The apprehension investors have surrounding Oracle has spilled over from manifesting in its stock price — which has fallen nearly 50% from its all-time high on Sept. 10 — to affecting its projects.

Asset management firm Blue Owl Capital reportedly pulled out from Oracle’s $10 billion data center project over unfavorable debt terms, according to the Financial Times, as concerns about the tech giant’s high level of debt mount.

The latest development adds fuel to worries that Oracle could delay the completion of data centers for OpenAI, which were first flagged by Bloomberg on Friday, though the cloud company has denied the report.

Shares of Oracle fell 5.4% Wednesday, putting its month-to-date losses more than 11%. They weighed down related names, such as Broadcom Nvidia and Advanced Micro Devices.

As a result, major U.S. indexes fell. The S&P 500 retreated 1.16% and the Dow Jones Industrial Average dropped 0.47%, while the Nasdaq Composite lost 1.81% in its worst day in nearly a month.

Despite the recent pullback in artificial intelligence stocks, the Bank of America thinks “the AI trade may still have room to run into 2026” — with the important caveat that shares going up does not mean a bubble isn’t forming.

“In our view, such progression validates our thesis that a larger AI bubble continues to build,” analysts at Bank of America wrote.

The trouble, as always, is pinpointing the exact moment before the bubble pops — if that’s even possible.

— CNBC’s Jaures Yip contributed to this report.

Three holds and a cut? Europe’s central banks are about to make their final calls of 2025

Investors are gearing up for the last interest-rate decisions of 2025, with four of Europe’s central banks announcing their monetary policies and macroeconomic outlooks on Thursday.

The European Central Bank, Bank of England, Riksbank and Norges Bank are all meeting, but only one of them is expected to change its rate.

— Holly Ellyatt and Annette Weisbach