Pre-Market Outlook: Tech Weighed by AI Spending, Amazon Reports After Close, Bitcoin Below $70K

Futures point to a lower open as tech stocks face renewed scrutiny over aggressive AI expansion. The S&P 500 and Nasdaq down 0.5% and 0.8% pre-market, while the Dow nears a record; gold down 2% at $4,850/oz and crude oil down 2.4% to $63.65/bbl. Alphabet (GOOGL) shares fall after reporting $91.45B in 2025 AI spending and forecasting $175B–$185B this year, more than double prior outlays, despite strong Q4 results. Amazon (AMZN) reports after the close, expected to top $200B in revenue for the first time and see EPS up 11 cents yoy to $1.97, amid AWS growth and cost management via layoffs and store closures. Qualcomm (QCOM) shares down 10% on a weaker Q1 outlook due to memory chip shortages, with sales and EPS beating estimates but second-quarter guidance below consensus. Bitcoin (BTC-USD) hits $69,200, its lowest since November 2024, as crypto stocks including MARA, COIN, HOOD, and MSTR fall 5%–7%.