Grasping the AI Infra buildout (VI): Who pays for all these Enterprise...

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we address all these questions in a series of one-sliders. Today we look into who pays for all these Enterprise Cloud AI bills. Note: For our latest estimates, please see updates to the slides published earlier this week; we are refining our numbers in real time as we progress in this...

Grasping the AI Infra buildout (V): How can frontier labs fund rising ...

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we address all these questions in a series of one-sliders. Today we look into how frontier labs can absorb rising compute costs in 2027 and beyond. Note: For our latest estimates, please see updates to the slides published earlier this week; we are refining our numbers in real time as...

Grasping the AI Infra buildout (IV): How can hyperscalers swallow so m...

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we address all these questions in a series of one-sliders. Today we look into how Hyperscaler P&Ls can absorb 2026 capex, and extend the perspective into the end of the decade. Note: For our latest estimates, please see updates to the slides published earlier this week; we are refinin...

Grasping the AI Infra buildout (III): Who will pay for cloud?

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we will try to address all these questions in a series of one-sliders. We follow-up today with the third analysis. Note: For our latest estimates, please see updates to the slides published earlier this week; we are refining our numbers in real time as we progress in this work.

Grasping the AI Infra buildout (II): How is it financed?

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and the underlying or prospective business model. As GTC approaches, we will try to address all these questions in a series of one-sliders. We follow-up today with the second analysis.

Grasping the AI Infra buildout (I): Who builds what, for whom?

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and the underlying or prospective business model. As GTC approaches, we will try to address all these questions in a series of one-sliders. We kick things off with the baseline: Who builds what, for whom? Enjoy, and stay tuned for the rest of the series.

Oracle Corporation: Updated credit analysis

Our view of this issuer reflects its risks surrounding the credit impact of the rapid build-out of the AI infrastructure business.

Oracle Corporation: Key facts and statistics - LTM November 2025

A summary company profile, detailing Oracle Corporation’s business operations and financial highlights.

Energy storage for AI datacenters: $12-40bn deployment opportunity in ...

Datacenters are increasingly co-locating battery storage to improve economics, grid resilience, and speed of deployment. We publish today our view on the energy storage opportunity in datacenters, summarized on a single slide. Please click the link for more details.

Looking at the Downside

Moody's Ratings affirms Oracle's Baa2 rating on equity announcement; O...

Moody's Ratings (Moody's) affirmed Oracle Corporation's (Oracle) ratings including the Baa2 senior unsecured rating and P-2 commercial paper rating.  The affirmation partly reflects the company's plans to raise equity as a meaningful component of fundraising for the buildout of the AI infrastructure...

Oracle Corporation - November 2025 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Moody's Ratings says Oracle's enormous growth in RPO, leases and capex...

Moody's Ratings (Moody's) commented that Oracle Corporation's (Oracle) increase in contract backlog is impressive, though the counterparty risk and spending and commitments required to support that growth remain significant credit concerns and primary drivers of the negative outlook. The Baa2 senior...

5 Things to Know in Investing This Week - The It Just Doesn’t Matter I...

Oracle Corporation: Enormous growth in RPO, leases and capex to meet t...

Massive data center commitments backlog is impressive, but counterparty risk and capex required to support growth are concerns.

Oracle 2FQ26: our quick take.

5 Things to Know in Investing This Week - The Decoupling Issue

Flash! Expect Strong Earnings Season to Overcome Rising Risk Meters

Oracle AI world: datapoints support our framework and numbers

Oracle hosted “AI World 2025” this week and released several datapoints that reinforce our framework and numbers.

5 Things to Know in Investing This Week - The Gold! Issue