* Futures: Nasdaq down 1.27%, S&P 500 down 0.68%, Dow up

0.17%

* Oracle, chip stocks fall after WSJ report on OpenAI

* UPS down after Q1 profit drops

* General Motors ( GM ) up after hiking forecast

* Coca-Cola rises after lifting annual forecast

(Updates before market open)

By Niket Nishant and Utkarsh Hathi

April 28 (Reuters) - Futures tracking the tech-heavy

Nasdaq 100 index fell more than 1% on Tuesday, as investors

questioned whether the artificial intelligence boom can deliver

meaningful growth for technology stocks.

The Wall Street Journal reported that AI heavyweight OpenAI

had missed internal targets for weekly users and revenue,

raising concerns over the ChatGPT parent's ability to support

its massive spending on data centers.

"That's putting pressure on the Nasdaq and on the S&P

because tech and communication services make up about 40% of the

benchmark," said Art Hogan, chief ​market strategist at B Riley

Wealth.

"If OpenAI is seeing some degradation, that will shuffle the

deck a bit in terms of what the leadership looks like."

Although the company is privately held, its fortunes are

closely tied to several major technology stocks. Its financial

performance is often viewed as a gauge of AI demand and could

have wide-ranging implications for public equity markets.

Shares of Oracle, whose reliance on OpenAI for its

cloud computing ambitions has been under scrutiny, fell 6.7% in

the premarket session.

Chip stocks also dropped, with Nvidia ( NVDA ), AMD

and Arm Holdings down 2.8%, 5.9% and 8.8%, respectively.

At 8:04 a.m. ET, Nasdaq 100 E-minis fell

348.25 points, or 1.27%, while S&P 500 E-minis were down

49 points, or 0.68%. Dow E-minis rose 85 points,

or 0.17%.

MIDDLE EAST STALEMATE WEIGHS ON SENTIMENT

The U.S.-Iran war remains an overhang on equities, shaping

market sentiment even during the busiest week of the corporate

earnings season this quarter. There are mounting concerns that

the impasse in negotiations could keep oil prices elevated for

longer.

A U.S. official said President Donald Trump was unhappy with

the latest Iranian proposal ​on resolving the conflict in the

Middle East, pouring cold water on hopes for a deal that had

sent the S&P 500, the Nasdaq 100, and the Nasdaq

Composite to record highs in recent days.

"The U.S. and Israel are not able to force a settlement of

the war with Iran that achieves most of their maximalist

objectives," wrote Hasnain Malik, head of geopolitical risk at

Tellimer Research.

"Resolution of the war, via military or diplomatic means,

still looks a long way off, even though the ceasefire is

holding."

Oil prices are 54% higher than pre-war levels as the crucial

shipping route through the Strait of Hormuz remains

disrupted. Brent crude futures topped $110 a barrel for

the first time in three weeks.

Meanwhile, investors are scrutinizing earnings from a bunch

of corporate giants on Tuesday.

United Parcel Service ( UPS ) dipped 4.6% premarket after

the logistics firm reported a sharp drop in quarterly adjusted

profit.

General Motors ( GM ) rose 1.8% after the automaker lifted

its full-year earnings forecast on a resilient U.S. car market

and an expected tariff refund.

Coca-Cola shares gained 2.6% after the beverage giant

lifted its annual adjusted profit forecast.

Music-streaming platform Spotify ( SPOT ) fell 11.6% after

forecasting second-quarter profit below estimates.

(Reporting by Niket Nishant in Bengaluru; Editing by Devika

Syamnath)