Trade Tracker: Malcolm Ethridge buys more Zscaler

Oracle Credit Risk & Debt Concerns - Morgan Stanley reiterates downside risks for Oracle credit and suggests maintaining a buy position on 5-year Credit Default Swaps (CDS) protection outright after basis compression [2][3] - Pressure on Oracle's credit due to new construction loans could drive more hedging by bondholders [4] - Bondholder sentiment has shifted due to hyperscale bond deals offering investment alternatives, raising concerns about Oracle stock [5] - Analysts question whether Oracle can reach its estimated $90 billion debt target over the next 3 years without Open AI providing reassurances around the $300 billion deal [6] Oracle's AI Investment & Financial Strategy - Concerns exist around Oracle's data center financing strategy, particularly compared to Meta's approach, as Oracle lacks a direct path to revenue generation from these investments [9] - The market desires more clarity regarding Oracle's future debt commitments and financing plans, especially in relation to its AI investments [3][5] Software Sector & Alternative Investments - The software ETF is experiencing its worst month since January 2022, although skewed by a few names [10] - Zscaler's stock traded down about 10% after earnings, despite reporting 26% year-over-year growth in annually recurring revenue and beating expectations across the board [12][13] - Zscaler, securing approximately 45% of the Fortune 500, presents a buying opportunity as it's been dragged down with the broader software sector despite strong performance [14]