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Markets end the week in the red as Broadcom and Oracle concerns drag the entire AI trade down

The S&P 500, Nasdaq 100, and Russell 2000 were all negative on Friday.

12/12/25 4:02PM

The markets ended Friday down, as negative sentiment following Broadcom’s earnings combined with a Bloomberg report saying Oracle is delaying some data centers for OpenAI to 2028 from 2027 weighed on everything connected to the AI trade, from data center trades like Sandisk and Western Digital to AI REITs like Equinix and Digital Realty as well as other AI-geared stocks like Constellation Energy, Arista Networks, and Corning.

Oracle’s subsequent denial of the report pared some of its losses but did little to reverse the trend, and while Nvidia had gotten a boost premarket from a report it was considering boosting H200 production, it lost all those gains and finished lower. AMD also suffered from the AI worries, as it had previously signed a substantial deal with Oracle to supply 50,000 chips for its data centers.

All three major US stock indexes were negative on Friday. Tech was the worst-performing sector ETF by far and sank the Nasdaq 100 nearly 2%. The S&P 500, which just notched a closing all-time high, gave up all those gains and more to end down for the week.

Stocks that moved higher:

Cannabis stocks including Tilray, Canopy Growth, and SNDL Inc. soared on the reports that the Trump administration is close to reclassifying marijuana.
Planet Labs rose after aerospace and defense analysts at Citi initiated coverage with a “buy/high risk” rating and $19 price target.
Lululemon soared after posting better-than-expected Q3 results after the bell yesterday, with an upbeat full-year outlook and announcement that its CEO will depart in January.
After a good night’s rest, investors decided they liked Rivian’s AI Day event after all, sending the stock surging.

Stocks that moved lower:

Shares of kid-focused gaming platform Roblox fell after JPMorgan downgraded its rating to “neutral” from “overweight,” saying hits like “Steal a Brainrot” are past their peak.
Fermi dropped after it disclosed that the first tenant for its planned Project Matador power grid site has terminated its $150 million contract.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

Markets end the week in the red as Broadcom and Oracle concerns drag the entire AI trade down

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