Company · ORCL

Oracle

Oracle is named in 9 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date.

In 9 parts of The Buildout: Part 17, Part 16, Part 14, Part 11, Part 08, Part 06, Part 05, Part 04, Part 03 · Updated Oct 22, 2026

Market snapshot

ORCL on NYSE

Financial Modeling Prep, as of Oct 21, 2026, 4:00 p.m. ET. Delayed quotes.

Price
$129.10
−2.04 (−1.56%) today
Market cap
$390.4B
P/E (trailing)
19.9
Next earnings
Dec 14, 2026
Exchange
NYSE

Analysis and opinion, not investment advice.

By the numbers

What the stories reported.

Each figure carries its date and source in the story it comes from.

Where the argument touches it

On each side.

Paraphrased and attributed, with the date and a link where one exists. DeepStack keeps no score of who was right; the dated tests do that work in the open.

  1. Part 17 · The cash flows cover itSep 17, 2026also Part 14

    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…

    The Guarantee Has No Date Who is on each side Source

  2. Part 17 · The cash flows cover itSep 27, 2026

    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…

    The Guarantee Has No Date Who is on each side Source

  3. Part 17 · The cash flows cover it

    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.

    The Guarantee Has No Date Who is on each side Source

  4. Part 17 · The weak link pays firstSep 28, 2026

    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.

    The Guarantee Has No Date Who is on each side Source

  5. Part 17 · The weak link pays firstSep 28, 2026

    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.

    The Guarantee Has No Date Who is on each side Source

  6. Part 14 · The bill has moved to debtSep 29, 2026

    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.

    The Cash Arrives Unevenly Who is on each side Source

  7. Part 14 · The buyers have not paid yetSep 21, 2026also Part 11

    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.

    The Cash Arrives Unevenly Who is on each side Source

  8. Part 14 · Voices that cross sidesAug 6, 2026

    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…

    The Cash Arrives Unevenly Who is on each side

  9. Part 12 · Voices that cross sidesSep 11, 2026

    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.

    The Model Is Not the Price Who is on each side Source

  10. Part 10 · A model, not a priceSep 28, 2026

    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…

    The Bubble Is in the Denominator Who is on each side Source

  11. Part 08 · Guarantees, not faithSep 24, 2026

    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…

    AI Lenders Are Financing the End of Scarcity Who is on each side Source

  12. Part 08 · Guarantees, not faithSep 24, 2026

    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…

    AI Lenders Are Financing the End of Scarcity Who is on each side Source

In The Buildout

Where Oracle appears.

One line per story, from the story itself.

  1. Part 11Lede

    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.

    The Backlog Is Not the Quarter

  2. Part 11Funded, not forecast

    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.

    The Backlog Is Not the Quarter

  3. Part 11Funded, not forecast

    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.

    The Backlog Is Not the Quarter

  4. Part 08Lede

    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.

    AI Lenders Are Financing the End of Scarcity

  10. Part 04Defense has a case

    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.

    AI Spending Has Met Its First Real Bill

  11. Part 04Defense has a case

    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.

    AI Spending Has Met Its First Real Bill

On the Docket

The tests that name Oracle.

Each is on the Docket and resolves on the Results page.

  1. Oracle's second quarter: whether customer prepayments with a financing component pass 40% of operating cash for the six months to November 30, from 49.2% in the quarter to August 31, 2026.

    Part 17: The Guarantee Has No Date Pending

  2. Oracle reports: whether new remaining performance obligations keep arriving prepaid or with the customer's own hardware, the condition for a capex peak in fiscal 2027 and 2028.

    Part 11: The Backlog Is Not the Quarter Pending

  3. New Mexico rules on the fuel-cell permit; approval supports schedule, denial turns Oracle’s notice into a warning.

    Part 08: AI Lenders Are Financing the End of Scarcity Pending

Follow

Follow Oracle: one email when a test on Oracle resolves or a new Part names it.

Across the DeepStack reading

How often it comes up.

74 sources, 249 claims and 159 texts mention Oracle, as of Oct 22, 2026. A count of attention, not a judgment.

Analysis and opinion, not investment advice. Figures are as of the dates cited in each story.