Stocks linked to artificial intelligence were broadly sliding ahead of the market open Tuesday, tracking toward a second day of losses driven by rising costs and growing competition from China.

Optical networking giant Corning was the biggest laggard in the S&P 500 ahead of the bell. Shares slumped 17% as underwhelming guidance overshadowed better-than-expected earnings for the second quarter.

Dutch chip-tool maker ASML slid 5.1%. The stock's decline followed a 5.8% drop on Monday after multiple outlets reported that a Chinese state-backed company was mass-producing chip-making machines.

Memory-card maker Sandisk slumped 7.6%, semiconductor company Marvell Technology declined 5.1%, and chip maker Intel fell 5% ahead of the opening bell.

Other AI stocks were down. Advanced Micro Devices and Nvidia fell 4.2% and 0.3%, respectively, in the premarket session.

PayPal slipped 1.6% as lingering concerns over sluggish growth offset an otherwise solid second quarter and a full-year guidance hike. As its turnaround takes root, the fintech must still convince investors it can overcome sluggish growth.

Boeing rose 1% even after second-quarter earnings were weaker than anticipated. CEO Kelly Ortberg asserted the company's transformation was gathering pace, saying "operations are more stable and key certification programs remain on place."

United Parcel Service gained 2.7% after the shipping company posted better-than-expected earnings for the second quarter and raised its full-year outlook.

Coca-Cola rose 3.4%. Second-quarter earnings edged past analysts' expectations. Notably, unit case volume grew 5% from the prior year, signaling that customers continue to spend on soft drinks despite concerns over inflation.

Royal Caribbean Group fell 1.3% as the company kicked off cruise-operator earnings. \The move represented a likely pullback following a run-up ahead of the stronger-than-expected quarterly report.

Apple ticked up 0.5%, having risen 1.2% on Monday to win back the title of the world's most valuable company for the first time in more than a year.

Cadence Design Systems advanced 3.4% after the chip-design company beat analysts' forecasts for the second-quarter, underscoring its status as an AI winner.

Johnson & Johnson advanced 2.2% after the drugmaker said it had agreed to pay $5.5 billion to resolve lawsuits alleging that its talc products caused ovarian cancer.