We recently published 10 Big Names Investors Are Dumping. Fluence Energy Inc. is one of the worst performers on Wednesday.
Fluence extended its losing streak to a fourth consecutive day on Wednesday, dropping 12.86 percent to finish at $18.57 apiece as investors unloaded portfolios of AI-linked stocks amid increasing concerns about the industry’s heavy spending.
Fluence Energy Inc. dropped alongside its counterparts, triggered by Blue Owl Capital’s withdrawal of its $10 billion support to Oracle Corp.’s data center in Michigan, which sparked concerns that financial institutions are growing wary about the industry’s scale of borrowings.
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On Wednesday, Oracle confirmed that Blue Owl withdrew its funding support following concerns about its $108 billion debt, a significant jump from last year, as it aggressively expanded on AI.
However, Oracle said that construction of the data center remains on track.
Fluence Energy Inc. is an energy storage solutions provider, which has become a market darling earlier this month, having earned bullish coverage and higher price targets from seven investment companies, namely UBS, Citigroup, Jefferies, Goldman Sachs, Susquehanna, Morgan Stanley, and Canaccord.
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This article is originally published at Insider Monkey.
