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Oracle Debt and OpenAI Contracts: What Rising CDS Spreads Signal in 2026
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Oracle Borrowed Its Way Into the AI Trade. The Credit Market Is Now Pricing the Risk.

Introduction Oracle Corporation has spent the past year converting a database and enterprise software business into one of the largest debt-financed infrastructure builds in corporate history. The bet is anchored to a single customer: OpenAI. The equity market has already repriced that bet. Oracle shares peaked at $345.72 in the third quarter of 2025 and...