U.S. equity futures were relatively unchanged on Wednesday as valuation concerns around the artificial intelligence trade persisted after chipmaker Advanced Micro Devices posted its latest quarterly results. Futures tied to the S&P 500 and those linked to the Nasdaq-100 each traded up 0.1%. Dow Jones Industrial Average futures also moved up 42 points, or 0.1%. AMD fell 2% in premarket trading after it issued margin guidance that only met analyst expectations, leaving investors wanting more. The company did post third-quarter earnings and revenue that beat analyst expectations. That move comes after Palantir dropped about 8% on Tuesday, as investors worried that valuations for the software company — and the broader AI theme — have gotten untenable. After all, Palantir is trading at more than 200 times forward earnings. AMD trades at a less-lofty 41 times forward earnings. However, that’s still well above the S&P 500′s 23 multiple. Super Micro Devices, another AI-related stock, pulled back 7% in the premarket on disappointing fiscal first-quarter results. Fellow AI play Arista Networks was down 8% following its latest quarterly results as well. Yet, many investors remain optimistic that the long-term trend is still favorable for tech stocks, even if there is a near-term pullback, given the strength of spending in AI infrastructure. “I don’t think that this is concerning today,” Liz Young Thomas, head of investment strategy at SoFi, said on CNBC’s “Closing Bell” on Tuesday. “I do think that as far as we’ve gotten, this extended, is concerning eventually, but I still think that we’re going to run into year end.” “I still think the chase is on. I still think the large cap love affair is on. And that’s probably not going to change over the longer term period,” she continued. “But today, I think we were looking for an excuse.” On the economic front, investors continued to seek clarity using alternative data in lieu of government reports. ADP reported Wednesday that private companies saw their payrolls rise by 42,000 in October. That figure beat the Dow Jones forecast for a gain of 22,000 and comes after September marked a drop of 29,000 in September. Investors will additionally be paying attention to the Supreme Court hearing arguments Wednesday regarding President Donald Trump’s tariffs, specifically whether the president had the authority to impose such duties under the International Emergency Economic Powers Act, or IEEPA. Treasury Secretary Scott Bessent has said that if the high court rules against the administration, there are still “lots of other authorities that can be used.” The 10-year Treasury yield reached 4.10% on Wednesday after the latest private payrolls data from ADP. Investors also monitored the state of the U.S. economy with the government shutdown becoming the longest in U.S. history. The yield on the 10-year Treasury rose more than 1 basis point to 4.105%, while the 2-year Treasury note yield was little changed at 3.584%. The 30-year bond yield advanced more than a basis point to 4.69%. Japan’s Nikkei 225 plunged below the 50,000 mark on Wednesday before paring losses amid a wider decline in Asia markets as investors fled AI-related stocks. The Nikkei lost 2.5% to close at 50,212.27 after falling over 4%, while the Topix was down 1.26% to close at 3,268.29. Shares in Japan’s SoftBank Group plunged more than 10% Wednesday amid a broader drop in Asian AI-linked companies, tracking declines in U.S. peers. South Korea’s Kospi fell over 2% to end the trading day at 4,004.42, with chip heavyweights Samsung Electronics and SK Hynix posting losses of over 4% and 1% respectively. The small-cap Kosdaq shed 2.66% to end the trading day at 901.89. The South Korean won weakened as much as 0.6% to 1,449.50 against the greenback, the lowest since April, data from LSEG showed. Hong Kong’s Hang Seng index was flat at 25,935.41 while mainland China’s CSI 300 was up 0.19% at 4,627.26. Australia’s S&P/ASX 200 slipped 0.13% to 8,802, posting a comparatively modest loss. Oil prices edged lower on Tuesday as OPEC+’s decision to pause output hikes in the first quarter next year along with weak manufacturing data and a stronger dollar weighed on the market. Brent crude futures fell 45 cents, or 0.69%, to close at $64.44 a barrel. U.S. West Texas Intermediate crude shed 49 cents, or 0.8%, to settle at $60.56 a barrel. Gold prices fell more than 1% on Tuesday as the dollar hit three-month highs, while traders awaited U.S. economic data for clues on the Federal Reserve’s monetary policy path. Spot gold was down 1.5% to $3,939.32. U.S. gold futures for December delivery eased 1.7% to $3,945.10. The dollar index traded at three-month highs, making gold more expensive for other currency holders.