Nvidia was still the single heaviest weight for the S&P 500.

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.

Major U.S. indexes closed higher Wednesday after a divided Fed announced an interest rate cut for the third time this year and ruled out a rate hike.

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.

Nvidia was still the single heaviest weight for the S&P 500.

AI-related names have made losses since Oracle's mixed results on Wednesday.

"But as I said, this one has more legs in the sense that there are more things that are happening that throw doubt on how fast or how profitable all the AI buildout is going to…