By George Glover

Tech stocks were getting hammered on Tuesday as investors carried on fretting about higher interest rates and mega-cap hyperscalers' aggressive artificial-intelligence spending plans.

Futures tracking the Nasdaq 100 slumped 2.7%.

Shares of Alphabet dropped 2.5% ahead of the opening bell. The Google parent tumbled 5% on Monday after John Jumper, a senior research scientist and Nobel Prize winner, said he was leaving Google DeepMind for AI start-up Anthropic.

SpaceX fell 1.5%, having plummeted 16% the previous session in a selloff that wiped out $401 billion in market capitalization.

Chip makers were also racking up losses. Intel and Micron Technology, two of the biggest winners from the AI boom, tumbled 7.2% and 8.7%, respectively. Nvidia declined 3.1%, Advanced Micro Devices dropped 6.2%, and Broadcom fell 4.1%.

These stocks were also making moves in premarket trading:

Carnival dropped 1.9% ahead of the cruise-line operator's second-quarter results, due shortly before Tuesday's opening bell.

International Business Machines climbed 3.9%. The stock was dodging the tech selloff after J.P. Morgan analysts upgraded shares to Overweight from Neutral and raised their price target to $291 from $270, according to ratings aggregators.

Primoris Services plummeted 36% after the construction company cut its full-year outlook, citing weaker revenue for its renewables business.

Write to George Glover at george.glover@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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June 23, 2026 07:25 ET (11:25 GMT)

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