SpaceX extends decline as tech stocks lead US futures lower

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US stock futures fell sharply on Tuesday, with technology stocks bearing the brunt of selling as investors reassessed the outlook for AI-related companies. Nasdaq 100 futures tumbled 2.8%, S&P 500 futures fell 1.45%, and Dow futures were down 0.7% by 0433 ET. SpaceX shares lost a further 2.9% in premarket trading after a 16.4% drop on Monday, following a cautious assessment from KeyBanc that its valuation had become stretched after a dramatic post-IPO rally; the selloff wiped roughly $400 billion from SpaceX's market value. Qualcomm is reportedly in advanced talks to acquire AI chip startup Modular in a deal that could value the company at about $4 billion, more than double its $1.6 billion valuation from a funding round less than a year ago. Oil prices continued to fall as Washington issued a 60-day license allowing the sale and import of Iranian crude, easing supply disruption concerns. Quantum-computing stocks rallied after President Donald Trump signed executive orders aiming to deploy a research-capable quantum computer by 2028 and accelerate adoption of quantum-resistant cybersecurity.