{
  "generatedAt": "2026-10-22T01:47:05Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "company",
  "slug": "oracle",
  "name": "Oracle",
  "ticker": "ORCL",
  "url": "https://deepstack.ltd/companies/oracle/",
  "api": "https://deepstack.ltd/api/v1/entities/companies/oracle.json",
  "summary": "Oracle is named in 9 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date.",
  "parts": [
    {
      "part": 3,
      "headline": "The Machines Will Work. The Debt Might Not.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 4,
      "headline": "AI Spending Has Met Its First Real Bill",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 5,
      "headline": "OpenAI and Anthropic Are Not the Same Business",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 6,
      "headline": "Power Doesn’t Depreciate. Its Premium Moves.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 11,
      "headline": "The Backlog Is Not the Quarter",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 14,
      "headline": "The Cash Arrives Unevenly",
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "part": 16,
      "headline": "The Seller Holds the Paper",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    },
    {
      "part": 17,
      "headline": "The Guarantee Has No Date",
      "url": "https://deepstack.ltd/stories/the-guarantee-has-no-date/"
    }
  ],
  "numbers": [
    {
      "value": "227 bps",
      "label": "Oracle five-year CDS",
      "context": "Record that week, according to Seeking Alpha",
      "part": 8,
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "value": "$1.12 trillion",
      "label": "Leases signed but not yet begun at Microsoft, Oracle, Meta, Amazon and Alphabet, mid-2026",
      "context": "DeepStack's sum of the five filings at June 30, 2026 (Oracle at Aug 31, 2026), SEC EDGAR; Moody's counted $662 billion at the end of 2025",
      "part": 17,
      "url": "https://deepstack.ltd/stories/the-guarantee-has-no-date/"
    },
    {
      "value": "49.2%",
      "label": "Share of Oracle's operating cash from customer prepayments with a financing component, quarter to Aug 31, 2026",
      "context": "Oracle first-quarter fiscal 2027 release, Sep 10, 2026, SEC EDGAR: $11.36 billion of $23.10 billion",
      "part": 17,
      "url": "https://deepstack.ltd/stories/the-guarantee-has-no-date/"
    }
  ],
  "mentions": [
    {
      "part": 3,
      "section": "Demand has teeth",
      "excerpt": "Depressed valuations for Oracle and CoreWeave were already pricing that discomfort.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 4,
      "section": "Lede",
      "excerpt": "Meta was 22 percent below, Oracle 54 percent below.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 4,
      "section": "Defense has a case",
      "excerpt": "Quanta 72 compares Cisco, EMC, Oracle and Sun with Nvidia, Microsoft, Alphabet and Amazon and points to the difference: the dot-com suppliers depended on customers who could stop buying, while today’s spenders fund the buildout from advertising, cloud, software and e-commerce.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 4,
      "section": "Defense has a case",
      "excerpt": "That is the market’s split in one glance: Nvidia and Micron have been paid for scarcity; Alphabet, Meta and Oracle have been charged for financing.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 5,
      "section": "The pair breaks",
      "excerpt": "Oracle’s backlog is about half OpenAI.",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 6,
      "section": "Scarcity has three faces",
      "excerpt": "In Ren’s account, Bloom got Oracle running in 55 days.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "section": "Lede",
      "excerpt": "On September 24, Oracle sent a letter to a unit of Blue Owl Capital about Project Jupiter, a 2.45-gigawatt New Mexico campus being built for the Stargate venture with OpenAI.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "Lede",
      "excerpt": "The notice invokes force majeure and would let Oracle defer payments if the site misses its 2028 opening.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "Lede",
      "excerpt": "Oracle says the project is on schedule; Blue Owl says the notice changes none of the financial commitments.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 11,
      "section": "Lede",
      "excerpt": "Kakashii, on September 24, reads Oracle's first fiscal quarter the other way: most of the $26 billion rise in remaining performance obligations came prepaid or with the customer's own hardware, so the new contracts need no incremental capital from Oracle.",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 11,
      "section": "Funded, not forecast",
      "excerpt": "And Kakashii's September 24 point about Oracle is the strongest word on this side: most of the new obligations arrived prepaid or with the customer's own hardware, so they depend on no one raising capital.",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 11,
      "section": "Funded, not forecast",
      "excerpt": "Tower's $290 million is in hand and most of Oracle's $26 billion came prepaid, while Ciena's secured supply is a commitment to its suppliers that depends on its customers keeping theirs through fiscal 2029.",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    }
  ],
  "sides": [
    {
      "part": 8,
      "question": "what-lenders-hold",
      "side": "guarantees-not-faith",
      "sideLabel": "Guarantees, not faith",
      "claim": "Oracle's free cash flow was positive every year from FY2018 to FY2024, then turned slightly negative in FY2025 (-0.39B), dropped to -23.69B in FY2026 on 55.66B of cash capex, and sits at -28.72B on a trailing twelve months basis through Q1 FY2027…",
      "date": "2026-09-24",
      "url": "https://kakashiii111.substack.com/p/oracle-hyperscaler-or-neocloud-a",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "question": "what-lenders-hold",
      "side": "guarantees-not-faith",
      "sideLabel": "Guarantees, not faith",
      "claim": "Oracle's record Q1 operating cash flow of 23.103B (up 184% YoY) is largely explained by 11.363B of customer prepayments with a significant financing component; excluding that prepayment, operating cash flow would be only about 11.740B (up a more…",
      "date": "2026-09-24",
      "url": "https://kakashiii111.substack.com/p/oracle-hyperscaler-or-neocloud-a",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 10,
      "question": null,
      "side": "a-model-not-a-price",
      "sideLabel": "A model, not a price",
      "claim": "Manufacturers such as Nvidia and hyperscalers such as Oracle and Google Cloud are offering residual value guarantees for chips not because they want to but because lenders require them, given that chip depreciation is a very real problem following…",
      "date": "2026-09-28",
      "url": "https://michaeljburry.substack.com/p/short-thoughts-a-wall-street-titan",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "question": null,
      "side": "funded-not-forecast",
      "sideLabel": "Funded, not forecast",
      "claim": "Consensus expects hyperscalers' operating cash flow to more than triple by 2030, outpacing the sharp increase in AI-driven capex, based on FactSet and Apollo Chief Economist sources for Google, Meta, Amazon, Microsoft and Oracle.",
      "date": "2026-09-21",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/hyperscaler-credit-rests-on-one-consensus-assumption",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/",
      "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 12,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Oracle's remaining performance obligations of $664 billion are concerning because roughly 50% come from OpenAI, a company burning massive cash, making Oracle over-reliant on OpenAI's solvency.",
      "date": "2026-09-11",
      "url": "https://realeismanplaybook.substack.com/p/ai-terminator-fears-grow-and-rates",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/",
      "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-cash-still-covers-it",
      "sideLabel": "The cash still covers it",
      "claim": "Anthropic itself is not borrowing the money; it is the hyperscalers (he names Meta, Google, Amazon, Microsoft, Oracle) who are borrowing to use Anthropic's products, so if Anthropic were to go bust, that would be an equity problem rather than a…",
      "date": "2026-09-17",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-bill-has-moved-to-debt",
      "sideLabel": "The bill has moved to debt",
      "claim": "Given the cost for compute, Meta's free cash flow is going to crater in 2027 to a very suspect degree, and like Oracle, betting on a product tied to accelerating compute demand at any cost is borderline insane to Michael Spencer.",
      "date": "2026-09-29",
      "url": "https://www.ai-supremacy.com/p/the-era-of-personal-super-intelligent-agents-muse-2026",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-buyers-have-not-paid-yet",
      "sideLabel": "The buyers have not paid yet",
      "claim": "Consensus expects hyperscalers' operating cash flow to more than triple by 2030, outpacing the sharp increase in AI-driven capex, based on FactSet and Apollo Chief Economist sources for Google, Meta, Amazon, Microsoft and Oracle.",
      "date": "2026-09-21",
      "url": "https://www.apollo.com/insights-news/insights/daily-spark/hyperscaler-credit-rests-on-one-consensus-assumption",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 14,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "The loop's binding constraint is capex finance: hyperscaler free cash flow may go negative in 2027 and investors dislike leverage contingent on speculative returns, as the depressed valuations of Oracle and CoreWeave show, so continued spending…",
      "date": "2026-08-06",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-cash-flows-cover-it",
      "sideLabel": "The cash flows cover it",
      "claim": "Anthropic itself is not borrowing the money; it is the hyperscalers (he names Meta, Google, Amazon, Microsoft, Oracle) who are borrowing to use Anthropic's products, so if Anthropic were to go bust, that would be an equity problem rather than a…",
      "date": "2026-09-17",
      "url": "https://www.macrovoices.com/1550-macrovoices-550-harley-bassman-in-fed-we-trust",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-cash-flows-cover-it",
      "sideLabel": "The cash flows cover it",
      "claim": "On the same day the spread closed at 2.80%, Oracle sent a force majeure notice to Blue Owl Capital, developer of the Project Jupiter Stargate campus, covering potential cost increases and letting Oracle delay payments if the campus misses its 2028…",
      "date": "2026-09-27",
      "url": "https://quanta72.substack.com/p/q72-brief-the-chips-are-underwater",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-cash-flows-cover-it",
      "sideLabel": "The cash flows cover it",
      "claim": "The portfolio is positioned in bonds of highly profitable hyperscaler technology companies (Meta, Alphabet, Amazon, Oracle, SpaceX), taking advantage of wider spreads and lower leverage compared to the broader investment-grade market.",
      "date": null,
      "url": "https://fiscal.ai/fund-letters/harris-associates-oakmark-q3-2026-fscl_document_2QRD4GKW375",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-weak-link-pays-first",
      "sideLabel": "The weak link pays first",
      "claim": "Kris has always said that if one pin falls among the AI companies many others would follow; they mostly thought of OpenAI, but consider Oracle a weak link in the chain as well.",
      "date": "2026-09-28",
      "url": "https://www.potentialmultibaggers.com/p/the-first-ai-crack",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    },
    {
      "part": 17,
      "question": null,
      "side": "the-weak-link-pays-first",
      "sideLabel": "The weak link pays first",
      "claim": "Oracle sent a force majeure notice on Project Jupiter, the New Mexico AI data center tied to the $400 billion Stargate project it started with OpenAI, SoftBank, Nvidia and other partners, and Kris hopes this is in hindsight not the first crack.",
      "date": "2026-09-28",
      "url": "https://www.potentialmultibaggers.com/p/the-first-ai-crack",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-guarantee-has-no-date/",
      "sidesUrl": "https://deepstack.ltd/sides/the-guarantee-has-no-date/"
    }
  ],
  "coverage": null,
  "lastUpdated": "2026-10-22",
  "market": {
    "price": 129.1,
    "change": -2.04,
    "changePercent": -1.5556,
    "marketCap": 390364315405,
    "pe": 19.9228,
    "nextEarnings": "2026-12-14",
    "exchange": "NYSE",
    "currency": "USD",
    "asOf": "2026-10-21T20:00:00.000Z",
    "source": "Financial Modeling Prep",
    "sourceUrl": "https://financialmodelingprep.com",
    "note": "Delayed quotes."
  }
}