Goldman Sachs analyst Kash Rangan lowered its price target to $220 from $320, while maintaining a neutral rating. Rangan cited modest reported revenue growth and noted that higher capital expenditures and free cash flow burn increased concerns over Oracle’s growing financial needs.

Broadcom shares fell more than 11% on Friday after the chipmaker warned growing sales of lower-margin custom AI processors were squeezing profitability, sparking worries that the business may be less lucrative.

Oracle's capital expenditures (capex) clocked in at $12 billion for the quarter, up from just $4 billion in the same period last year. It was also 50% more than the Street was expecting. Investors are wondering just how sustainable the capex spend is for the company, given how much it is relying on expensive financing.

Investors are eyeing the following quarterly results for insight into the artificial-intelligence boom: ↘️ Oracle (ORCL): The software maker's [capital spending soared past expectations](

The hit to Oracle and Broadcom weighed on other tech shares during the day, as investors worried about AI spending and the lack of a clear timeline on returns from the investments. The tech-heavy Nasdaq sank 1.4%, while the S&P 500 Index fell 0.9% on Friday afternoon, a day after finishing at a record high.

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Oracle’s stock fell more than 12% on Thursday on growing fears about the software giant’s massive AI spending — shaving more than $30 billion off co-founder Larry Ellison’s fortune. The Texas-based tech company’s stock tumbled to $194 a share from around $223 a share at the start of trading — wiping out $90 billion in market capitalization.

The red-hot trade backing artificial intelligence-related stocks has taken a bruising from back-to-back troubling updates from Oracle and Broadcom, reigniting concerns about frothy valuations and an AI bubble.

Broadcom shares tumbled on Friday as investors balked at some disappointing aspects of the company's outlook heading into 2026.