The S&P 500 futures currently trade 46 points above fair value.
Alphabet (GOOG 311.51, +11.86, +4.0%) is on track for another impressive opening following the positive reception of its Gemini 3 AI model.
While other AI plays have lagged in recent weeks amid renewed valuation concerns, the stock has been largely immune to the pullback, gaining 6.5% in the month of November. The S&P 500 is down 3.5% over the same time period.