As tech companies push the stock market to record highs, fears of an AI bubble continue to simmer on Wall Street, where even a slight earnings miss threatens to upend high-flying stocks.

On Thursday, Oracle was the latest company to experience this first-hand.

Oracle shares closed down nearly 11% on Thursday after the company announced revenue that fell short of Wall Street estimates. That wiped nearly $70 billion off the company's market value in a matter of hours.

The tech-heavy Nasdaq was the only major index to close lower, due to tremors in the market made by Oracle. The S&P 500 ended the day at a record high, as did the 30-stock Dow Jones Industrial Average.

Oracle also announced Wednesday night that its spending for fiscal 2026 would be $15 billion more than its prior estimate

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