Oracle shares plunge 13% to 4-week low as AI-driven spending plans spook investors

Shares of Oracle Corp crashed 13% on Thursday, 11 June, falling to a four-week low of $175.3 apiece on the New York Stock Exchange as investor sentiment turned cautious after the company provided an update on its capital expenditure plans, which came in higher than Wall Street’s estimates.

If the losses persist, the stock will register its biggest one-day drop since January last year, wiping out around $72 billion from the company’s market capitalisation of $578.83 billion.