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Core Insights - Oracle's stock price experienced a significant drop of nearly 28% over the past month, with its market value falling below $600 billion, losing approximately $300 billion from its peak [3][4] - Concerns regarding Oracle's debt levels have intensified, with Morgan Stanley reporting that the company's debt risk indicators reached a three-year high in November [3][4] - The rising costs of credit default swaps (CDS) for Oracle indicate increasing market skepticism about the company's financial health and its aggressive AI investments [5][6] Debt and Financial Risks - Oracle's aggressive borrowing for AI projects has raised alarms among investors, leading to increased hedging activities in the market [4][5] - The cost of Oracle's five-year CDS has surged to 1.25 percentage points, more than tripling in recent months, with potential to reach 1.5 to 2 percentage points if communication regarding financing strategies remains limited [5][6] - The volume of Oracle's CDS trading has skyrocketed to approximately $5 billion over seven weeks, compared to just over $200 million in the same period last year [5][6] AI Investment and Market Position - Oracle is heavily involved in the AI investment race, having borrowed $18 billion in the high-grade bond market and secured another $18 billion in project financing for a data center in New Mexico [5][6] - The company aims to provide the lowest upfront costs and fastest profitability paths in the data center market, positioning itself as a tenant rather than an owner [6] - Oracle's CFO emphasized that the company is focused on opportunities with clear market profit returns, countering speculation about pursuing revenue for its own sake [6]