一条消息引爆狂抛，甲骨文债券遭垃圾债待遇，CDS爆表至2009年来最高

Core Viewpoint - The report highlights significant market volatility triggered by Oracle's data center delay rumors, impacting AI infrastructure-related stocks and bonds, with the Philadelphia Semiconductor Index experiencing its largest drop in two months [1][5][11] Market Reaction - The Philadelphia Semiconductor Index saw a drop of up to 5%, marking its largest decline in two months, exacerbated by Broadcom's disappointing earnings report [1][6] - Oracle's stock fell over 6% intraday and closed down nearly 4.5%, accumulating a 14.8% drop over two trading days following the earnings report [1][11] - Major tech stocks, including Nvidia and CoreWeave, also experienced declines, with Nvidia down over 3% and CoreWeave down 11% [3][11] Bond Market Impact - Oracle's bonds faced severe sell-offs, with the yield on its 5.2% coupon bond maturing in 2035 rising to 5.9%, surpassing the average yield of the highest-rated junk bonds at 5.69% [3][7] - The spread on Oracle's bonds widened by 0.17 percentage points to 1.71 percentage points, indicating a shift in market perception towards a riskier profile [7][10] - Investors in Oracle's recently issued $18 billion investment-grade bonds faced paper losses totaling approximately $1.35 billion [8] Credit Market Sentiment - Oracle has become a key indicator for assessing AI-related credit risks, with its weaker credit rating and increasing debt levels making it particularly sensitive to market sentiment [4][10] - The rise in credit default swap (CDS) spreads, which increased by 14.4 basis points to 151.3 basis points, reflects heightened concerns over Oracle's potential debt defaults [8][10] Company Positioning - Oracle's management remains committed to maintaining its investment-grade debt rating, asserting confidence in fulfilling obligations and future expansion plans [6][11] - Despite recent declines, Oracle's stock has still shown over a 10% increase year-to-date, indicating some resilience in the broader market context [11]