Tesla (TSLA) fell 5% in US pre-market trading on Thursday, according to MSX.com data, after cutting its 2026 capital-spending forecast to about $20 billion from more than $25 billion. That puts the stock near $367, from Wednesday’s close of $386.47. SpaceX (SPCX) slipped 2.5% after gaining about 7% on Wednesday. The decline comes on the day up to 1.3 billion of its shares become freely tradable under its post-IPO lockup. IBM (IBM) fell 5.6% after reporting third-quarter results.

US chip stocks also fell in pre-market trading, with Intel (INTC) down nearly 5% and Super Micro Computer (SMCI) down 4.8%. Super Micro had jumped about 11% before Wednesday’s open after raising its quarterly revenue outlook