure buildout by hyperscalers and chip companies will generate near-term returns, and a reset in Fed rate expectations that pushes the first cut further out. The combination is particularly toxic for high-multiple tech names that were priced for both AI upside and an imminent easing cycle.

The second-order setup is a rotation stress-test: names with real AI revenue (vs. pure capex promises) may hold better than those still in 'spend now, monetize later' mode, while rate-sensitive growth stocks broadly face multiple compression. Watch whether the selloff broadens into small-cap tech and whether hyperscaler commentary on capex discipline (or lack thereof) in upcoming earnings calls accelerates or reverses the move.