科技巨头深夜暴跌，发生了什么？

Market Overview - US technology stocks experienced a broad decline, with the Dow Jones Industrial Average up by 0.38%, while the S&P 500 and Nasdaq Composite fell by 0.72% and 1.38% respectively [1][2]. Federal Reserve Actions - The Federal Reserve announced a 25 basis point cut in the benchmark interest rate, reducing it to a range of 3.5% to 3.75%. This marks the third consecutive rate cut, totaling a 75 basis point reduction [2][3]. - Market expectations indicate a 22.1% probability of a further 25 basis point cut by January 2026, with a 77.9% chance of maintaining the current rate [2]. Oracle Corporation Performance - Oracle's Q2 fiscal results showed adjusted revenue of $16.1 billion, slightly below the expected $16.21 billion, and an increase from $14.059 billion year-over-year. Cloud business revenue grew by 34% to $7.98 billion, while cloud infrastructure revenue rose by 68% to $4.08 billion, both slightly below analyst expectations [5]. - The company's free cash flow was reported at -$10 billion, raising concerns among analysts regarding cash flow management. Oracle anticipates capital expenditures to reach approximately $50 billion for the year, significantly up from the previous estimate of $35 billion [5]. Analyst Reactions to Oracle's Results - Following Oracle's disappointing earnings report, several financial institutions lowered their target prices for the stock. For instance, JPMorgan reduced its target from $270 to $230, while Baird cut its target from $315 to $300 [6]. Impact on Related Stocks - The decline in Oracle's stock price negatively affected related technology stocks, with Nvidia and Broadcom dropping over 3%, and Micron Technology and AMD falling nearly 4% [7]. - Chinese concept stocks also saw a downturn, with Alibaba, Pinduoduo, and Bilibili each declining over 3%, while other companies like XPeng and NIO fell over 2% [7].