Nasdaq futures surged before the market open, with the earnings reports of large tech companies fueling the frenzy for artificial intelligence.

Meta and Microsoft's performance and spending plans confirm that transactions related to artificial intelligence will continue to exist, leading to a sharp rise in Nasdaq futures. This temporarily overshadowed President Trump's last-minute tariff "curveball" and Federal Reserve Chairman Powell's more hawkish remarks. The market is about to face another busy trading day, with Apple and Amazon set to release earnings reports, and June core personal consumption expenditure data also set to be released. S&P 500 index futures are up 1%, Nasdaq 100 index futures are up 1.4%, and the index is expected to reach a new all-time high. Analysts say Meta's capital spending next year could reach $100 billion, a staggering 45% increase over this year's expected number. Microsoft is also investing heavily in the field of artificial intelligence. 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 value of $4 trillion. Bloomberg Intelligence strategists Michael Casper and Gina Martin Adams wrote that the tech industry has interesting dynamics, and some variables indicate that, even though profit expectations for the next 12 months may seem set at a high level, they may still be on the low side. Currently, the tech industry accounts for nearly a third of the total market value of the S&P 500, the highest proportion since 2008.