The AI Trade Is Tanking as Anxieties Reemerge -- Barrons.com

Dow Jones12-11

By Adam Levine

Oracle's latest earnings have stoked further anxiety around the artificial-intelligence trade.

The stock is down more than 16% in early trading Thursday, and is taking much of the AI data-center hardware trade with it. Shares of Nvidia, Advanced Micro Devices, Broadcom, Dell Technologies, and Hewlett Packard Enterprise were all down at least 2%.

Oracle posted its results Wednesday evening. Once a cash-flow king, has spent $35 billion on capital expenditures in the last 12 months. That has resulted in a $13 billion free-cash loss, with $10 billion of that coming in the November quarter.

What's more, the company upped its capital expenditures guidance for fiscal 2026 which ends in May, raising it to $50 billion from $35 billion. This leaves $29 billion remaining in the second half of the year.

This episode underlines the fragility of the AI trade: Investors have one foot out the door, and are getting spooked easily.

Write to Adam Levine at adam.levine@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

December 11, 2025 10:05 ET (15:05 GMT)

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Asia Absolute Alpha A Acc SGD","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC"},"translate_title":"随着焦虑重新出现，人工智能贸易正在下滑——Barrons.com","themeId":"a97eafdd8e1464571a371dbb187a51be","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVD3.UK":0.6,"3NVD.UK":0.6,"NVDY":0.6,"ORCL":1.95,"NVDS.UK":0.6,"NVIW.SI":0.6,"NVDU":0.6,"NVD":0.6,"SNVD.UK":0.6,"NVD2.UK":0.6,"NVDS":0.6,"NVDD":0.6,"NVDX":0.6,"2NVD.UK":0.6},"content_text":"By Adam Levine \n\n\n  Oracle's latest earnings have stoked further anxiety around the artificial-intelligence trade. \n\n\n  The stock is down more than 16% in early trading Thursday, and is taking much of the AI data-center hardware trade with it. Shares of Nvidia, Advanced Micro Devices, Broadcom, Dell Technologies, and Hewlett Packard Enterprise were all down at least 2%. \n\n\n  Oracle posted its results Wednesday evening. Once a cash-flow king, has spent $35 billion on capital expenditures in the last 12 months. That has resulted in a $13 billion free-cash loss, with $10 billion of that coming in the November quarter. \n\n\n  What's more, the company upped its capital expenditures guidance for fiscal 2026 which ends in May, raising it to $50 billion from $35 billion. This leaves $29 billion remaining in the second half of the year. \n\n\n  This episode underlines the fragility of the AI trade: Investors have one foot out the door, and are getting spooked easily. \n\n\n  Write to Adam Levine at adam.levine@barrons.com \n\n\n   This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 11, 2025 10:05 ET (15:05 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"merge","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590512457","isCrawlerRequest":true}