利空突袭，深夜暴跌！

Market Overview - The U.S. stock market experienced a divergence on December 11, with the Dow Jones Industrial Average rising by 1.34% to reach a new closing high, while the Nasdaq Composite fell by over 1% [1][2] - The S&P 500 index also reached a closing historical high, increasing by 0.21% [1] Oracle's Performance - Oracle's stock saw a significant decline, dropping over 16% at one point during trading, ultimately closing down 10.83% at $198.85 [2][3] - The company's Q2 FY2026 earnings report revealed adjusted revenue of $16.1 billion, slightly below market expectations of $16.21 billion [3] - Cloud business sales grew by 34% year-over-year to $7.98 billion, while cloud infrastructure revenue increased by 68% to $4.08 billion, both figures falling short of market forecasts [3] Impact on Technology Sector - Oracle's disappointing earnings report triggered a sell-off in technology stocks, particularly in the semiconductor sector, with companies like Arm, Marvell Technology, and Intel all experiencing declines of over 3% [3] - Other major tech stocks also faced losses, including Google (down 2.43%), Tesla (down over 1%), Amazon (down 0.65%), and Apple (down 0.27%) [3] - The overall trend indicated a shift of capital from technology stocks to cyclical and value sectors, contributing to the rise of the Dow and S&P 500 [2][3] Analyst Insights - Analysts noted that Oracle's impact on the market was significant, even overshadowing the Federal Reserve's decisions, highlighting the market's focus on AI-related themes [4] - There is a growing skepticism regarding the return on investment in AI, as the capital expenditures of tech giants do not align with their revenue generation paths [3][4]