“Oracle’s recent AI initiatives place it in the hyperscaler camp and firmly in the capital expenditure arms race, though unlike its peers the Oracle balance sheet is already laden with net debt of $105 billion at November 30, 2025 (and rising fast), mostly taken on over recent years to repurchase shares in large part to offset dilution from stock-based compensation. Already at four turns of debt to EBITDA, in the words of Parliament, they plan to tear the roof off the sucker.”