Stock futures were rising Wednesday as investors bought the dip ahead of President Donald Trump's summit with Chinese leader Xi Jinping in Beijing.

These stocks were making moves in premarket trading:

Micron Technology jumped 6%, Nvidia added 3%, and Qualcomm rose 5% as investors piled back into chip stocks, which have helped power the market higher in recent weeks. Micron CEO Sanjay Mehrotra, Nvidia CEO Jensen Huang, and Qualcomm CEO Cristiano Amon were among the executives traveling to China with Trump.

U.S.-listed shares of Alibaba fell 1%. The Chinese e-commerce giant reported a fiscal fourth-quarter net profit of 23.50 billion yuan ($3.41 billion), nearly double from the same period a year earlier due to gains on investments. However, adjusted net income came to 86 million yuan, plummeting nearly 100% year over year. Revenue rose 3% to 243.38 billion yuan.

EchoStar was the S&P 500's top performer ahead of the opening bell, rallying 6%. The Federal Communications Commission said in a statement late Tuesday that it had approved EchoStar's sale of wireless spectrum to AT&T and SpaceX.

Karman Holdings (TCFIII SPACECO HOLDINGS LLC) Holdings dropped 7% after the drone maker's first-quarter earnings missed analysts' expectations, overshadowing a 51% surge in revenue.

Oklo climbed 1% after the nuclear start-up reported a narrower-than-expected loss for the first quarter, even though it still has no revenue. Oklo cleared a major regulatory hurdle last week when the Nuclear Regulatory Commission approved a foundational rulebook for its Aurora power plant.

Wolfspeed surged 27% after the power chip maker was recommended by Citrini Research, perhaps best known for its viral blog post in February that laid out a scenario in which artificial intelligence ravages the economy by 2028.