Oracle shares on pace for worst quarter since 2001 as new CEOs face concerns about AI build-out

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Three months ago Oracle

named Clay Magouyrk and Mike Sicilia as its new CEOs. They’re off to a rough start.

Oracle shares have plummeted 30% so far this quarter. With four trading days remaining in the period, the stock is on pace for its sharpest decline since 2001 and the dot-com bust.

Investors have grown skeptical about the database software vendor’s ability to open more server farms for ChatGPT operator OpenAI, which agreed in September to spend more than $300 billion with Oracle.