Oracle Corporation offers products and services that address enterprise information technology environments worldwide. Its Oracle cloud software as a service offering include various cloud software applications, including Oracle Fusion cloud enterprise resource planning (ERP), Oracle Fusion cloud enterprise performance management, Oracle Fusion cloud supply chain and manufacturing management, Oracle Fusion cloud human capital management, Oracle Cerner healthcare, and NetSuite applications suite, as well as Oracle Fusion Sales, Service, and Marketing. The company also offers cloud-based industry solutions for various industries; Oracle application licenses; and Oracle license support services. In addition, it provides cloud and license business' infrastructure technologies, such as the Oracle Database and MySQL Database; Java, a software development language; and middleware, including development tools and others. The company's cloud and license business' infrastructure technologies also comprise cloud-based compute, storage, and networking capabilities; and Oracle autonomous database and MySQL HeatWave, as well as Internet-of-Things, digital assistant, and blockchain. Further, it provides hardware products and other hardware-related software offerings, including Oracle engineered systems, enterprise servers, storage solutions, industry-specific hardware, virtualization software, operating systems, management software, and related hardware services, as well as hardware support products; and consulting and customer services. The company markets and sells its cloud, license, hardware, support, and services offerings directly to businesses in various industries, government agencies, and educational institutions, as well as through indirect channels. Oracle Corporation was founded in 1977 and is headquartered in Austin, Texas.

Oracle Corporation

Thursday, December 11, 2025
That good news reaped from economic data ahead of today’s open (and from yesterday’s rate cut and relatively dovish 2026 forecast from the Fed) created a boon — and new closing highs — for three of the four major indexes today. The Dow gained +646 points, +1.34%, while the S&P 500 grew +14 points, +0.21% and the small-cap Russell 2000 up +31 points, +1.21%.
Only the tech-heavy Nasdaq — hands down the index leader for the third year in a row — dipped slightly today: -60 points, -0.25%. The AI trade has been so significant over the past year-plus that yesterday’s less-than-convincing results from Oracle ORCL suggested that it may no longer be firing on all cylinders, at least relative to current valuations.
Earnings Results After the Close: AVGO, COST, LULU
Speaking of the AI trade, semiconductor giant Broadcom AVGO reported beats on both top and bottom lines in its fiscal Q4 report after today’s close. Earnings of $1.95 per share outpaced the $1.87 in the Zacks consensus (and the $1.42 per share recorded a year ago) on revenues of $18.02 billion — surging beyond the $17.50 billion estimate. AI semiconductor revenue grew +74% year over year.
Broadcom has upped its fiscal Q1 revenue guidance by nearly a billion dollars to $19.1 billion. The AI semi business alone next year is expected to fetch $8.2 billion — double what it made in the year-ago quarter. Shares are up another +3% in late trading on this news, adding to the whopping +75% gains Broadcom has made year to date.
Costco COST posted mixed results in its fiscal Q1 report after the bell today. While earnings of $4.50 per share easily surpassed the $4.26 in the Zacks consensus (with a tax benefit of 16 cents per share; down from last year’s +22 cents in the same space) on $65.98 billion is sales, which was a tad shy of the $67.33 billion estimate. Shares are down marginally on the release, and still down -3.5% year to date.
Lululemon LULU shares are up more than +10% after its Q3 earnings report after today’s close, which included news that its CEO Calvin McDonald will be stepping down from his post January 31st of next year. No permanent replacement has yet been named, but at least his final quarter as head of the company was a good one +16.7 earnings beat to $2.39 per share on $2.6 billion in revenues which outdid the $2.48 billion analysts were expecting.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Dow, S&P 500 and Russell 2000 Close at New Highs

The S&P 500 Index ($SPX) (SPY) on Thursday closed up by +0.21%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up by +1.34%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -0.35%. December E-mini S&P futures (ESZ25) rose +0.23%, and December E-mini Nasdaq futures (NQZ25) fell -0.33%.
Stock indexes settled mixed on Thursday, with the S&P 500 posting a 6-week high and the Dow Jones Industrials climbing to a new all-time high. The broader market found underlying support on Thursday after bond yields moved lower amid a jump in weekly jobless claims, which is dovish for Fed policy. Also, managed healthcare stocks staged a rally on Thursday, a supportive factor for the overall market, and Visa shares surged more than +6% to boost the Dow Jones Industrial Average.
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However, the Nasdaq 100 fell to a 1-week low due to a sell-off in Oracle, which is viewed as a bellwether of the AI investment boom. Oracle tumbled more than 10% on Thursday, leading AI-infrastructure shares lower, after reporting Q2 cloud sales that missed estimates and raising its 2026 capital spending outlook by $15 billion to $50 billion. Oracle’s results reignited worries about tech valuations and whether the capital outlays on AI infrastructure will pay off.
US weekly initial unemployment claims rose by +44,000 to a 3-month high of 236,000, showing a weaker labor market than expectations of 220,000.
The US Sep trade deficit unexpectedly shrank to -$52.8 billion versus expectations of a widening to -$63.1 billion and the smallest deficit in 5.25 years.
The markets are discounting a 24% chance that the FOMC will cut the fed funds target range by 25 bp at the January 27-28 FOMC meeting.
Q3 corporate earnings season is drawing to a close as 496 of the 500 S&P companies have released results. According to Bloomberg Intelligence, 83% of reporting S&P 500 companies exceeded forecasts, on course for the best quarter since 2021. Q3 earnings rose +14.6%, more than doubling expectations of +7.2% y/y.
Overseas stock markets settled mixed on Thursday. The Euro Stoxx 50 rallied to a 4-week high and closed up +0.80%. China’s Shanghai Composite closed down -0.70%. Japan’s Nikkei Stock 225 closed down -0.90%.
Interest Rates
March 10-year T-notes (ZNH6) on Thursday closed up by +7.5 ticks. The 10-year T-note yield fell -0.6 bp to 4.141%. T-notes found support on Thursday on positive carryover from Wednesday when the FOMC cut its 2025 and 2026 US core PCE price estimates, and Fed Chair Powell said that he doesn't think a rate hike is anybody's base case for the Fed's next policy move. T-notes held their gains after weekly jobless claims unexpectedly rose to a 3-month high, a dovish factor for Fed policy. Decent demand for the Treasury’s $22 billion auction of 30-year T-bonds was also positive for T-notes as the auction had a bid-to-cover ratio of 2.36, right on the 10-auction average.
European government bond yields are moving lower today. The 10-year German bund yield fell -0.7 bp to 2.843%. The 10-year UK gilt yield fell -2.2 bp to 4.484%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.
US Stock Movers
Cruise line operators moved higher on Thursday. Royal Caribbean Cruises Ltd (RCL) closed up more than +7% to lead gainers in the S&P 500. Also, Norwegian Cruise Line Holdings (NCLH) closed up more than +6%, and Carnival (CCL) closed up more than +5%
Managed healthcare stocks rallied on Thursday. Elevance Health (ELV) closed up more than +5%, and Centene (CNC) and Molina Healthcare (MOH) closed up more than +4%. Also, Humana (HUM) and Cigna Group (CI) closed up more than +3%. In addition, HCA Healthcare (HCA) and UnitedHealth Group (UNH) closed up more than +2%.
Fertilizer stocks rose on Thursday after Ukraine said its drones attacked two fertilizer plants in western Russia. Mosaic (MOS) closed up more than +6%, and Intrepid Potash (IPI) closed up more than +5%. Also, CF Industries Holdings (CF) closed up more than +2%.
Chip makers retreated on Thursday, weighing on the Nasdaq 100. ARM Holdings Plc (ARM), Intel (INTC), and Marvell Technology (MRVL) closed down more than -3%. Also, Nvidia (NVDA), Broadcom (AVGO), Applied Materials (AMAT), GlobalFoundries (GFS), and Micron Technology (MU) closed down more than -1%.
Oracle (ORCL) closed down more than -10% to lead losers in the S&P 500 after reporting Q2 adjusted revenue of $16.06 billion, below the consensus of $16.21 billion, and raising its 2026 capital spending outlook by $15 billion to $50 billion.
Oxford Industries (OXM) closed down more than -21% after cutting its 2026 adjusted EPS forecast to $2.20-$2.40 from a previous estimate of $2.80-$3.20, well below the consensus of $2.91.
Lovesac Co (LOVE) closed down more than -8% after cutting its 2026 net sales forecast to $685 million-$705 million from a previous forecast of $710 million-$740 million, weaker than the consensus of $713.7 million.
Stellantis NV (STLA) closed down more than -3% after BNP Paribas Exane downgraded the stock to underperform from neutral.
Intuitive Surgical (ISRG) closed down more than -1% after Citigroup downgraded the stock to neutral from buy.
Gemini Space Station Inc (GEMI) closed up more than +31% after the company’s application for a derivatives exchange was approved by the Commodity Futures Exchange Commission.
Ciena Corp (CIEN) closed up more than +8% after reporting Q4 revenue of $1.35 billion, better than the consensus of $1.29 billion.
Visa (V) closed up more than +6% to lead gainers in the Dow Jones Industrials after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $382.
Abercrombie & Fitch (ANF) closed up more than +2% after Goldman Sachs initiated coverage on the stock with a buy recommendation and a price target of $120.
West Pharmaceutical Services (WST) closed up more than +1% after Nephron Research LLC upgraded the stock to buy from hold with a price target of $367.
Earnings Reports(12/12/2025)
Johnson Outdoors Inc (JOUT), SR Bancorp Inc (SRBK), Value Line Inc (VALU).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Most Stocks Recover from Oracle Sell-Off

Key Points
The Dow and S&P 500 climbed to all-time record levels.
Investors seem optimistic that the Federal Reserve will keep supporting a bullish mood on Wall Street.
-Yet some big tech stocks didn't join in the upward move.
Thursday was an interesting day for the stock market. Major market benchmarks opened mixed but generally improved over the course of the day. Investors appeared content with the path that the Federal Reserve has chosen with interest rates and are now waiting to see what the holiday season says about the strength of the U.S. economy. The Nasdaq Composite (NASDAQINDEX: ^IXIC),remained in negative territory at the close, but the S&P 500 (SNPINDEX: ^GSPC) and Dow Jones Industrial Average (DJINDICES: ^DJI) set new record highs.
Index
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Daily Percentage Change
Daily Point Change
Dow
+1.34%
+646
S&P 500
+0.21%
+14
Nasdaq
-0.25%
-50
Earnings continued to be the most important cause of major moves among individual stocks. In the tech stock realm, there were significant movers in both directions. Yet there were also some sizable share-price changes in other sectors of the market.
Top Stock Losers Today
ORCL: -11%
Tech giant Oracle (NYSE: ORCL) was the big stock loser in the stock market, as investors punished the AI stock after it reported its latest quarterly financial results late Wednesday. Oracle's fiscal second-quarter earnings were better than expected, but the company failed to meet the heightened expectations of investors for revenue, despite seeing overall sales growth of 14%. Oracle posted year-over-year gains of 34% in total cloud sales and 66% in cloud infrastructure revenue, but investors didn't like the extent to which the company is planning to double down on spending on AI. The move lower suggests that investors are growing impatient to see a monetary payoff from AI investment, and Oracle will need to work harder to show tangible results from its efforts.
HOOD: -9%
Investor favorite Robinhood Markets (NASDAQ: HOOD) suffered a 9% loss on Thursday after reporting its trading activity metrics for the month of November. Volumes were down across the board, with equity trading experiencing the biggest drop of 37%. Options and cryptocurrency trading also showed weakness, and the resulting 5% drop in assets under custody was the first monthly decline in nine months. However, with the popular meme stock still up sharply this year, Robinhood continues to excite long-term investors about its future.
Top Stock Gainers Today
PL: +35%
Planet Labs (NYSE: PL) soared 35% on Thursday, with investors reacting favorably to the space stock's third-quarter financial report. Revenue of $81 million was up 33% year over year, but investors were particularly pleased with a 361% rise in remaining performance obligations to $672 million. Planet Labs' also saw its backlog more than triple as demand grew for its AI-enabled global monitoring business. Space-based AI looks to be gaining traction, and Planet expects to work with Alphabet's (NASDAQ: GOOGL) (NASDAQ: GOOG) Google unit to scale up extraterrestrial AI computing. The top stock gainer has captured the imagination of investors with aspirations for space exploration, and Planet Labs is in solid financial position to keep pursuing its goals well into the future.
HL: +13%
Lastly, Hecla Mining (NYSE: HL) was a big winner, as the silver stock rose with the price of silver. The precious metal climbed above $64 per ounce for the first time ever before falling back slightly in afternoon trading, and many investors believe that silver has a long way to move higher in order to catch up with gold's larger move earlier in the year. Some analysts also attributed part of the move to news earlier this week that Hecla would join the S&P MidCap 400 index. With silver seen as a hedge against inflation and economic uncertainty, Hecla could well see further gains.
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Dan Caplinger has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet and Oracle. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Biggest Stock Movers Today, Dec. 11: ORCL, PL, & More

Key Points
Oracle's debt is rising as cash flies out the door to fund AI data centers.
The company already has a debt-heavy balance sheet, and it will need to borrow more to fund its AI infrastructure contracts.
Investors have soured on the stock as debt concerns intensify.
Tech giant Oracle (NYSE: ORCL) has racked up remaining performance obligations, which represent future revenue expected to be generated from signed contracts, totaling $523 billion. The company added $68 billion to the backlog in the second quarter of fiscal 2026 alone, signing new deals for AI infrastructure with Meta Platforms, Nvidia, and other customers.
Oracle's deals to provide AI infrastructure require the company to build expensive data centers filled with powerful GPUs before any revenue is recognized. Oracle entered the AI boom with a debt-heavy balance sheet, and the situation is worsening as the company borrows to fuel its AI ambitions.
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Burning cash and piling up debt
For the six-month period ending Nov. 30, Oracle generated $10.2 billion in operating cash flow and used $20.5 billion for capital expenditures. That works out to a negative free cash flow of $10.3 billion. Capital spending more than tripled year-over-year during the period as Oracle plowed ahead with its capital-intensive AI strategy.
Oracle has spent years piling up debt to fund share buybacks, which raises the risk level of adding even more debt to the balance sheet. Thanks to heavy spending on AI infrastructure, Oracle ended the second quarter with about $108 billion in debt. That's up from $92.6 billion in May. The company completed an $18 billion bond sale in September.
Oracle stock was tumbling on Thursday following the release of its second-quarter report. If the company can successfully convert its AI infrastructure backlog into revenue over the next few years, its revenue growth is expected to accelerate dramatically. However, the upfront cost is enormous. Additionally, there's a risk related to OpenAI, which reportedly has a $300 billion AI infrastructure contract with Oracle. If OpenAI struggles to raise sufficient funding or generate enough revenue as competition intensifies, Oracle could be left holding the bag.
How high will Oracle's debt go?
Analysts at KeyBanc Capital Markets estimated in September that Oracle may need to add $100 billion in debt over the next four years to fund its OpenAI contract. Oracle management addressed this concern during theearnings call with co-CEO Clay Magouyrk saying that "based on what we see right now, we expect we will need less if not substantially less, you know, money raised than that amount."
Oracle has a few tools at its disposal, including deals where customers bring their own chips. The company could also work with private equity firms or other third parties, similar to a deal Intel struck with Brookfield Infrastructure Partners to fund its Arizona semiconductor fab. Magouyrk insisted during theearnings callthat Oracle was committed to maintaining its investment-grade debt rating.
While the jury's still out on how much debt Oracle will need to fulfill its contracts, investors have been registering their opinions in recent weeks by sending the stock tumbling. Oracle's AI growth story is falling on deaf ears, and it's hard to say what it will take to shift sentiment in a positive direction.
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Timothy Green has positions in Intel. The Motley Fool has positions in and recommends Intel, Meta Platforms, Nvidia, and Oracle. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Oracle's Debt Balloons to $108 Billion as AI Spending Soars

In early trading on Thursday, shares of Royal Caribbean Group topped the list of the day's best performing components of the S&P 500 index, trading up 4.8%. Year to date, Royal Caribbean Group registers a 18.3% gain.
And the worst performing S&P 500 component thus far on the day is Oracle, trading down 14.7%. Oracle is showing a gain of 14.2% looking at the year to date performance.
Two other components making moves today are Robinhood Markets, trading down 4.3%, and Yum! Brands, trading up 4.1% on the day.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

S&P 500 Movers: ORCL, RCL

The S&P 500 Index ($SPX) (SPY) today is down up +0.05%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +1.25%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.52%.
Stock indexes are mixed today, with the Nasdaq 100 falling to a 1-week low and the Dow Jones Industrials climbing to a new all-time high. The broader market is under pressure today after Oracle's earnings, viewed as a bellwether of the AI investment boom, came in worse than expected, fueling concerns about the vast spending tied to artificial intelligence. Shares of Oracle are down more than -12% to lead AI stocks lower after it reported Q2 cloud sales that missed estimates and raised its 2026 capital spending outlook by $15 billion to $50 billion. Oracle’s results reignited worries about tech valuations and whether the capital outlays on AI infrastructure will pay off.
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Stocks have underlying support from a jump in weekly jobless claims to a 3-month high, which knocked bond yields lower. The 10-year T-note yield is down -4 bp to 4.11%. Also, a +3% rally in Visa shares today is boosting the Dow Jones Industrial Average.
US weekly initial unemployment claims rose by +44,000 to a 3-month high of 236,000, showing a weaker labor market than expectations of 220,000.
The US Sep trade deficit unexpectedly shrank to -$52.8 billion versus expectations of a widening to -$63.1 billion and the smallest deficit in 5.25 years.
The markets are discounting a 24% chance that the FOMC will cut the fed funds target range by 25 bp at the January 27-28 FOMC meeting.
Q3 corporate earnings season is drawing to a close as 495 of the 500 S&P companies have released results. According to Bloomberg Intelligence, 83% of reporting S&P 500 companies exceeded forecasts, on course for the best quarter since 2021. Q3 earnings rose +14.6%, more than doubling expectations of +7.2% y/y.
Overseas stock markets are mixed today. The Euro Stoxx 50 rallied to a 4-weekhigh and is up +1.07%. China’s Shanghai Composite closed down -0.70%. Japan’s Nikkei Stock 225 closed down -0.90%.
Interest Rates
March 10-year T-notes (ZNH6) today are up by +13 ticks. The 10-year T-note yield is down -3.1 bp to 4.116%. T-notes are climbing today as weakness in stocks has prompted some safe-haven buying of government debt. T-notes also have carryover support from Wednesday when the FOMC cut its 2025 and 2026 US core PCE price estimates, and Fed Chair Powell said that he doesn't think a rate hike is anybody's base case for the Fed's next policy move. T-notes held their gains after weekly jobless claims unexpectedly rose to a 3-month high, a dovish factor for Fed policy. Supply pressures may limit further upside in T-notes ahead of the Treasury’s $22 billion auction of 30-year T-bonds later today.
European government bond yields are moving lower today. The 10-year German bund yield is down by -0.6 bp to 2.845%. The 10-year UK gilt yield is down by -3.4 bp to 4.472%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.
US Stock Movers
Oracle (ORCL) is down more than -12% to lead the S&P 500 losers, and AI-infrastructure stocks are lower today after reporting Q2 adjusted revenue of $16.06 billion, below the consensus of $16.21 billion, and raising its 2026 capital spending outlook by $15 billion to $50 billion. CoreWeave (CRWV) is down more than -7%, and Nebius Group NV (NBIS) is down more than -4% on the news.
Chip makers are sliding today, weighing on the broader market. ARM Holdings Plc (ARM) and Marvell Technology (MRVL) are down more than -4%. Also, Advanced Micro Devices (AMD), Nvidia (NVDA), and Broadcom (AVGO) are down more than -3%. In addition, Intel (INTC), Applied Materials (AMAT), GlobalFoundries (GFS), KLA Corp (KLAC), Micron Technology (MU), and Lam Research (LRCX) are down more than -2%.
Cryptocurrency-exposed stocks are under pressure today with Bitcoin (^BTCUSD) down more than -2%. Strategy (MSTR) is down more than -6% to lead losers in the Nasdaq 100. Also, Riot Platforms (RIOT) and MARA Holdings (MARA) are down more than -5%, Coinbase Global (COIN) is down more than -4%, and Galaxy Digital Holdings (GLXY) is down more than -3%.
Fertilizer stocks are moving higher today after Ukraine said its drones attacked two fertilizer plants in western Russia. Mosaic (MOS) is up more than +6% to lead gainers in the S&P 500. Also, Intrepid Potash (IPI) is up more than +4%, and CF Industries Holdings (CF) and FMC Corp (FMC) are up more than +3%.
Oxford Industries (OXM) is down more than -22% after cutting its 2026 adjusted EPS forecast to $2.20-$2.40 from a previous estimate of $2.80-$3.20, well below the consensus of $2.91.
Lovesac Co (LOVE) is down more than -13% after cutting its 2026 net sales forecast to $685 million-$705 million from a previous forecast of $710 million-$740 million, weaker than the consensus of $713.7 million.
Stellantis NV (STLA) is down more than -3% after BNP Paribas Exane downgraded the stock to underperform from neutral.
Intuitive Surgical (ISRG) is down more than -1% after Citigroup downgraded the stock to neutral from buy.
Gemini Space Station Inc (GEMI) is up more than +17% after the company’s application for a derivatives exchange was approved by the Commodity Futures Exchange Commission.
Ciena Corp (CIEN) is up more than +6% after reporting Q4 revenue of $1.35 billion, better than the consensus of $1.29 billion.
Visa (V) is up more than +3% to lead gainers in the Dow Jones Industrials after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $382.
Unity Software (U) is up more than +2% after Piper Sandler upgraded the stock to overweight from neutral with a price target of $59.
JB Hunt Transport Services (JBHT) is up more than +2% after Deutsche Bank upgraded the stock to buy from hold with a price target of $227.
West Pharmaceutical Services (WST) is up more than +1% after Nephron Research LLC upgraded the stock to buy from hold with a price target of $367.
Earnings Reports(12/11/2025)
Broadcom Inc (AVGO), Ciena Corp (CIEN), Costco Wholesale Corp (COST), Lululemon Athletica Inc (LULU), RH (RH).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Dow Jumps to New Highs as Fed Cut, Oracle Miss Fuel Shift from Tech to Value Stocks

Key Points
Nvidia's success throughout the artificial intelligence (AI) revolution rests almost entirely on its chip dominance.
Alphabet's custom tensor processing units (TPUs) are gaining momentum from AI hyperscalers.
Some investors worry that Nvidia could be dethroned by Alphabet in the chip industry.
For the last three years, Nvidia (NASDAQ: NVDA) has been the most dominant company in the artificial intelligence (AI) landscape. The company's graphics processing units (GPUs) are the backbone on which generative AI is developed.
Hyperscalers including OpenAI, Oracle, Meta Platforms, and cloud platforms such as Microsoft Azure and Amazon Web Services (AWS) have collectively spent hundreds of billions of dollars clustering Nvidia GPUs inside of data centers to build their AI infrastructure.
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While Advanced Micro Devices is largely perceived as Nvidia's chief rival in the AI chip market, a new threat is emerging: Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG). The internet giant is making waves in the semiconductor industry thanks to rising interest in its custom hardware, known as tensor processing units (TPUs).
Let's take a look at what Alphabet's entrance in the chip market means for Nvidia as investments in AI infrastructure continue to unfold. Should Nvidia investors be worried? Read on to find out.
What is the difference between a GPU and a TPU?
Nvidia's GPUs are versatile pieces of hardware. These chips are designed to work in clusters in parallel with the company's CUDA software architecture. Taken together, Nvidia's ecosystem can be used to train large language models (LLMs) or help build more robust applications across AI robotics, autonomous driving, and quantum computing.
TPUs, by contrast, are much more specialized. Rather than being a purpose-built piece of hardware, Alphabet's TPUs should be classified as a custom application-specific integrated circuit (ASIC). This makes TPUs useful in extremely bespoke workloads such as deep learning.
Alphabet's TPUs are seeing strong demand, but there's a catch
Throughout the AI revolution, one of Alphabet's biggest winners has been its cloud division: Google Cloud platform. In recent months, Google Cloud has won notable deals with OpenAI as well as a $10 billion contract with Meta Platforms.
What investors might not fully comprehend is that the introduction of hardware now makes TPUs an interesting selling point within Google's broader cloud ecosystem.
Notably, Apple used TPUs to train its Apple Intelligence models. Meanwhile, Anthropic announced plans to expand its usage of Google Cloud in a deal featuring up to 1 million TPUs. Lastly, rumors are swirling that Meta is considering complementing its existing reliance on Google Cloud by deploying its own TPU clusters.
On the surface, accelerating TPU demand from big tech might sound alarming for Nvidia investors. However, there are some finer details that smart investors shouldn't overlook.
While Anthropic's relationship with Google Cloud is significant, the company also has strong ties with Nvidia. Just weeks ago, Anthropic agreed to purchase $30 billion of compute capacity from Microsoft Azure, which runs heavily on Nvidia's GPUs.
On top of that, OpenAI recently struck a $38 billion deal with AWS to access Nvidia's new GB200 and GB300 chips.
Furthermore, while Nvidia does not reveal the specifics around its customer concentration, many analysts on Wall Street suspect that the hyperscalers -- including Alphabet -- are among its largest chip buyers.
These are important details to understand. While TPUs represent potentially transformative dynamics in the AI chip market, many of their users -- including Google itself -- actually complement this custom hardware with Nvidia's general purpose GPUs. Against this backdrop, TPUs don't appear to be replacing GPUs at all.
AI chips is not a winner-take-all market
Management consulting firm McKinsey & Company is forecasting AI infrastructure to be a $7 trillion market by 2030, with roughly $5 billion of this spend allocated toward AI workloads.
Given the hyperscalers are accelerating their capital expenditures (capex), I feel confident that demand for Nvidia's GPUs and accompanying data center services will remain robust for the foreseeable future.
It's possible -- even likely -- that rival accelerators from AMD in combination with custom ASICs such as TPUs will eventually erode Nvidia's pricing power in the chip market down the road.
Nevertheless, the introduction of TPUs is not a checkmate move by Google. If anything, complementing existing Nvidia infrastructure with custom chip designs reinforces how large of an opportunity AI infrastructure is becoming. In other words, AI chips are not a winner-take-all market.
For these reasons, I don't think Nvidia investors need to panic. The company still remains the king of the chip realm and appears well positioned to thrive in the AI infrastructure era.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Did Alphabet Just Say "Checkmate" to Nvidia?

The S&P 500 Index ($SPX) (SPY) today is down by -0.34%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.59%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.89%. December E-mini S&P futures (ESZ25) are down -0.34%, and December E-mini Nasdaq futures (NQZ25) are down -0.92%.
Stock indexes are mixed today, with the Nasdaq 100 falling to a 1-week low and the Dow Jones Industrials climbing to a 4-week high. The broader market is under pressure today after Oracle's earnings, viewed as a bellwether of the AI investment boom, came in worse than expected, fueling concerns about the vast spending tied to artificial intelligence. Shares of Oracle are down more than -14% to lead AI stocks lower after it reported Q2 cloud sales that missed estimates and raised its 2026 capital spending outlook by $15 billion to $50 billion. Oracle’s results reignited worries about tech valuations and whether the capital outlays on AI infrastructure will pay off.
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Stocks have underlying support from a jump in weekly jobless claims to a 3-month high, which knocked bond yields lower. The 10-year T-note yield is down -4 bp to 4.11%.
US weekly initial unemployment claims rose by +44,000 to a 3-month high of 236,000, showing a weaker labor market than expectations of 220,000.
The US Sep trade deficit unexpectedly shrank to -$52.8 billion versus expectations of a widening to -$63.1 billion and the smallest deficit in 5.25 years.
The markets are discounting a 22% chance that the FOMC will cut the fed funds target range by 25 bp at the January 27-28 FOMC meeting.
Q3 corporate earnings season is drawing to a close as 495 of the 500 S&P companies have released results. According to Bloomberg Intelligence, 83% of reporting S&P 500 companies exceeded forecasts, on course for the best quarter since 2021. Q3 earnings rose +14.6%, more than doubling expectations of +7.2% y/y.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.52%. China’s Shanghai Composite closed down -0.70%. Japan’s Nikkei Stock 225 closed down -0.90%.
Interest Rates
March 10-year T-notes (ZNH6) today are up by +14 ticks. The 10-year T-note yield is down -4.1 bp to 4.106%. T-notes are climbing today as weakness in stocks has prompted some safe-haven buying of government debt. T-notes also have carryover support from Wednesday when the FOMC cut its 2025 and 2026 US core PCE price estimates, and Fed Chair Powell said that he doesn't think a rate hike is anybody's base case for the Fed's next policy move. T-notes held their gains after weekly jobless claims unexpectedly rose to a 3-month high, a dovish factor for Fed policy. Supply pressures may limit further upside in T-notes ahead of the Treasury’s $22 billion auction of 30-year T-bonds later today.
European government bond yields are moving lower today. The 10-year German bund yield is down by -0.2 bp to 2.849%. The 10-year UK gilt yield is down by -2.6 bp to 4.480%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.
US Stock Movers
Oracle (ORCL) is down more than -13% to lead the S&P 500 losers, and AI-infrastructure stocks are lower today after reporting Q2 adjusted revenue of $16.06 billion, below the consensus of $16.21 billion, and raising its 2026 capital spending outlook by $15 billion to $50 billion. CoreWeave (CRWV) is down more than -7%, and Nebius Group NV (NBIS) is down more than -6% on the news.
Chip makers are sliding today, weighing on the broader market. ARM Holdings Plc (ARM) is down more than -3% to lead losers in the Nasdaq 100, and Advanced Micro Devices (AMD) is down more than -3%. Also, Nvidia (NVDA) is down more than -2% to lead losers in the Dow Jones Industrials, and Broadcom (AVGO), Applied Materials (AMAT), and Lam Research (LRCX) are down more than -2%. In addition, GlobalFoundries (GFS), Marvell Technology (MRVL), Micron Technology (MU), and KLA Corp (KLAC) are down more than -1%.
Cryptocurrency-exposed stocks are under pressure today with Bitcoin (^BTCUSD) down more than -2%. Galaxy Digital Holdings (GLXY), Riot Platforms (RIOT), Strategy (MSTR), MARA Holdings (MARA), and Coinbase Global (COIN) are down more than -2%.
Oxford Industries (OXM) is down more than -15% after cutting its 2026 adjusted EPS forecast to $2.20-$2.40 from a previous estimate of $2.80-$3.20, well below the consensus of $2.91.
Lovesac Co (LOVE) is down more than -8% after cutting its 2026 net sales forecast to $685 million-$705 million from a previous forecast of $710 million-$740 million, weaker than the consensus of $713.7 million.
Stellantis NV (STLA) is down more than -3% after BNP Paribas Exane downgraded the stock to underperform from neutral.
Coherent (COHR) is down more than -2% after Bain Capital unloaded $987.3 million of its Coherent holdings via an unregistered block trade.
Gemini Space Station Inc (GEMI) is up more than +6% after the company’s application for a derivatives exchange was approved by the Commodity Futures Exchange Commission.
Ciena Corp (CIEN) is up more than +4% after reporting Q4 revenue of $1.35 billion, better than the consensus of $1.29 billion.
Unity Software (U) is up more than +4% after Piper Sandler upgraded the stock to overweight from neutral with a price target of $59.
Adobe (ADBE) is up more than +2% to lead gainers in the Nasdaq 100 after forecasting Q1 adjusted EPS of $5.85 to $5.90, stronger than the consensus of $5.66.
West Pharmaceutical Services (WST) is up more than +1% after Nephron Research LLC upgraded the stock to buy from hold with a price target of $367.
JB Hunt Transport Services (JBHT) is up more than +1% after Deutsche Bank upgraded the stock to buy from hold with a price target of $227.
Earnings Reports(12/11/2025)
Broadcom Inc (AVGO), Ciena Corp (CIEN), Costco Wholesale Corp (COST), Lululemon Athletica Inc (LULU), RH (RH).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Mixed as a Plunge in Oracle Weighs on Tech Stocks

Oracle's ORCL second-quarter fiscal 2026 results presented a mixed picture for investors, with shares declining 11% pre-market despite robust cloud infrastructure growth and record-breaking contracted backlog. The database and cloud infrastructure provider reported total revenues of $16.1 billion for the quarter ending Nov. 30, 2025, representing growth of 14% in U.S. dollars and 13% in constant currency (cc). The figure missed the Zacks Consensus Estimate for revenues by 0.55%
While cloud revenues accelerated significantly, software revenue weakness and aggressive capital expenditure plans raised concerns about near-term profitability, suggesting current shareholders should maintain positions while awaiting improved entry points following execution progress.
The company's cloud business demonstrated remarkable momentum, with total cloud revenues reaching $8 billion, up 34% in U.S. dollars and 33% in cc. Cloud infrastructure revenues surged 66% in cc to $4.1 billion, with GPU-related cloud revenues growing 177%. Cloud applications revenues reached $3.9 billion, up 11%. Cloud revenues now account for half of Oracle's total revenues, marking a fundamental transformation in the company's business model. Software revenues declined 3% in U.S. dollars and 5% in cc to $5.9 billion, reflecting ongoing challenges in legacy product categories.
Oracle's remaining performance obligations reached $523 billion, up 438% year over year and $68 billion sequentially. These increases were driven by new commitments from Meta, NVIDIA, and other customers. Importantly, RPO, expected to be recognized within 12 months, grew 40% year over year, compared with 25% last quarter, indicating accelerated revenue conversion. The company expects $4 billion of additional revenues in fiscal 2027 based on the added backlog that can be monetized quickly starting next year.
Capital Expenditure Acceleration Strains Cash Flow
The quarter's most concerning metric was free cash flow, which registered a negative $10 billion as capital expenditures reached $12 billion. Operating cash flow totaled $2.1 billion. The company increased its full-year fiscal 2026 capital expenditure guidance by $15 billion to approximately $50 billion, up from the $35 billion forecast following first-quarter results. Management emphasized that the vast majority of CapEx investments are for revenue-generating equipment going into data centers, not for land, buildings, or power, which are covered via leases. Oracle does not pay for these leases until completed data centers and accompanying utilities are delivered.
Non-GAAP earnings per share reached $2.26, up 54% in U.S. dollars and 51% in cc, while GAAP earnings per share totaled $2.10, up 91% in U.S. dollars and 86% in cc. Both metrics benefited from a $2.7 billion pre-tax gain from the sale of Oracle's interest in Ampere.
The Zacks Consensus Estimate for ORCL's fiscal 2026 earnings is pegged at $6.81 per share, marking an upward revision of 1 cent over the past 30 days. The earnings figure suggests 12.94% growth over the figure reported in fiscal 2025.
Oracle Corporation Price and Consensus
For the fiscal third quarter, Oracle guided total cloud revenue growth of 37% to 41% in cc and 40% to 44% in U.S. dollars. Total revenues are expected to grow 16% to 18% in cc and 19% to 21% in U.S. dollars. Non-GAAP earnings per share guidance ranges from $1.70 to $1.74 in U.S. dollars. Management maintained its full-year fiscal 2026 revenue expectation of $67 billion.
Oracle's strategic initiatives center on its AI data platform and multicloud database partnerships. Chairman Ellison emphasized that Oracle databases contain most of the world's high-value private data, positioning the company uniquely for AI reasoning applications on enterprise data while maintaining security. The company's multicloud database business grew 817% in the quarter. Oracle is the only applications company selling complete application suites, combining back-office, front-office, and industry-specific solutions with embedded AI capabilities.
Valuation, Competitive Landscape, and Investment Recommendation
Shares of Oracle have returned 26.4% in the past six-month period compared with the Zacks Computer and Technology sector’s appreciation of 27.3% and the Zacks Computer - Software industry’s growth of 1.4%.
ORCL’s 6-Month Price Performance
Image Source: Zacks Investment Research
The cloud infrastructure market remains intensely competitive, with dominant players commanding substantial market positions. Amazon AMZN-owned Amazon Web Services maintains approximately 30% market share with comprehensive service breadth, while Microsoft MSFT Azure leverages enterprise relationships and OpenAI partnerships for differentiated AI capabilities. Alphabet GOOGL-owned Google Cloud has achieved 13% market share with strong momentum in data analytics and machine learning services. Oracle competes through its multicloud database offerings embedded in Amazon, Google, and Microsoft clouds, with 45 live multicloud regions and 27 more planned.
From a valuation standpoint, ORCL stock is currently trading at a premium with a forward 12-month Price/Sales ratio of 8.42x, which is higher than the industry average of 7.61x. Oracle carries a Value Score of D.
ORCL’s P/S Ratio Depicts Stretched Valuation
Image Source: Zacks Investment Research
Conclusion
Given elevated capital expenditures pressuring near-term cash flows, competition from Microsoft, Amazon, and Google in cloud infrastructure, and premium valuation metrics, current investors should hold positions while prospective buyers await a more attractive entry point following improved operational execution and cash flow generation. ORCL stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Oracle Shares Plunge 11% After Q2 Revenues Miss: Should You Hold?

The NASDAQ 100 Pre-Market Indicator is down -155.92 to 25,620.52. The total Pre-Market volume is currently 88,201,771 shares traded.
The following are the most active stocks for the pre-market session:
Nextdoor Holdings, Inc. (NXDR) is +0.59 at $3.12, with 6,172,356 shares traded. NXDR's current last sale is 141.82% of the target price of $2.2.
Oracle Corporation (ORCL) is -28.96 at $194.05, with 3,145,158 shares traded. As reported by Zacks, the current mean recommendation for ORCL is in the "buy range".
Novo Nordisk A/S (NVO) is +1.19 at $50.24, with 896,196 shares traded. NVO's current last sale is 94.17% of the target price of $53.35.
Planet Labs PBC (PL) is +2.55 at $15.49, with 894,925 shares traded. As reported by Zacks, the current mean recommendation for PL is in the "buy range".
Unilever PLC (UL) is +0.64 at $64.50, with 841,570 shares traded. As reported by Zacks, the current mean recommendation for UL is in the "buy range".
Nokia Corporation (NOK) is +0.11 at $6.33, with 810,196 shares traded. NOK's current last sale is 96.35% of the target price of $6.57.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Index	Bulls	Bears
Confidence		—
Support		—
Cash flows		—

	S/L 5%RUB 211.86	S/L 10%RUB 200.71	S/L 15%RUB 189.56
Day	12.21%	0.15%	0.00%
Week	48.93%	15.56%	2.85%
Month	73.58%	48.83%	28.51%

Oracle Corporation

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