Hong Kong Stocks Decline | Cloud Computing Stocks Plunge Collectively, BABA-W Falls Nearly 4% as Oracle's Cloud Margins Come Under Pressure
Stock News
Oct 08
Cloud computing concept stocks declined collectively. As of press time, FIT HON TENG (06088) fell 5.24% to HK$6.51; BABA-W (09988) dropped 3.27% to HK$174.6; KINGSOFT (03888) declined 3.25% to HK$32.78; SUNEVISION (01686) fell 1.45% to HK$6.8.
On the news front, media reports citing internal documents revealed that in Oracle's previous fiscal quarter ending in August, the company's server rental business recorded revenue of $900 million with gross profit of $125 million. The documents also showed that Oracle incurred losses of approximately $100 million on Nvidia Blackwell rentals. On Tuesday, Oracle's stock price fell as much as 7.1% during trading and ultimately closed down about 2.5%, dragging down the performance of US AI industry chain stocks.
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