Futures on Wall Street have tanked in late hours trading on Wednesday after weak results from Oracle Corp. have yet again raised concerns over the heavy AI spends not yielding the desired returns.

Futures on the Dow Jones are down over 220 points, those on the S&P 500 are down 65 points, while Nasdaq futures are down nearly 400 points.

Shares of Oracle Corp. fell 11.5% in extended trading after its second quarter revenue missed expectations, while its EPS beat was aided by a one-time gain. The company's guidance is also in-line with what analysts had projected for the third quarter.

Oracle has triggered concerns on Wall Street that its debt-fueled AI expansion may not yield the desired results. Its remaining performance obligations, or those contracts that have been signed but revenue i

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