U.S. stock index futures edged lower on Tuesday, cooling from a tech-fueled rally on Wall Street in the previous session, as investors awaited economic data and earnings that could offer insight into the resilience of the American consumer.

Alphabet was on track ​to hit a historic ‌$4 trillion market valuation on Tuesday,‌ powered by an impressive year-long rally fueled by the Google parent’s ⁠sharpened focus ‌on artificial intelligence tools. Shares of the ‍company were up 4.1% at $331.7 in premarket ​trading, putting the ‌company on course to breach the key milestone at the open. The search and ad tech giant joins an ⁠elite club of ​Big Tech companies ​racing to dominate the booming technology as AI ‍continues to ⁠captivate Wall Street this year.

A report that Alphabet is picking up efforts to compete with Nvidia in offering artificial-intelligence chips is the latest tailwind for the Google parent’s stock.
Google is talking to Meta Platforms and others about using its AI chips, known as TPUs, in their own data centers, the Info

Chinese e-commerce giant Alibaba beat analysts’ estimates for quarterly ​revenue on Tuesday, as investments in ‌one-hour delivery helped drive more users to its shopping apps,‌ while its cloud division reported strong growth. U.S.-listed shares of the company rose 2.5% in premarket trading. Major retailers in China are ⁠jostling for market ‌share in the instant commerce space by offering big discounts and attractive deals.

A lot of value was unlocked when the company beat back the government’s breakup efforts. Now, Google is making strides in the AI race while its core business offers it financial flexibility.

Amazon said the investment will expand AWS’ capacity across its Top Secret, Secret and GovCloud offerings by 1.3 gigawatts.

On Nvidia’s recent earnings call, Nvidia CEO Jensen Huang specifically cited reasons why there is not an AI bubble.