A global rally in artificial intelligence-linked stocks lost momentum in early European trading, while oil prices declined as hopes grew for a diplomatic settlement that could reopen the Strait of Hormuz. Nasdaq futures were flat after the Nasdaq closed at a record high on Monday, supported by enthusiasm for Meta’s new consumer-focused AI product. Expectations of wider demand for the chips and data centers underpinning AI helped AMD and Intel gain 10% and 14%, respectively, in the previous session.