Oracle's AI Debt Deluge Pushes Wall Street to the Limit — $124.7B and Counting
Wall Street Journal·medium signal
Oracle's non-current debt has climbed to $124.7B (up 66% since early 2025) with trailing free cash flow at negative $24.7B from a $48.3B capex run rate, WSJ reports. Banks including JP Morgan hit single-counterparty exposure limits distributing Oracle-leased data center loans. Morgan Stanley estimates $100B+ in additional funding needs through 2028, while 10 insiders sold shares with zero purchases in six months.