US STOCKS-Nasdaq futures lead gains as SpaceX, Super Micro results lift AI trade

Oct 21 (Reuters) - Futures tied to the tech-heavy Nasdaq led gains on Wednesday as results from SpaceX and Super Micro Computer revived the AI trade, while Netflix slipped after its forecast failed to impress investors.

Elon Musk's rocket and space technology firm SPCX.O rose 9.4% in premarket trading after he said on Tuesday that a merger of SpaceX and Tesla TSLA.O would be "a good idea". SpaceX also posted its first profit as a public company. Tesla shares were up 1.7%.

"There is potential for substantial gains in its AI business, as AI infrastructure is capital intensive, and SpaceX has more means than many smaller companies ... if AI stress mounts, SpaceX could swallow up infrastructure business from smaller competitors," said Ipek Ozkardeskaya, senior analyst at Swissquote.

Ozkardeskaya said that a merger with Tesla could be a good idea if "the two companies can prove that the synergies create value for both of them", but could be rejected by investors if Tesla was "better off exploring AI synergies with other companies".

Other space stocks were also higher, with Rocket Lab RKLB.O, Planet Labs PL.N and Intuitive Machines LUNR.O adding between 2% and 4%.

Super Micro SMCI.O jumped 12.7% after the AI server maker forecast quarterly revenue and profit margin above Wall Street estimates, signaling that AI demand remained resilient.

Peers HPE HPE.N and Dell DELL.N rose over 4% each.

Investors drew comfort from the reports as concerns over the profitability of the AI buildout triggered a selloff in AI-linked stocks last week, with data center operator CoreWeave CRWV.O at the center of the storm. It was up 2.2% before the bell on Wednesday.

Most chipmakers also rose, with Nvidia NVDA.O up 1.5%, Intel INTC.O gaining 2.3% and Advanced Micro Devices AMD.O adding 1.8%.

Semiconductors have had a volatile month so far, with the Philadelphia SE Semiconductor index .SOX marking eight consecutive sessions of declines, its longest losing streak in 18 years.

Despite a brief reprieve on Monday, the index is trading at two-month lows. The Dow outshone the S&P 500 and the Nasdaq on Tuesday on the back of robust gains in healthcare stocks.

On the other hand, Netflix NFLX.O dropped over 6% after the streaming giant issued a weaker-than-expected forecast for fourth-quarter profit, days after laying off 6% of its workforce.

Results from Meta META.O and Tesla will be parsed after markets close.

At 5:42 a.m. ET, Dow E-minis were up 36 points, or 0.07%, S&P 500 E-minis were up 18.75 points, or 0.24%, and Nasdaq 100 E-minis were up 149 points, or 0.50%.

On the earnings docket, markets will scrutinize reports from telecom operator AT&T and medical device maker Abbott ABT.N, among others.

Meanwhile, oil prices remained elevated with Brent crude futures trading at over $110 a barrel, a near five-month high. O/R

Data last week confirmed that price pressures were seeping into the US economy, and had broadened out beyond energy products, supporting the case for another interest rate hike by the Federal Reserve. The central bank meets next week.