If you're holding large-cap tech stocks, last week probably wasn't fun. A wave of selling hit the sector, dragging down some of the market's biggest names. The carnage was widespread, but a few stocks got hit particularly hard.
Bloom Energy Corporation (BE) led the losers, plunging 20.68% as electrical equipment companies caught a nasty case of market weakness. When the broader market decides it's time to reassess everything, companies making power infrastructure equipment tend to feel the pain.
Right behind it, Credo Technology Group Holding Ltd (CRDO) dropped 20.09%. The semiconductor and tech sectors broadly sold off after Broadcom Inc. (AVGO) issued a cautious outlook that spooked investors. Making matters worse, reports emerged that Oracle Corporation (ORCL) had delayed some data center projects tied to OpenAI. When the AI infrastructure story starts showing cracks, tech stocks that rode that wave higher suddenly look vulnerable.
Speaking of AI infrastructure anxiety, Oklo Inc. (OKLO) fell 16.73% last week. The nuclear energy stock got caught in the fallout from those Oracle data center delay reports. The logic goes something like this: if data centers are being pushed back, maybe the power demands won't materialize as quickly as everyone thought. Uranium and nuclear-linked stocks felt the chill.
Vertiv Holdings, LLC (VRT) declined 13.55% after Wolfe Research downgraded the stock from Outperform to Peer Perform. Data center infrastructure providers are discovering that analyst enthusiasm can evaporate quickly when growth questions emerge.
Marvell Technology, Inc. (MRVL) dropped 6.37% on a double dose of bad news. First came reports suggesting Microsoft might switch to Broadcom for custom AI chip designs, which would be a meaningful blow to Marvell. Then Benchmark downgraded the stock from Buy to Hold, essentially telling investors the easy money has been made.
AeroVironment, Inc. (AVAV) tumbled 15% after delivering mixed earnings and guidance that failed to impress. Goldman Sachs maintained its Buy rating but slashed its price target from $486 to $429, which is the analyst equivalent of saying "we still believe, but maybe not quite as much."
Alnylam Pharmaceuticals, Inc. (ALNY) fell 11.06% last week, proving the selloff wasn't entirely confined to tech and infrastructure plays.
The week's poster child for disappointment was Oracle Corporation (ORCL), down 14.31%. The database giant reported second-quarter sales that missed analyst estimates, prompting multiple firms to lower their price targets. Then Bloomberg reported that some Oracle data centers intended for OpenAI have been pushed back to 2028 from 2027. That's the kind of delay that makes investors wonder whether the massive AI infrastructure buildout everyone's been betting on might take longer than expected.
CoreWeave, Inc. (CRWV) dropped 5.52%, swept up in the broader tech rout following Oracle's disappointing results. Sometimes you don't need company-specific bad news when the entire sector is reassessing its optimism.
Finally, Nebius Group N.V. (NBIS) declined 9.61% last week, rounding out the top ten losers.
The common thread running through most of these declines? The market is starting to ask tougher questions about AI infrastructure spending timelines and which companies will actually benefit. After a long run higher, investors are demanding more proof and tolerating fewer disappointments. For anyone holding these names, last week served as a reminder that momentum works both ways.
