Oracle Shares Fall 5% as OpenAI Revenue Miss and Debt-Funded AI Chip Deal Weigh

Yahoo Finance·8 Oct 2026·

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Oracle stock fell 5% on Thursday after OpenAI disclosed softer revenue and The Wall Street Journal reported that Oracle and other tech companies are preparing to tap debt markets to fund the AI infrastructure build-out. Oracle is reportedly in talks with Apollo and Goldman Sachs to arrange financing, aiming to close a deal as soon as this year in which investors would fund a separate company that buys the chips, which Oracle would then lease over time to avoid borrowing more itself; Broadcom and SpaceX were also named by the Journal as pursuing similar deals. Oracle's capital spending hit $28.5 billion in the June-to-August quarter, up from $2.3 billion in the same quarter two years earlier, and the stock is down nearly 30% this year. OpenAI's annualized revenue is reportedly $20 billion short of prior estimates, a concern for Oracle because OpenAI is one of its biggest cloud customers and Oracle's contract backlog stood at $664 billion last quarter. Oracle has nearly doubled its long-term debt to more than $160 billion over the past two years, according to Bloomberg, making it the fifth-largest borrower in the US corporate bond market, while Larry Ellison, who owns roughly 40% of Oracle, also backed Paramount's acquisition of Warner Bros. Discovery, and Skydance took on $52 billion of additional debt last week.

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