U.S. equity futures slid on Thursday, bogged down by declines in mega-cap names Meta Platforms and Tesla as worries around the artificial intelligence trade increase, while oil prices jumped as geopolitical tensions rise. Dow Jones Industrial Average futures lost 304 points, or 0.6%. S&P 500 futures fell 1%, and Nasdaq-100 futures dropped 1.7%. Tesla shares dropped more than 3%, while Meta slipped nearly 2%. The declines came even after the former’s third-quarter results beat estimates—though its automotive revenue was lackluster—while the latter exceeded revenue expectations and offered upbeat guidance. Technology more broadly was under pressure, and ongoing concerns about artificial intelligence spending persisted. Advanced Micro Devices fell more than 4%, while Micron Technology and Nvidia dropped 3% and 2%, respectively. Neocloud leader CoreWeave, whose bond yields and credit default swaps remain elevated, declined nearly 4% as well. The move comes as Nvidia CEO Jensen Huang told CNBC Thursday that demand for neoclouds is “off the charts.” However, he added that capital is scarce and impeding growth. Huang’s commentary about a scarcity of capital is “spooking markets and reigniting the concerns around the capital markets on the credit side being full from a risk appetite standpoint,” said Wells Fargo traders in a note. They also said Meta’s comments about the large amount of AI funding needed caused the shares to roll over and weighed on the overall market. JPMorgan traders noted that Wednesday’s bullish “tone reversed overnight” because Meta shares rolled over in the premarket and chatter increased “over renewed Iran kinetic-risk post US mid-term election.” Additionally, “underlying price actions and feedback from our trading desk also suggested the still fragile narrative around AI financing concerns and the lack of conviction/re-grossing from the recent tech reversal,” they said in a note to clients. Investors also turned to U.S. Treasurys in their search for a safe haven. The benchmark 10-year Treasury note yield dropped more than 9 basis points to 5.048%. The 2-year note yield also shed 9 basis points to trade at 4.733%. The action follows a positive day on Wall Street, with the S&P 500 notching a three-day win streak. Asian stocks tumbled on Thursday, led by a sell-off in technology shares. The MSCI All Country Asia Pacific ex-Japan Index fell over 2% to its lowest level in nearly three months, putting it on course for a fourth consecutive weekly decline. Japan’s Nikkei 225 reversed earlier gains to decline 2.6% to 62,907.84, while the Topix lost 1.1% to 3,997.5. South Korea’s benchmark Kospi was down 3.52% to 5,533.77, while the small-cap Kosdaq was down 3.6% at 764.1. China’s CSI 300 index shed 1.8% to 4,036.30, while Hong Kong’s Hang Seng Index declined 3% in its last hour of trade. Oil prices, meanwhile, jumped after The New York Times reported, citing sources, that the U.S. and Israel have plans for renewed strikes against Iran following next month’s midterm U.S. elections. President Donald Trump also told reporters late Wednesday that Washington is not negotiating with Tehran and that something will happen “fairly soon.” International benchmark Brent crude futures traded nearly 3% higher at above $111 per barrel. West Texas Intermediate crude futures advanced 2% to above $99 per barrel. Gold slipped ​to its lowest ​level in more than ​two weeks on Thursday as a rally in oil prices heightened inflation worries, with the Federal Reserve due to deliver its policy decision next week. Spot gold slid ⁠1.4% ‌to $4,081.89 per ounce by 0902 GMT. US gold futures ⁠for December delivery fell 1.3% to $4,097.90 per ounce. “Gold prices can fall further… because we are still seeing a lot of uncertainty around the energy market,” said Soni Kumari, analyst at ‌ANZ.