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Group 1 - Barclays Bank downgraded Oracle's debt rating to "underweight," warning that its credit rating could potentially fall to BBB-, which is close to junk bond territory [3][4] - Oracle's total interest-bearing debt has doubled over the past decade to $111.6 billion, with a debt-to-equity ratio of 500%, significantly higher than Amazon's 50% and Microsoft's 30% [4] - Oracle may exhaust its cash reserves, currently around $11 billion, by November 2026, leading to refinancing needs [4] Group 2 - Concerns about the AI bubble have spread to the bond market, causing investors to sell bonds issued by major cloud service providers like Google, Meta, Microsoft, and Oracle, resulting in a spike in bond spreads [5][8] - The bond spreads for hyperscalers have risen to 78 basis points, the highest level since market turmoil in April, indicating growing market concerns over the financing of AI infrastructure [8] - Major tech companies are expected to invest over $350 billion in computing centers this year, with projections to exceed $400 billion by 2026, despite their substantial cash reserves [8]