Weaker-than-forecast quarterly data for Larry Ellison’s tech company shows slowdown in revenue growth and big rise in spending

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Oracle ’s shares tumbled 15% on Thursday in response to the company’s quarterly financial results, disclosed the day before.

The business software company, co-founded by Donald Trump ally Larry Ellison, saw roughly $80bn vanish from its value, falling from $630bn to $550bn in market capitalization and fuelling fears of a bubble in artificial intelligence-related stocks. Shares of chipmaker Nvidia, seen as a bellwether for the AI boom, fell after Oracle’s.