Oracle星期一提交计划，发行新股和更多债务来资助其人工智能建设。
根据向证券交易委员会提交的备案，超规模公司将出售100亿美元共同股票和100亿美元高级指出。 虽然上周的投资者日里已经概述了募捐情况
"这似乎是他们所预览的"，称 Rob Oliver，贝尔德的高级研究分析师。 "所以我不知道为什么市场对此感到恐惧"
Oracle 称计划将这些收益用于一般公司目的，可能包括资本支出、债务偿还和未来投资。
超规模公司股票最初在上星期三投资者日后反弹，当时的Oracle还发布了至少2250亿美元的财政2030年收入预测。 在当时，Oracle还把2027至2030年财政投资周期的额外资本市场供资限制在200亿美元。
“鉴于对债务市场状况和资本成本的担忧(虽然UBS认为这些债务市场担忧被过度表述)
Oracle计划转向供应商融资，客户提供的硬件和客户预付款，以帮助其向正自由现金流量过渡，预计2028年下半年将达到。
Oracle的股票和债券由前CEOLarry Ellison共同创立，在投资者日益担心大量债务被用于资助AI基础设施的情况下，一直面临压力。
Oracle股份2026年下降33%，过去12个月下降50%. 其2031年到期投资级4.95%债券的收益率目前为7.267%.
Oracle的5年信用违约互换中也看到了情绪的转变，这种互换是针对违约的保险。 分布为296人，一年中上升270%. 这更符合高端垃圾债券评级，据S&P全球市场情报公司Gavan Nolan称。
虽然Oracle仍然是投资级信贷，但S&P在7月将它降级为BBB级，一个等级高于高收益。 截至8月31日，其债务额为1 253.4亿美元，大部分为高级指出。
Oracle最关键的是执行，Pat Nerney, Dynasty Financial Partners的投资解决方案负责人，称在给CNBC星期一的电子邮件中。
"他们能按照自己的话去做吗？我们把这看作是整个AI空间的叙述，"他称。 "如果这被按照规定的计划执行，他们就会得到奖励。 如果他们在27年的后半期告诉大家这是最后需要的资本当心点"
——CNBC的Seema Mody和Ari Levy贡献了报道。
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Oracle filed plans on Monday to issue new stock and more debt to finance its artificial intelligence buildout.
The hyperscaler will sell $10 billion in common stock and $10 billion in senior notes, according to filings with the Securities and Exchange Commission. While the fundraising was already outlined at an investor day last week, shares tumbled more than 6% Monday.
"This seems to be exactly what they previewed," said Rob Oliver, senior research analyst at Baird. "So I'm not sure why the market is freaking about it."
Oracle said it plans to use the proceeds for general corporate purposes, which may include capital expenditures, repayments of debt and future investments.
The hyperscaler's stock initially bounced after last Wednesday's investor day, when Oracle also issued a revenue forecast of at least $225 billion for fiscal 2030. At the time Oracle also said it was limiting its additional capital market funding for the fiscal 2027 to 2030 investment cycle to that $20 billion.
"This is a major relief given concerns about the state of debt markets and the cost of capital (although UBS has argued that these debt market concerns have been over-stated)," UBS analyst Karl Keirstead said in a note on Thursday.
Oracle plans to turn to vendor financing, customer-provided hardware and customer prepayments to help it transition to positive free cash flow, which it expects to reach in the second half of 2028.
Stock and bonds in Oracle, co-founded by former CEO Larry Ellison, have been under pressure amid growing investor concerns about the massive amount of debt being taken on to fund AI infrastructure.
Oracle shares are down 33% in 2026 and 50% over the past 12 months. The yield on its investment-grade 4.95% bond due in 2031 is currently 7.267%.
The sentiment shift is also seen in Oracle's five-year credit default swaps, which are insurance against default. The spread sits at 296, up 270% in one year. That's more in line with a high-end junk bond rating, according to S&P Global Market Intelligence's Gavan Nolan.
While still an investment-grade credit, Oracle was downgraded by S&P to a BBB- in July, one rating level above high yield. It has $125.34 billion in debt, as of Aug. 31, with the bulk in senior notes.
What ultimately matters for Oracle is execution, Pat Nerney, head of investment solutions at Dynasty Financial Partners, said in an email to CNBC Monday.
"Can they do what they say they are going to do? We view this as the narrative across the AI space," he said. "If this gets executed according to plans laid out, they will be rewarded. If they have to come back to market in the back half of '27 after telling everyone this was the last of the capital needed ... look out."
— CNBC's Seema Mody and Ari Levy contributed reporting.
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