Tonight’s Highlights | Oracle Stock Plunges 13% Pre-Market, Nasdaq Futures Slide Sharply
On Thursday, December 11, 2025, U.S. stock index futures showed mixed performance pre-market. As of press time, Dow Jones futures rose 0.03%, S&P 500 futures fell 0.31%, and Nasdaq 100 futures dropped 0.49%.
Among individual stocks, Oracle tumbled 13% pre-market after overnight quarterly revenue and cloud business figures missed market expectations, fueling doubts about AI investment returns. Some views suggest tech giants’ massive capital spending is mismatched with revenue paths.
The news weighed on other AI concept stocks pre-market. Chip stocks like Nvidia, Broadcom, AMD, Micron, and TSMC fell over 1%, while CoreWeave, closely tied to Nvidia as an “AI cloud giant,” dropped nearly 4.5%.
The day before (pre-Oracle earnings), the three major indices closed higher after the Fed cut rates 25 basis points as expected. The Fed also said it will buy short-term Treasuries as needed to ensure ample liquidity.
The Fed’s economic projections showed median federal funds rate forecasts of 3.4% for 2025 and 3.1% for 2026, implying one more 25 bps cut each in the next two years.
At Wednesday’s close, the small-cap Russell 2000 rose 1.32% to a record high. Smaller companies often benefit more from lower rates, as their borrowing costs are more tied to market rates.
Northlight Asset Management CIO Chris Zaccarelli said, “With the Fed cutting rates amid growth, we’re not surprised by short-term market optimism.”
But Zaccarelli added: “Once investors realize the path to lower rates may take longer—or not happen as expected—they’ll see it’s not all rosy.”
Shortly before press time, HSBC forecasted no Fed rate cuts in the next two years.
European markets trading now are mostly higher: Germany’s DAX up 0.36%, UK’s FTSE 100 up 0.01%, France’s CAC 40 up 0.57%.
Company News
Microsoft CEO: New agent AI model launching Friday
At an event in Bengaluru, India, CEO Satya Nadella said Microsoft will release a new AI model that “takes agents to a new level.”
Oracle CEO: Market overestimates project spending, actual may be far below $100 billion
On Wednesday’s post-market Q2 fiscal 2026 earnings call, Oracle CEO Clay McGork addressed spending concerns, saying many analyst reports peg AI project funding needs at up to $100 billion, “but based on our current situation, we expect to raise less (possibly far less) than that.”
Samsung reportedly hiring engineers to produce Tesla’s AI5 chip in U.S.
Samsung is accelerating U.S. production prep for Tesla’s AI5 chip, recently recruiting experienced engineers for the client team to tackle complex foundry challenges, stabilize yields, and smooth manufacturing. The large-scale hiring signals rapid progress on Tesla’s AI5 at Samsung.
Previously, Samsung and TSMC jointly won Tesla’s chip orders as dual suppliers for AI5.
EU Commission approves €623 million German aid for two chip factories
The EU executive said Thursday it approved €623 million in German state aid to GlobalFoundries and X-FAB for two new semiconductor plants in Germany.
The aid includes €495 million and €128 million grants. The larger goes to GlobalFoundries, a pure-play foundry; the smaller to X-FAB for an open foundry expansion in Erfurt. The Commission said these first-of-a-kind facilities will boost Europe’s economy and semiconductor ecosystem.
SK On and Ford to end U.S. joint venture, operate BlueOval SK facilities independently
SK Innovation announced its battery unit SK On and Ford agreed to dissolve their U.S. joint structure, with each independently owning and running BlueOval SK facilities. SK On will operate Tennessee plants, Ford its Kentucky ones via a subsidiary.
Even post-dissolution, SK On plans to maintain strategic ties with Ford centered on Tennessee.
Novo Nordisk stock back to 2021 levels, analysts cautiously optimistic on valuation recovery
The Danish pharma giant’s shares have plunged this year, returning to pre-weight-loss drug boom levels of 2021. Still, analysts are cautiously positive on a rebound. Novo Nordisk is down over 50% YTD, on track for its worst year ever.