Artificial intelligence has reshaped the stock market over the past two years, rewarding companies building the infrastructure behind the next generation of computing. Data centers, chips, power systems, and cloud platforms became the picks-and-shovels businesses of the AI boom. But history has shown that markets eventually separate real earnings power from expensive promises. Companies that spend aggressively during a technology transition can create enormous opportunities—but they can also leave investors questioning whether growth will justify the bill.
Few companies have experienced that shift more dramatically than Oracle (ORCL). After riding the AI wave to an all-time high of $345.72 in September 2025, the database and cloud giant has entered one of the steepest declines in its modern history.
