🔴 Tech ETF (IYW) is trading 1.93% down in pre-market as AI spending concerns pressure tech shares

IYW is trading at $252.10, down 1.93%, as mixed Tesla and Meta results revived concerns about the cost and payoff of AI investment.

• Tesla cut its capital-spending forecast, while Meta raised its AI spending outlook.
• Higher oil prices and escalating Middle East supply concerns added to risk aversion, weighing on global shares and U.S. futures.
• Nasdaq futures fell more than 1%, putting the broader tech-heavy market under pressure.