Wall Street futures pointed moderately lower pre-bell Thursday on refreshed concerns that the AI-related capital spending tsunami could undercut profits in the tech sector.

Alphabet (GOOG, GOOGL) fell 3.8% pre-bell after the Google parent overnight reported strong Q2 results, but also up to $205 billion of planned AI-related capital outlays this year.

In the futures, the S&P 500 fell 0.2%, the Nasdaq declined 0.3%, and the Dow Jones was off 0.3%.

Traders also mulled West Texas Intermediate crude oil prices, up 4.2% to $90.49 in morning hours, due in part to ongoing Persian Gulf hostilities.

Asian exchanges traded mostly higher overnight on strength in semiconductor shares. European bourses tracked moderately lower midday on the continent.

Tesla (TSLA) traded down 5.7% pre-bell after the EV maker reported Q2 earnings that missed expectations, and noted heavy capital outlays, late Wednesday.

Lockheed Martin (LMT) gained 6.6% pre-bell after the defense giant reported Q2 earnings and revenue above outlooks, and boosted guidance, before the market open.

On the economic calendar is the weekly jobless claims report at 8:30 am ET, along with the Chicago Fed National Activity Index for June.

The weekly EIA natural gas report logs at 10:30 am, and the Kansas City Fed Manufacturing Index for July at 11 am.

In premarket action, Bitcoin traded at $65,735, and 10-year US Treasuries offered 4.67%. Spot gold commanded $4,088 an ounce.