Nasdaq futures surge ahead of the market, large tech company earnings boost the artificial intelligence boom

Meta and Microsoft's performance and spending plans confirm that AI-related transactions will continue to exist, leading to a significant rise in Nasdaq futures. This caused traders to temporarily overlook Trump's last-minute tariff "curveball" and Federal Reserve Chairman Jerome Powell's more hawkish statements. The market is about to welcome another busy trading day, with Apple and Amazon set to release their earnings reports, and the core personal consumption expenditure data for June will also be released. S&P 500 futures rose by 1%, and Nasdaq 100 futures increased by 1.4%, with the index expected to reach a new historical high. Analysts indicate that Meta's capital expenditures next year could reach $100 billion, a staggering 45% increase from this year's expected figure. Microsoft is also investing heavily in the AI sector. Coupled with better-than-expected growth in its cloud business, the company is poised to become the second company in history to reach a market capitalization of $4 trillion. Bloomberg Intelligence strategists Michael Casper and Gina Martin Adams noted that there are interesting dynamics in the tech sector, with some variables suggesting that even if the earnings expectations for the next 12 months seem to be set at a high level, they may still be underestimated. Currently, the tech sector accounts for nearly one-third of the total market capitalization of the S&P 500, the highest proportion since 2008