Concentration and execution risks

Oracle is making one of the biggest bets in tech, reinventing itself as a core pillar of AI infrastructure while piling on massive debt.

In this weekend deep dive, we break down Oracle’s pivot, its deep ties with OpenAI and Nvidia, and the AI contracts driving a $500 billion backlog.

We lay out the bull case for Oracle becoming a neutral backbone of the AI economy and the bear case around leverage, customer concentration, and brutal cloud competition.

Is Oracle building the future of AI, or becoming the poster child of the next bubble?