As the closing bell rang on Wall Street this Thursday, December 11, 2025 (around 4 p.m. ET), investors were left staring at one of the most dramatic “rotation” days of the year.
- The Dow Jones Industrial Average climbed to a fresh record above 48,500, adding roughly 0.6%.
- The S&P 500 slipped about 0.45%, while the Nasdaq Composite fell nearly 1%, dropping to a one‑week low as AI‑linked tech stocks sold off. [1]
The big story: Oracle’s shock AI spending plans blew a hole in the AI trade, even as Disney’s $1 billion investment in OpenAI stole the headlines on the upside. In the “most active” column, traders piled into names like Oracle (ORCL), Nvidia (NVDA), PetMed Express (PETS), HeartBeam (BEAT) and Plug Power (PLUG), alongside a pack of ultra‑volatile microcaps. [2]
Below is a stock‑by‑stock breakdown of the most popular U.S. stocks today, what moved them, and what traders are watching next.
Market recap: AI fears hit Nasdaq while the Dow makes history
Today’s tape was all about divergence:
- Dow Jones: powered to a new all‑time high around 48,560, benefiting from money flowing into value, financials, industrials and materials. [3]
- S&P 500: slipped as tech and communication services dragged the index lower. [4]
- Nasdaq Composite: nearly 1% lower, hit by an AI‑driven sell‑off centered on Oracle, Nvidia and other AI infrastructure names. [5]
The macro backdrop:
- Yesterday the Federal Reserve cut rates by 25 bps, while signaling it will now pause and “wait for more data” on inflation and a weakening labor market. [6]
- Jobless claims this morning came in higher than expected, reinforcing the idea that the Fed may have room to keep easing if growth slows. [7]
So while macro conditions remain supportive for equities, today the market voted clearly: rotate out of expensive AI and into cheaper “real economy” stocks.
Oracle (ORCL): AI spending shock wipes out tens of billions in value
Status today:
- Among the most active U.S. stocks by volume. [8]
- Down around 11–14% on the day – its steepest one‑day drop in over two decades and the biggest loser in the S&P 500. [9]
What happened
Oracle’s earnings and guidance, released yesterday evening, looked fine on the surface:
- Fiscal Q2 revenue: $16.06 billion, up 13% YoY but slightly below analyst expectations.
- Remaining performance obligations (its future cloud contract backlog): $523 billion, up nearly 15% YoY – strong, but still under Wall Street estimates. [10]
The real shock came from guidance and capex:
- Oracle forecast Q3 revenue growth and EPS below consensus, signaling that AI‑driven cloud growth may be cooling versus sky‑high expectations. [11]
- Management said capital expenditures for fiscal 2026 will be about $50 billion, a huge jump from the $35 billionfigure it gave just three months ago – a $15 billion increase largely tied to AI data‑center build‑out. [12]
That combination – weaker‑than‑hoped growth + much higher spending – spooked investors who were treating Oracle as a relatively safe AI infrastructure play.
Why it matters for the AI trade
- Oracle has become a central pillar of the AI investment story through massive cloud deals with OpenAI and the broader Stargate LLC megaproject that aims to spend up to $500 billion on AI infrastructure by 2029. [13]
- But a $10 billion cash burn in a single quarter and rapidly rising capex have sparked fears that AI infrastructure spending could be overheating, with returns slower to materialize than hoped. [14]
Reuters’ Breakingviews column framed it as a “small AI deflation”: enthusiasm is fading at the margin, and Oracle’s stock drop erased over $90 billion in market value in a single session, even though the shares are still up ~16% year‑to‑date. [15]
What to watch
- Can Oracle translate its huge backlog into free‑cash‑flow growth fast enough to justify a $50B+ annual capex run‑rate?
- How much of that capex is shared or de‑risked via partnerships (for example, customers “bringing their own chips” or vendors renting capacity rather than selling it outright)? [16]
- Whether today’s sell‑off attracts dip‑buyers who still see Oracle as a core AI infrastructure winner.
Nvidia (NVDA), Broadcom (AVGO) & AI infrastructure: Nvidia slides as Oracle’s pain spreads
Status today:
- Nvidia: one of the highest-volume stocks in the U.S. market, trading over 115 million shares, and closing lower by roughly 3%. [17]
- Broadcom: down about 2% ahead of its closely watched earnings report after the bell. [18]
Key drivers
- Oracle read‑through
- Nvidia is a key supplier of AI GPUs to Oracle’s cloud and to other hyperscalers. When Oracle said its AI spending would soar while short‑term profits lag, investors immediately questioned whether AI infrastructure spending is peaking.
- A note from Investing.com highlighted Nvidia and other AI‑related names falling as Oracle’s earnings “underwhelmed,” with NVDA off around 1.5–1.6% in early trade before extending losses. [19]
- Macro & regulation overhang
- Earlier this week, President Trump approved exports of Nvidia’s H200 AI chips to China – but with a 25% tariff and strict oversight, while still blocking the most advanced Blackwell chips. [20]
- Policy uncertainty on AI chip exports, plus competition from in‑house silicon (Google, Meta, OpenAI working with Broadcom), has fueled worries that Nvidia’s extraordinary margins may be peaking. [21]
- Valuation fatigue
- Nvidia’s stock already fell about 12–13% in November, as investors fretted about an AI bubble even after blockbuster earnings. [22]
Broadcom (AVGO)
- Broadcom, another key AI infrastructure supplier and an OpenAI chip partner, slid ahead of earnings that are seen as a crucial test of whether AI data‑center orders are slowing after an exuberant 2025. [23]
Takeaway
Today’s action shows that AI hardware is no longer a one‑way trade. Strong fundamentals remain, but markets are starting to price in:
- Policy risk (export controls, tariffs),
- Customer pushback on sky‑high AI cloud bills, and
- The reality that capex cycles are cyclical, even in AI.
Disney (DIS): $1 billion OpenAI bet gives the Mouse House “a way in” to AI
Status today:
- Among the most talked‑about large‑cap stocks.
- Shares rose roughly 1–2% as investors weighed a high‑profile AI partnership against traditional media headwinds. [24]
The deal
Today, Disney announced a three‑year licensing and technology agreement with OpenAI that includes: [25]
- A $1 billion equity investment in OpenAI, plus warrants for additional equity.
- Licensing of over 200 characters and IP assets from Disney, Pixar, Marvel and Star Wars for use in OpenAI’s Sora video generator and ChatGPT image tools.
- Plans to allow Disney+ users to watch curated Sora‑generated fan content built on Disney IP.
- Disney’s commitment to use OpenAI’s APIs and ChatGPT internally for productivity and new experiences.
Disney and OpenAI emphasize “responsible AI,” with safeguards to prevent abusive use of characters and explicit exclusions around actor likenesses and voices – a key concern for Hollywood unions. [26]
How Wall Street sees it
- CEO Bob Iger described the deal as giving Disney “a way in” to AI – an opportunity rather than a threat, saying he’d rather Disney “participate than be disrupted by it.” [27]
- Analysts note that Disney’s forward P/E near 16x and consensus “Buy” ratings suggest the market is cautiously optimistic that AI‑enhanced content and personalization can support long‑term growth. [28]
However, Reuters’ Breakingviews column pointed out that even a headline‑grabbing $1B AI deal only produced a modest 1% stock pop, hinting that AI news alone is no longer enough to turbocharge valuations. [29]
Key questions for investors
- Will AI‑generated clips and personalization actually move the needle on Disney+ churn and engagement?
- How will regulators and courts ultimately treat AI‑generated works for copyright and residuals – and what cut will creators expect? [30]
Tesla (TSLA): US sales slump raises demand and brand questions
Tesla wasn’t the biggest mover on the tape, but it was one of the most‑discussed stocks after a Reuters exclusive revealed a sharp drop in U.S. sales: [31]
- US sales in November fell nearly 23% YoY to around 39,800 vehicles, the lowest since January 2022, despite Tesla launching cheaper “Standard” versions of the Model 3 and Model Y in October.
- The price cuts and new trims cannibalized higher‑margin “Premium” models without driving enough incremental volume.
- EV demand across the industry has been hit hard since the Trump administration ended the $7,500 federal tax credit in late September, but Tesla’s market share actually rose to 56.7% as rivals suffered even more.
The article highlights deeper worries:
- Tesla hasn’t launched a truly new, high‑volume vehicle since Cybertruck, which itself has struggled to gain traction.
- Analysts argue the company “needs a completely new vehicle in its fleet. Period.”
- CEO Elon Musk’s polarizing political activity and close alignment with the Trump administration have hurt the brand with some consumers, forcing Tesla to offer 0% financing on fresh Standard trims – a rare move this early in a product’s life cycle. [32]
For investors, Tesla is becoming less of a pure hyper‑growth story and more of a turnaround + optionality play (robotaxis, humanoid robots), with 2025 deliveries expected to decline for a second straight year. [33]
PetMed Express (PETS): Small‑cap takeover drama ignites a 60–90% surge
Status today:
- One of the hottest small‑cap names on the market, with massive volume and outsized moves. [34]
The catalyst
PetMed Express, the online pet pharmacy, disclosed that it received an unsolicited, non‑binding acquisition proposalfrom SilverCape Investments to buy all outstanding shares for $4 in cash. [35]
Key details:
- The $4 price represents roughly a 125% premium to Wednesday’s $1.77 close, and the stock at one point traded 50–70% higher intraday, in the $2.60–3.40 range, still below the offer price. [36]
- PetMed’s board said it will “carefully review” the proposal with advisers but stressed it is not a formal offer and shareholders don’t need to act yet. [37]
- Options traders piled in: call option volume spiked to 2,357 contracts, up over 850% vs. typical levels. [38]
Context & risks
PetMed has struggled for years with declining sales and late SEC filings, recently receiving a Nasdaq non‑compliance notice over delayed reports. [39]
That history explains why:
- The stock had collapsed to near “option value”” levels before the offer.
- Markets are discounting the probability that this deal actually closes at $4 – hence today’s trading well below the proposed price.
For traders, PETS is now a pure M&A arbitrage + speculation story. For longer‑term investors, the key questions are:
- Does SilverCape complete due diligence and secure a definitive agreement?
- Does another bidder emerge?
- Or does the board reject the offer, sending shares back toward pre‑deal levels?
HeartBeam (BEAT): FDA clearance sparks a med‑tech rocket
Status today:
- Featured among today’s most active stocks, up around 60–90% intraday on heavy volume. [40]
The news
HeartBeam announced the U.S. FDA granted 510(k) clearance for its cable‑free synthesized 12‑lead ECG software, designed for at‑home arrhythmia assessment: [41]
- The system uses a 3‑lead, 3D recording device and software that reconstructs a full 12‑lead ECG, reviewed on‑demand by cardiologists.
- HeartBeam plans a limited U.S. launch in early 2026, focusing on concierge and preventive cardiology practices.
- The company is also pursuing heart‑attack detection indications, an extended‑wear 12‑lead ECG patch, and AI‑driven screening and prediction algorithms built on longitudinal data.
Investors love the platform story: remote monitoring + AI + regulatory clearance. But the stock is still a microcap med‑tech name; commercialization risk, reimbursement, and competition from large device makers remain substantial.
Plug Power (PLUG): High‑volume hydrogen trade rides CCUS and geologic hydrogen hype
Status today:
- On the most‑active list with nearly 62 million shares traded and a modest gain of around 1%, after a brutal multi‑year downtrend. [42]
What moved it
A widely syndicated industry piece on geologic hydrogen and carbon capture (CCS) painted a bullish long‑term picture:
- CCS revenues projected to grow from about $5.8 billion in 2025 to $17.8 billion by 2030 (25% annual growth).
- Geologic hydrogen (naturally occurring hydrogen in subsurface rocks) is described as a potential ultra‑low‑cost, low‑carbon source, with production costs possibly near $0.50–$1 per kg in some scenarios. [43]
Within that context, Plug Power was highlighted for:
- Signing a letter of intent with Hy2gen for a 5 MW PEM electrolyzer at the Sunrhyse project in southern France, enabling local green hydrogen production to supply logistics hubs and forklifts. [44]
The news bolsters the narrative that Plug remains a key player in global hydrogen infrastructure, even as investors worry about ongoing cash burn and the need for fresh capital.
Microcap mania: ATPC, WOK, YGMZ, VIVK, PAVS and other extreme movers
Away from the megacaps, the most‑active list was dominated by ultra‑low‑priced microcaps, many trading below 20 cents:
From ChartMill’s “most active stocks” for today: [45]
- AGAPE ATP (ATPC):
- Volume: ~613 million shares
- Move: +100%, making it the single most active stock on U.S. exchanges.
- Work Medical Technology (WOK):
- Volume: ~163 million, down about 13%.
- HeartBeam (BEAT) and PetMed Express (PETS):
- Already covered above, but both printed huge percentage gains with volumes well above their norms.
- Mingzhu Logistics (YGMZ):
- Volume: ~85 million, collapsing over 60% after a press release revealed a Nasdaq delisting notice and the company’s plan to appeal.
- Paranovus Entertainment (PAVS) and Vivakor (VIVK):
- Heavy volume and double‑digit percentage swings, but driven mainly by trader momentum, not fundamental news.
These names are pure trading vehicles – often moved by social‑media chatter, algorithmic flows, and short‑term speculation. Liquidity and volatility cut both ways: today’s winners can easily become tomorrow’s 60% losers.
How to read today’s moves: 5 key takeaways for investors
- AI is maturing from hype to “show me” mode
- Oracle’s miss and massive capex hike show that AI infrastructure spending is real but expensive, and investors now demand a clearer path from capex to cash flow. [46]
- Rotation into value and cyclicals is gathering steam
- A record‑high Dow alongside a falling Nasdaq highlights that investors are rebalancing away from crowded AI trades into financials, industrials, and materials that benefit from lower rates and solid nominal growth. [47]
- Media and entertainment are leaning into AI – carefully
- Disney’s OpenAI deal could become a template for Hollywood, blending IP licensing, creator protections, and generative tools. But today’s modest stock reaction suggests that execution, not announcements, will drive returns. [48]
- Select small‑cap names offer big upside – with big risk
- HeartBeam (BEAT) and PetMed (PETS) show how regulatory milestones and M&A headlines can ignite explosive rallies – but each is still saddled with commercial, regulatory, or execution risk. [49]
- Macro remains supportive but not bulletproof
- The Fed’s rate cut and softer job data keep the “risk‑on” narrative alive, yet today’s action is a reminder that stock‑specific fundamentals still matter, especially in richly valued sectors like AI. [50]
Final note
Nothing here is investment advice. All of these “most popular” stocks – from mega‑caps like Oracle, Nvidia and Disney to speculative rockets like BEAT, PETS and ATPC – carry their own risks, time horizons and volatility profiles. If you’re trading around today’s headlines, it’s worth:
- Understanding why a stock moved,
- Checking whether the story is sustainable, and
- Matching your position size and time frame to the risk you’re actually taking.
References
1. www.reuters.com, 2. www.chartmill.com, 3. markets.chroniclejournal.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.chartmill.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.chartmill.com, 18. www.reuters.com, 19. www.investing.com, 20. www.reuters.com, 21. www.investopedia.com, 22. www.fool.com.au, 23. www.reuters.com, 24. www.reuters.com, 25. www.reuters.com, 26. openai.com, 27. www.investopedia.com, 28. www.investing.com, 29. www.reuters.com, 30. www.ainvest.com, 31. www.reuters.com, 32. www.reuters.com, 33. www.reuters.com, 34. www.chartmill.com, 35. www.stocktitan.net, 36. sherwood.news, 37. www.tipranks.com, 38. www.marketbeat.com, 39. www.investing.com, 40. www.chartmill.com, 41. www.chartmill.com, 42. www.chartmill.com, 43. www.chartmill.com, 44. www.chartmill.com, 45. www.chartmill.com, 46. www.reuters.com, 47. www.reuters.com, 48. www.reuters.com, 49. www.chartmill.com, 50. www.reuters.com
