US tech stocks fell on Wednesday, as news that Oracle has lost a key backer for a data centre project reignited investor concerns over soaring spending by artificial intelligence companies and the debt that is funding it.
The tech-heavy Nasdaq Composite dropped 1.8 per cent in New York to finish at its lowest level since late November. Oracle fell 5.4 per cent.
The declines for the software company came after the Financial Times reported that Blue Owl Capital, the primary backer for Oracle’s data centre projects in the US, will not fund a $10bn data centre in Michigan.
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