Futures Wobble After AI Bloodbath As Brent Hits $114, France Braces For Moody's

US futures are lower, erasing a modest overnight bounce, as markets scramble after Thursday's violent AI liquidation while oil rises again: Brent hit the highest level since May after the Houthis fired another missile at Riyadh and an IRGC official declared traffic of "illicit" vessels through Hormuz "completely stopped" (contradicted by a Bloomberg headline just minutes prior), while Thursday's haven bid fades; as a result Treasuries give back part of their biggest rally in more than two years with the 10Y yield rising back to 4.99%. As of 8:00am ET, S&P futures are down 0.2% at 7,687 while Nasdaq futures are down 0.1% at 29,100; Dow futures underperform, sliding 0.6%. That follows Thursday's chaotic session, when the S&P dropped 1.2% and the Nasdaq 100 tumbled almost 3%, its worst day since June, even as two-thirds of the S&P rose and the hedge fund VIP basket suffered its worst day since 2011 (as we detailed last night). In premarket trading, Mag 7 names are mixed with Nvidia (+0.6%) and Tesla (+0.8%) higher while Meta and Microsoft (both -0.7%) lag; tower companies jump and wireless carriers slide after SpaceX was said to be targeting 80,000 or more US cell sites, while Deckers tumbles after cutting its full-year sales guidance. The day's driver is the AI trade (what else): OpenAI is now targeting a $1.25 trillion valuation for its $30 billion raise, $150 billion below last month's ask, and SK Hynix scrapped a US listing of its Solidigm unit, yet chips are modestly higher after the Kospi erased a 4.1% plunge to close up 0.3%;