U.S. stock market today (December 12, 2025): premarket trading is seeing sharp declines in select tech and biotech names, with Broadcom and Oracle keeping “AI bubble” worries in focus while a handful of small caps gap down double-digits.
NEW YORK — December 12, 2025 — U.S. stock index futures were mixed early Friday, but the Nasdaq-linked contracts lagged as investors reassessed whether the next phase of the AI boom will be as profitable as the last one was popular. Broadcom’s margin warning and Oracle’s outsized spending plans have become the week’s defining overhang for AI-linked stocks, even as the broader market remains near record territory following the Federal Reserve’s latest rate cut. [1]
Below is a detailed look at the biggest stock losers today in the U.S. market (based on pre-market moves on Dec. 12, 2025), what’s driving the declines, and the key forecasts and analyst themes traders are watching into the open.
Market backdrop: why the biggest losers are clustering in “AI infrastructure” today
By early Friday morning, futures tied to the S&P 500 and Nasdaq were under pressure, with commentary centered on whether heavy AI investment is diluting margins and stretching balance sheets. In Reuters’ early premarket coverage, Broadcom was down about 5% in premarket trading after results reignited profitability concerns, while other chip names also slipped and Oracle remained under pressure after its outlook and spending update. [2]
That “profitability vs. growth” debate matters for today’s losers list because many of the biggest premarket decliners fall into one of two buckets:
- AI supply-chain bellwethers (chips, storage, servers, cloud infrastructure) reacting to margin guidance and capex scrutiny. [3]
- High-volatility small caps moving on deal headlines or thin liquidity, where double-digit percentage swings can happen quickly. [4]
Biggest stock losers today in premarket trading (Dec. 12, 2025)
A) Biggest percentage losers (premarket) — sharp gap-downs before the open
These names were among the steepest pre-market losers in early U.S. trading on December 12 (percent change and premarket price shown). [5]
- Applied Therapeutics (APLT): -33.15% (about $0.15)
- ProPhase Labs (PRPH): -27.33% (about $0.10)
- Fermi (FRMI): -22.62% (about $11.80)
- ClearOne (CLRO): -18.58% (about $5.12)
- Grande Group (GRAN): -15.10% (about $3.26)
- Black Titan (BTTC): -14.32% (about $3.53)
- Oriental Culture (OCG): -13.29% (about $0.79)
- Destination XL (DXLG): -12.82% (about $1.36)
- NetClass Technology (NTCL): -12.44% (about $0.71)
- Brenmiller Energy (BNRG): -10.53% (about $0.85) [6]
Important context for readers: premarket “biggest losers” lists often skew toward smaller names because a modest dollar move can translate into a very large percentage swing—especially in low-float stocks. That’s why it’s also useful to track large-cap decliners separately (next section).
B) Notable large-cap / widely watched losers (premarket) — the “AI trade” pressure points
Among the most-followed U.S. stocks, these were some of the largest premarket decliners around the 6:30 a.m. ET window (prices and percent changes shown): [7]
- Broadcom (AVGO): -6.74% (about $379)
- Seagate (STX): -2.33% (about $300.67)
- Monolithic Power (MPWR): -2.19% (about $960.01)
- Micron (MU): -1.53% (about $254.50)
- Western Digital (WDC): -1.26% (about $184.85)
- AMD (AMD): -1.15% (about $218.89)
- Oracle (ORCL): -1.11% (about $196.65)
- Super Micro Computer (SMCI): -1.06% (about $33.66)
- Applied Materials (AMAT): -0.94% (about $267.56)
- Elevance Health (ELV): -0.86% (about $357.11) [8]
Barron’s separately flagged Broadcom, Oracle and Netskope as key movers into Friday’s open, underscoring how earnings and guidance reactions are still driving the tape. [9]
Why these stocks are down today: the headlines and the deeper narrative
1) Broadcom’s drop: strong revenue, but margin pressure shakes confidence
Broadcom’s decline is the cleanest example of why “AI growth” isn’t automatically translating into “AI comfort” for investors right now.
- Reuters reported Broadcom projected better-than-expected quarterly revenue (about $19.1B vs. estimates around $18.27B), but warned that gross margins may dip as a larger share of revenue comes from AI-related products and systems. CFO Kirsten Spears said margins are expected to fall by about 100 basis points sequentially. [10]
- Reuters also highlighted Broadcom’s disclosed $73B AI order backlog over the next 18 months (concentrated among a small number of customers), a figure that simultaneously signals demand strength and customer concentration risk. [11]
- A parallel Reuters item framed Broadcom as an “AI bellwether,” reinforcing that the selloff is less about one quarter’s revenue and more about how quickly profits can scale in the AI buildout. [12]
In plain English: traders are asking whether AI infrastructure is becoming a lower-margin, higher-capex arms race—and Broadcom’s own guidance put that question back on the front page. [13]
2) Oracle’s spillover: capex shock keeps “AI spending discipline” in the spotlight
Oracle’s stock action has been the spark for the week’s broader reassessment of AI infrastructure spending.
Reuters reported Oracle warned of a $15 billion increase in fiscal 2026 capital expenditures—lifting the company’s spending outlook to $50 billion—a move that helped drive a sharp selloff and reignited talk of “AI bubble” dynamics. [14]
Even after Thursday’s plunge, Oracle remained a focus into Friday’s session, with Barron’s noting it was still slipping premarket as the market digested the raised spending plans and guidance disappointment. [15]
Why Oracle’s balance sheet is suddenly part of the conversation
One of the most eye-catching “analysis” threads on December 12 wasn’t about Oracle’s income statement—it was about credit risk pricing.
A Reuters explainer noted that Oracle has become a bellwether for sentiment around AI-funded borrowing, citing a debt pile “just over $100 billion” and a sharp move in the cost of insuring Oracle’s debt via credit default swaps (CDS). Reuters reported Oracle CDS were trading around 126 basis points, versus roughly 37 bps for Nvidia and about 50 bps for Meta (as cited by Reuters from market data sources). [16]
That doesn’t mean the market is predicting default—CDS can move for many reasons—but it does show that some investors are demanding more compensation to bear Oracle credit exposure at a time when AI capex plans are expanding. [17]
3) Semi and hardware names slide together: “AI trade” sympathy moves
Once Broadcom and Oracle are in motion, the rest of the AI supply chain often follows—especially in premarket liquidity, where index and ETF positioning can amplify “basket trades.”
In early premarket quotes, multiple chip and hardware names were down alongside Broadcom and Oracle, including AMD, Micron, storage makers, and semiconductor equipment suppliers. [18]
The macro overlay matters too: Reuters said investors had been buoyed by the Fed’s less-hawkish message and the week’s rate cut, but were now balancing that support against renewed skepticism around AI profitability. [19]
Company-specific drivers for the most dramatic premarket decliners
Applied Therapeutics (APLT): down sharply after an M&A headline
Applied Therapeutics’ premarket plunge stands out even among small-cap volatility.
TipRanks reported that Applied Therapeutics announced a merger agreement with Cycle Group Holdings, involving a tender offer of $0.088 per share in cash plus a contingent value right (CVR) tied to milestones, with an expected close in Q1 2026 (subject to conditions). [20]
In deals like this, it’s common for the stock to trade down toward the offered value (and adjust for perceived deal risk and CVR uncertainty), which helps explain why APLT is showing up among today’s largest percentage losers. [21]
Other micro- and small-cap gap-downs: why “no headline” can still mean “big move”
Several other names on the biggest-losers list are microcaps where premarket pricing can be heavily affected by:
- very low share volume before the opening bell,
- prior-day extreme moves (which can trigger additional forced selling, volatility halts, or opportunistic trading), and
- corporate actions, financing dynamics, or single headlines spreading quickly in niche trading communities. [22]
For readers, the key is not to assume that every double-digit premarket drop reflects a fresh fundamental development; sometimes it reflects market structure + liquidity.
Forecasts and analyst takes shaping today’s “losers” narrative
The market forecast: watch Fed speakers and next week’s inflation/jobs data
Reuters noted traders were looking ahead to comments from Federal Reserve officials and next week’s key U.S. data (including payrolls and CPI), which could influence the pace and depth of rate cuts into 2026. [23]
That macro path matters disproportionately for “long-duration” growth stocks—one reason tech can wobble even when the Dow and broader indices have been resilient.
The AI forecast: “bubble” vs. “buildout”
Reuters’ December 12 analysis captured the split view: Oracle’s stumble and Broadcom’s margin commentary shook confidence in the AI trade in the short term, but many investors and analysts still frame AI spending as a longer-cycle buildout, arguing that Oracle’s issues may be company-specific rather than proof that the entire theme is breaking. [24]
This is the tension behind today’s biggest-losers list: the market is increasingly demanding evidence of profitable execution, not just evidence of demand.
An index-driven wildcard after today’s close: Nasdaq 100 reshuffle risk
Another December 12 catalyst investors were watching is the Nasdaq 100’s annual reshuffle. Reuters reported analysts flagging risks that Strategy (formerly MicroStrategy) could be removed, with potential passive outflows estimated around $1.6 billion, and that Nasdaq was expected to announce changes after the market close on Friday, Dec. 12, effective Dec. 22. [25]
Index mechanics don’t always dominate headlines, but they can produce abrupt, non-fundamental price pressure—exactly the kind of dynamic that often shows up in “biggest losers” screens.
What to watch next (practical checklist for today’s session)
- Broadcom (AVGO): Can the stock stabilize after the margin discussion, or does the market keep discounting AI system profitability? [26]
- Oracle (ORCL): Will investors treat the capex step-up as a company-specific stumble—or as a warning signal for the entire AI infrastructure spending cycle? [27]
- Semis and AI infrastructure basket: Watch whether early weakness spreads into broader tech, or stays isolated to specific earnings/guidance stories. [28]
- Small-cap volatility: Big percentage premarket losers can reverse quickly after the open; liquidity and halts can matter as much as fundamentals. [29]
Bottom line
The biggest stock losers today (Dec. 12, 2025) reflect a market that’s still bullish on the broad economy and rate relief, but increasingly skeptical about how—and when—AI investment turns into durable margins. Broadcom’s pullback on margin concerns and Oracle’s capex shock are the clearest drivers, while deal news (like Applied Therapeutics) and microcap liquidity dynamics fill out the most extreme percentage decliners. [30]
References
1. www.reuters.com, 2. www.reuters.com, 3. www.reuters.com, 4. stockanalysis.com, 5. stockanalysis.com, 6. stockanalysis.com, 7. www.investing.com, 8. www.investing.com, 9. www.barrons.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.barrons.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.investing.com, 19. www.reuters.com, 20. www.tipranks.com, 21. www.tipranks.com, 22. stockanalysis.com, 23. www.reuters.com, 24. www.reuters.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.reuters.com, 28. www.investing.com, 29. stockanalysis.com, 30. www.reuters.com
