US stock futures were mixed on Wednesday after the major averages fell sharply in the previous session amid growing concerns over elevated AI valuations. Dow futures rose 0.2%, while S&P 500 and Nasdaq 100 futures slipped 0.1% and 0.2%, respectively. In regular trading on Tuesday, the Dow fell 0.53%, the S&P 500 dropped 1.17% and the Nasdaq Composite tumbled 2.04%. Palantir shares plunged 7.9% on valuation concerns despite beating earnings estimates. AI chip heavyweight Nvidia also dropped 4% while Tesla lost 5.2% ahead of the EV maker’s shareholder meeting this Thursday. The selloff came as the S&P 500’s forward P/E ratio climbed above 23, near its highest since 2000, heightening fears of a correction after months of concentrated gains in a handful of AI stocks. Comments from Goldman Sachs’ David Solomon and Morgan Stanley’s Ted Pick, warning of potential 10–20% market drawdowns, deepened the risk-off mood.