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J P M O R G A N North America Credit Research 15 December 2025 Oracle If You Build It, Will They Pay? See page 6 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Neutral | ORCL | | | | ...