今夜，史诗级暴跌！

Core Viewpoint - The U.S. stock market showed mixed performance, with the Dow Jones reaching a historic high due to a 25 basis point rate cut by the Federal Reserve, while the Nasdaq fell over 1% primarily due to Oracle's disappointing earnings report, raising concerns about the AI bubble [1][2]. Company Summary - Oracle's stock price plummeted by 16%, resulting in a market capitalization loss of $102 billion, following underwhelming cloud business revenue and a significant increase in capital expenditure guidance from $350 billion to $500 billion for 2026 [2][5]. - The company's quarterly revenue was reported at $16.1 billion, a 14% year-over-year increase, with cloud revenue growing by 34%. However, the cloud infrastructure revenue related to AI was $4.1 billion, slightly below analyst expectations [4][5]. - Oracle's capital expenditures reached $12 billion for the quarter, exceeding market expectations by 44%, leading analysts to question the company's ability to meet its future commitments [5][7]. Industry Summary - The disappointing earnings from Oracle have reignited market concerns regarding the valuation of tech stocks, particularly regarding the substantial investments in AI infrastructure and their potential returns [5][7]. - Market sentiment towards AI-related spending has shifted, contrasting sharply with the previous excitement seen in mid-2025, as investors become more cautious [7]. - The broader market remains focused on AI, with Oracle's impact on market dynamics indicating a need for a broader perspective on the AI narrative, rather than signaling the end of the AI investment story [7].