New York, Feb 2, 2026, 10:29 (EST) — Regular session
- Nvidia drops 1.4% as investors adjust to news about its potential support for OpenAI
- Oracle jumps roughly 3% following announcement of a $45 billion–$50 billion fundraising strategy to expand its cloud infrastructure
- Traders are eyeing Palantir’s results after the close and AMD’s earnings on Tuesday for new signs of AI-driven demand
Nvidia shares dropped 1.4% to $188.47 in early trading, pulling down several AI-related stocks despite strength in the wider tech sector.
The focus isn’t just on a single deal but on what it represents. Massive figures tied to AI infrastructure now sum up the hefty costs of training and operating next-gen models — and raise questions over whether such spending can remain self-supported.
The question comes at a tricky time. Earnings season is shifting to chipmakers, cloud capacity, and software firms—key proxies for AI demand—and investors are on edge for signs of budget cuts.
In Taipei, Jensen Huang clarified the $100 billion number was “never a commitment,” describing Nvidia’s investment approach as “one step at a time.” The Wall Street Journal revealed on Friday that internal skepticism had put the brakes on the initial plan. Huang also highlighted stronger competition for OpenAI from Alphabet and Anthropic. Bloomberg
Shares tied to AI showed mixed moves. AMD jumped 4.9%, Palantir gained 2.4%, and Broadcom edged up 0.7%. The iShares Semiconductor ETF increased 2.2%, while the Invesco QQQ Trust rose roughly 0.8%.
Oracle shares climbed 3.0% to $169.47 following the company’s announcement of plans to raise between $45 billion and $50 billion in calendar 2026. The funds—coming through a combination of debt and equity—will support a data-center expansion linked to OpenAI. Up to $20 billion might be raised via an “at-the-market” program, allowing Oracle to sell stock gradually, alongside a filing for 100 million depositary shares. “Oracle’s fortunes are now heavily tied to OpenAI … nervousness about the situation looks unlikely to go away any time soon,” said Russ Mould of AJ Bell, as analysts pointed to near-term margin pressure. The move addresses investor concerns about financing growth for OpenAI and clients like xAI and Meta Platforms, while Jefferies cautioned that free cash flow recovery could take years. Reuters
The risk here is clear: the bill keeps growing while the payoff remains uncertain. If funding moves to more debt and equity issuance, shareholders risk dilution, and lenders may push for wider spreads. Any slip in demand could quickly pressure the most crowded names.
Earnings season heats up with Palantir set to report after Monday’s close, followed by AMD on Tuesday. Alphabet and Amazon are up later this week, while Nvidia’s numbers hit the tape on Feb. 25. The first major AI-related signal could come right after 4 p.m. ET Monday, when Palantir updates its guidance.
