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Core Viewpoint - Barclays Bank has downgraded Oracle's debt rating to "underweight," warning that its credit rating could potentially fall to BBB-, which is close to junk bond territory [2][4]. Financial Performance - 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]. - The company has over $100 billion in unrecognized lease commitments off its balance sheet, raising concerns about its leverage levels [4]. - Oracle's cash reserves, currently around $11 billion, may be exhausted by November 2026, leading to refinancing needs [3][4]. Market Reaction - Following the downgrade, Oracle's stock opened down over 2%, reflecting immediate market concerns [1][2]. - The anxiety surrounding AI investments has also affected other tech giants like Google and Meta, which saw their stock prices decline sharply [6][9]. Industry Context - The bond spreads for hyperscale cloud service providers, including Oracle, Google, and Meta, have widened to 78 basis points, the highest level since market turmoil in April [9]. - Investors are increasingly worried about the rising leverage levels and potential overcapacity in the AI infrastructure market, despite these companies having substantial cash reserves [9].