China A50 Index futures fell 2%.
China ADRs & ETFs dropped in overnight trading. YINN fell 7%; XPeng, PDD fell 5%; Li Auto, JD.com, Alibaba fell 4%.
Shares of the Google parent Alphabet fell 7% in overnight trading.
Alphabet said on Tuesday it will spend $75 billion on its AI buildout this year, 29% more than Wall Street expected, and investors signaled disappointment at a missed cloud revenue target and began showing impatience over profitability.
Snap Inc beat Wall Street estimates for quarterly profit on Tuesday, benefiting from improvements to the Snapchat parent's advertising platform, sending its shares up 6% in overnight trading.
Snap could increase price of its Snapchat+ subscription service to boost average revenue per user, Spiegel added. In the fourth quarter, Snapchat+ subscribers doubled to 14 million.
Advanced Micro Devices failed to impress investors waiting for the chipmaker to gain ground against AI heavyweight Nvidia, even as its quarterly results and revenue outlook exceeded analyst estimates on Tuesday. Shares fell 9% in overnight trading.
AMD reported fourth-quarter data center revenue of $3.9 billion, which missed the consensus estimate of $4.15 billion. The company's data center segment is a proxy for its AI revenue as it contains revenue from its line of processors that compete with Nvidia's chips.
During a conference call with analysts, AMD Chief Executive Lisa Su said the company's data center sales in the current quarter will be down about 7% from the just-ended quarter, in line with an overall expected decline in AMD's revenue.
Enphase Energy guided for better-than-expected sales in the current quarter, boosting the stock of the microinverter maker by 8% in overnight trading.
Chipotle Mexican Grill forecast tepid annual comparable sales growth on Tuesday, in a sign that demand for its burritos could be hit if inflation pushes up menu prices. Its shares fell 5% in overnight trading after it posted a smaller-than-expected rise in fourth-quarter comparable sales.
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