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Core Viewpoint - Oracle's stock price has dropped over 2% following a downgrade of its debt rating by Barclays, raising concerns about its financial stability and potential cash exhaustion by November 2026 [1][2][3]. Financial Performance - Oracle's current stock price is $231.32, with a market capitalization of approximately $659.4 billion and a price-to-earnings ratio of 53.0 [2]. - The company's total interest-bearing debt has doubled over the past decade to $111.6 billion, resulting in a debt-to-equity ratio of 500%, significantly higher than competitors like Amazon (50%) and Microsoft (30%) [3]. Debt and Credit Rating Concerns - Barclays has downgraded Oracle's debt rating to "underweight" and warned that its credit rating could fall to BBB-, just above junk status [2][3]. - The company has over $100 billion in off-balance-sheet lease commitments, which may exacerbate concerns regarding its leverage [3]. Cash Flow and Future Outlook - Barclays projects that Oracle's cash reserves, currently around $11 billion, could be depleted by November 2026, leading to refinancing needs [3]. - Moody's has indicated that Oracle's heavy reliance on large commitments from a few AI companies poses significant risks to its growth [4]. Market Reaction - The stock prices of other major tech companies, including Google and Meta, have also seen declines, reflecting broader market anxiety regarding the AI sector [4][5]. - The bond spreads for major cloud service providers have widened, indicating increased investor concern over their debt financing strategies for AI infrastructure [6][7]. Industry Context - The bond spreads for hyperscalers have reached 78 basis points, the highest level since market turmoil in April, highlighting growing apprehension about their debt levels [7]. - Major tech companies are expected to invest over $3.5 trillion in computing centers this year, with projections to exceed $4 trillion by 2026, despite their substantial cash reserves [7].