Stock futures were dropping on Wednesday as investors took a breather and locked in some profit following a recent artificial-intelligence rally.

SpaceX fell 2.2% in premarket trading after the Financial Times reported the rocket and AI company was aiming to raise $40 billion to buy Nvidia chips. Shares of Nvidia slipped 0.2%.

Intel rose 1.3% after Elon Musk downplayed rival semiconductor manufacturer Taiwan Semiconductor Manufacturing Co.'s role in his Terafab chip venture. TSMC stock dropped 1.5%.

Constellation Brands dropped 4.9% after the brewer beat analysts' second-quarter earnings target but signaled weak underlying demand for two of its flagship brands -- Modelo Especial and Corona Extra.

FICO slipped 0.1% after the credit-score provider said it would cut 15% of its staff and integrate "AI-driven product development."

Data-center operator Applied Digital and clothing company Levi Strauss are set to report earnings after Wednesday's closing bell.