Post

Oracle's corporate bond rating has been downgraded by S&P to BBB-, the lowest tier of investment grade, just one notch above "junk" status. Oracle has taken on nearly $130 billion in debt to expand its AI data centers. The $300 billion order promised by OpenAI once propelled Oracle's CEO to the top of the world's richest list, but the profits on the books do not reflect the actual order amounts received. Moreover, to support this paper order, Oracle has forcibly transformed itself from a light-asset, low-operating-cost company into a high-debt, heavy-asset company. However, it remains uncertain whether OpenAI's orders will truly materialize. Oracle is likely the first hyperscale cloud service provider to begin weakening. Now that bond market interest rates are rising overall, investors do not approve of the company's massive data center expenditures. The bond market is sensitive and often contains important information, signaling potential market downside risks. Additionally, the Ellison family's descendants are all involved with Paramount, so the Ellison family itself is increasing investment in entertainment consumption rather than big tech. As the saying goes, "The ducks know first when the spring river warms"—which normal senior executive would leave a company preparing for an IPO? $ORCL #海力士40万亿回购，扩产与回报如何平衡 #30年期美债收益率创2007年以来新高