According to @LexSokolin, S&P rates Oracle at BBB+, below Microsoft and Alphabet, signaling comparatively weaker credit quality versus mega-cap AI peers, source: @LexSokolin on X. According to @LexSokolin, Oracle’s net debt is around 90 billion and leverage is above 3x EBITDA, source: @LexSokolin on X. According to @LexSokolin, this profile makes Oracle a high-beta credit proxy for AI, source: @LexSokolin on X.

According to Lex Sokolin, credit default swaps on Oracle’s debt jumped 44% in a month to 87 basis points, making the company a preferred proxy to bet against the AI boom (source: Lex Sokolin on X). According to Lex Sokolin, Oracle’s market capitalization has fallen by more than 300 billion since September, reinforcing the bearish credit signal and positioning ORCL as a hedge for AI downside in cross-asset positioning (source: Lex Sokolin on X).