US stock index futures are declining, with a deepening sell-off in semiconductor stocks prompting investors to seek opportunities in other market sectors.

As of 4:31 AM New York time, futures for the tech-heavy Nasdaq 100 index fell 2.2%, while S&P 500 index futures dropped 1.1%. In pre-market trading, NVIDIA led the declines among the "Magnificent Seven" tech giants, and the Philadelphia Semiconductor Index is nearing a technical bear market, poised to extend its losses from Thursday.

Although the S&P 500 index closed down 0.5% on Thursday, 369 index components rose while 132 fell, indicating that overall market breadth remains robust despite the continued downturn in chip stocks.

A strategist at Barclays, Venu Krishna, noted in a report that while enthusiasm for AI capital expenditure is beginning to cool, the semiconductor sector remains a strong performer based on stock price action, whereas the software sector continues to lag. This suggests the recent capital rotation is more gradual and not a decisive style shift.

The multi-year global investment boom in artificial intelligence is once again raising investor concerns about excessive valuations and the sustainability of capital expenditure. Concurrently, an investment surge driven by leveraged funds in South Korea has led market volatility to hit a record high.