Shares in the software company popped more than 30% in September when the company disclosed a $317 billion revenue backlog. The Wall Street Journal later reported that most of it came from a deal with OpenAI. Since then, Oracle has lost all of that ground and then some.

Nvidia reported quarterly results that handily topped Wall Street expectations, sending the stock sharply higher in after-hours trading.

In the deal announced Tuesday, Nvidia and Microsoft will invest up to $10 billion and as much as $5 billion, respectively, in AI developer Anthropic ( ANTH.PVT ). Anthropic will buy $30 billion of compute capacity from Microsoft Azure, and Anthropic and Nvidia will collaborate on design and engineering, the companies said.

That hints at substantial gains in 2026 and investors can lean into that possibility by buying shares of Meta Platforms ( META 0.07%) and Alphabet ( GOOGL 0.78%) ( GOOG 0.77%). Wall Street is generally bullish on both stocks:

The U.S. stock market is slumping as superstars swept up in the mania around artificial-intelligence technology keep weakening. The S&P 500 fell 1.5% Thursday.