New York (CNN) — Time has announced that the “architects of AI” are its Person of the Year. Certainly, AI is wrapping up an extraordinary year, and many AI business executives have become household names.

But Time’s big annual event came on a lousy day for the industry.

Oracle (ORCL) shares are plummeting more than 12% in premarket trading after the cloud computing giant reported massive AI-related expenses and a worse-than-expected outlook. That dragged the broader market lower, and just about every AI stock was set to sink Thursday.

Oracle’s stock has fallen by more than a third over the past several months after growing at a historic tear earlier in this year for its artificial intelligence prowess.

Worried investors fear that the AI spending boom may be due for a reality check.

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