Shares of Oracle, which reports earnings after the close, have plunged 33% since Sept. 10, when they hit an all-time high.

Oracle's fiscal second-quarter results will be a crucial test for the AI trade and whether demand justifies the company's buildout plans.

Shares of Oracle, which reports earnings after the close, have plunged 33% since Sept. 10, when they hit an all-time high.

The cloud computing giant's revenue miss renews questions about its financial health

Shares in Nvidia, Micron and Microsoft were also lower in premarket trade on Thursday.

Oracle reported lower-than-expected revenues in its quarterly earnings report released on Wednesday.

Investors want to see Oracle turn its higher spending on infrastructure into revenue as quickly as it has promised.

“The world of bits moves fast. The world of atoms doesn’t. And data centers are where those two worlds collide.”