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Top stories today:
- Oracle Q2 FY26 revenue +14% YoY to $16.1B, misses $16.2B estimate
- Fed cuts rates for 3rd straight meeting, signals possible pause
- Novo Nordisk heads for worst-ever year after 50% stock plunge
- Adobe Q4 revenue +10% YoY to $6.2B, guides $25.9Bā$26.1B FY sales
- Nick Clegg joins Hiro Capital as GP, Yann LeCun named adviser
- ChatGPT tops 2025 U.S. iOS downloads, rising to #1 from #4 2024
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Oracle Q2 FY26 revenue +14% YoY to $16.1B, misses $16.2B estimate
+34% YoY in Q2 cloud revenue to $8B.
+68% in cloud infrastructure revenue to $4.1B.
-3% in software revenue to $5.9B.
$50B in fully-year capital expenditure projected, up from $35B as of Sep.
$21.2B was the sum for fiscal 2025.
Shares remain -32% the Sep. record, though still +34% YTD.
-23% in Nov. alone.
NVIDIA and AMD -1%, while CoreWeave -3% after Oracleās weaker-than-expected revenue despite booming AI demand.
2. Fed cuts rates for 3rd straight meeting, signals possible pause amid internal divisions
The FOMC voted 9-3 on Wed. to cut the federal funds rate by 25 bps to between 3.5%-3.75%:
āWe're well-positioned to wait and see how the economy evolves from here,ā Fed Chair Jerome Powell said after the FOMC meeting.
Still, Powell defended the decision to cut now rather than waiting until the Fedās next meeting in late Jan.
This marks the 1st time in 6 years that three officials dissented
2 officials argued the cut wasnāt warranted, and 1 favored a larger half-point move.
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