(For a Reuters live blog on U.S., UK and European stock markets, click (LIVE/) or type LIVE/ in a news window.)Futures: Dow down 0.07%, S&amp;P 500 up 0.13%, Nasdaq up 0.31%Feb 5 (Reuters) - U.S. stock index futures were largely muted on Thursday as investors weighed Alphabet’s (GOOGL.O) blowout spending plans against stellar quarterly results, while Qualcomm dropped after a dour forecast.Shares of the Google parent, which surged 65% in 2025, slipped 2.4% in premarket trading after unveiling capital-expenditure plans that could nearly double this year, another aggressive step in its bid to stay ahead in the AI race.Shares of semiconductor and chip equipment stocks, however, rose on Alphabet’s capex plans.Broadcom (AVGO.O) and Lam Research (LRCX.O) rose 5.7% and 2.6% respectively, while Applied Materials (AMAT.O) was up 2.8%.Qualcomm (QCOM.O) slid 10.4% after forecasting second-quarter revenue and profit below estimates, while Arm (ARM.O) dropped 7% as licensing revenue missed Wall Street expectations.“Unforgiving scrutiny over AI capex continues to spook investors. What we’re seeing play out this earnings season is … the move from AI as a short-term growth lever to a structural multi-year process,” said Thomas Monteiro, senior analyst at Investing.com.As traders trimmed exposure to pricey AI winners, money continued to rotate into cheaper, overlooked parts of the market. The S&amp;P 600 small-cap index (.SPCY) climbed 0.9% on Wednesday, the S&amp;P 500 value index (.IVX) gained for a fifth straight session, and the S&amp;P 400 mid-cap index (.SP400) rose 0.7%.Amazon (AMZN.O) shares were mostly flat ahead of results, due after the close, with investors expected to put its AI spending under the same microscope. Big Tech rivals are widely expected to collectively pour more than $500 billion into AI this year.After Amazon, Nvidia (NVDA.O) will be the last “Magnificent 7” member to post results, on February 25. Nvidia shares were up 2.3%.Investors are increasingly becoming uneasy about how quickly Big Tech can turn massive AI investments into tangible payoffs, and whether current valuations can stay justified.“The (AI) arms race increasingly becomes less about who has the flashiest model and more about who can keep compounding the funding side,” Monteiro added.At 05:16 a.m. ET, Dow E-minis (YMcv1) were down 36 points, or 0.07%, S&amp;P 500 E-minis (EScv1) were up 9 points, or 0.13%, and Nasdaq 100 E-minis (NQcv1) were up 78.25 points, or 0.31%The S&amp;P 500 and the Dow ended lower for a second straight session on Wednesday, as markets continued debating whether software and cloud companies can withstand what some investors see as an existential threat from artificial intelligence.The S&amp;P 500 software and services index (.SPLRCIS) logged its sixth consecutive decline, erasing roughly $830 billion in market value since January 28.There have been some pockets of recovery, with Atlassian (TEAM.O) and Snowflake (SNOW.K) up 0.7% and 1%, respectively, while Palantir (PLTR.O) rose 0.8%.On the earnings front, Snap (SNAP.K) topped fourth-quarter revenue estimates, lifting its shares 6.3%.With the partial government shutdown that had snarled key economic releases now over, the U.S. Bureau of Labor Statistics said on Wednesday that January’s jobs report will be released next week. The December JOLTS report, originally due on Tuesday, is expected later in the day.

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- U.S. stock index futures showed muted activity with the Dow down 0.07% and both the S&P 500 and Nasdaq slightly up amid investor reactions to Alphabet's spending plans and Qualcomm's poor forecast.  
- Alphabet's shares dropped 2.4% after announcing capital-expenditure plans while semiconductor stocks rose due to this news, reflecting a shift from AI growth dependence to structural investment.  
- Broader market indices like the S&P 500 value index climbed, although the software and services sector faced significant losses, erasing around $830 billion since late January, indicating investor uncertainty regarding AI valuations.

Reuters

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US STOCKS-S&P, Nasdaq futures subdued as markets digest Alphabet's AI spending plans