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Oracle shares plummet dragging down AI stocks Nvidia, Coreweave

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Oracle shares plummeted 11% in premarket trading on Thursday, extending yesterday’s losses after the firm reported disappointing results.

The database software maker reported lower-than-expected quarterly revenue on Wednesday, despite booming demand for its artificial intelligence infrastructure. Its revenue came in at $16.06 billion, compared with $16.21 billion expected by analysts, according to data compiled by LSEG.

It dragged other AI-related names down with it. Chip darling Nvidia was last seen down 1.5% in premarket trading, memory and storage firm Micron was 1.4% lower, tech heavyweight Microsoft dipped 0.9%, cloud company Coreweave slid 3% and AMD was 1.3% in negative territory.