U.S. storage stocks fell in premarket trading Tuesday, with CoreWeave down more than 4% after plunging over 25% last week. According to Sina Finance, S&P 500 futures fell 0.4%, Nasdaq 100 futures lost 0.8%, and Dow futures declined 66 points, or 0.1%. Micron Technology and SanDisk each fell about 3%; Seagate Technology, Intel, and AMD dropped more than 2%, while the VanEck Semiconductor ETF (SMH) slid over 1%.

Elice, a South Korean AI company, plunged more than 30% on its first day of trading overnight, weighing on technology stocks. Investors have recently worried about the sustainability of the AI rally as concerns about debt and demand have risen.

On Monday, the S&P 500 rose 0.4% and the Nasdaq Composite gained more than 1%. Nvidia rose 1.4%, Tesla climbed 3.8%, and Alphabet gained about 1%. The gains followed a sharp selloff last week, amid concerns that companies were borrowing heavily to build AI computing capacity, with selling pressure spreading to the broader market.

Interactive Brokers senior economist Jose Torres wrote that volatility-hedging costs surged intraday last Friday shortly before the selloff intensified. He said confidence in the technology outlook had since recovered, counterparties were removing hedge positions, and Wall Street had breathed a sigh of relief.

After Goldman Sachs upgraded CoreWeave to Buy, the stock tried to recover some of its losses from last week, but its early gains quickly faded and it ended slightly lower. Asian markets fell Tuesday: South Korea’s Kospi dropped 3.73%, Japan’s Nikkei 225 fell 1.3%, and Australia’s S&P/ASX 200 declined 0.33% to 8,816.9.