Stock futures were sliding on Thursday as investors bet that the Federal Reserve will hike interest rates again in October, which drove bond yields to their highest levels in more than 19 years.

Artificial-intelligence stocks were struggling as Wall Street fretted about the run-up in borrowing costs. Chip maker Intel dropped 3.8% and chips and networking company Marvell declined 3.5% in premarket trading. Growth stocks tend to suffer when yields rise because it eats away at the value of their future cash flows.

Coherent, Corning, Lumentum, Super Micro Computer Inc., and Sandisk were also falling ahead of the opening bell as the AI trade faltered.

Meta Platforms slid 2.6% after the Facebook owner showed off several new pairs of smart glasses and a hand-held device allowing users to talk to its Muse AI agent. Investors were probably taking the chance to lock in some profit, given Meta shares are up about 12% since Friday's close.

MGM Resorts International tumbled 8.7% after media mogul Barry Diller's People Inc. withdrew its bid for the hotel and casino operator. "There are lots of ingredients that go into a proposal of this kind on its way to completion. We didn't feel the mix was coming together in the way we had hoped," Diller said.