Stock futures were sliding on Thursday as investors carried on worrying about rising bond yields and oil prices, which have halted the AI rally.

AI stocks were struggling ahead of the opening bell. Chip maker Intel slid 1.9% and chips and networking company Marvell declined 2%. Coherent, Corning, Dell, and Micron also got caught up in the selloff.

Wolfspeed surged 16% after it landed a financing deal with the Pentagon. The Defense Department will give the company $1.5 billion in long-term 30-year financing, contingent on it producing silicon carbide materials and other power devices in the U.S.

Applied Digital rose 3.6% after the data-center operator reported a narrower first-quarter loss than analysts were expecting, as the AI boom helped its revenue to surge 322% from a year ago.

Levi Strauss slid 0.1% after the denim maker beat third-quarter earnings estimates and raised its full-year outlook, though a sizable portion of the profit growth came from tariff refunds.

Soft drinks and snacks maker PepsiCo and precious metal miner NovaGold Resources are set to report earnings ahead of Thursday's opening bell.