Oracle has been hit harder than Big Tech rivals in the recent sell-off of tech stocks and bonds, as its vast borrowing to fund a pivot to artificial intelligence unnerved Wall Street.
The US software giant founded by Larry Ellison has made a dramatic entrance to the AI race, committing to spend hundreds of billions of dollars in the next few years on chips and data centres — largely as part of deals to supply computing capacity to OpenAI, the maker of ChatGPT.
The speed and scale of its moves have unsettled some investors at a time when markets are keenly focused on the spending of so-called hyperscalers — Big Tech companies building vast data centres.
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