Welcome to the Premium edition of How They Make Money. Over 300,000 subscribers turn to us for business and investment insights. In case you missed it: 📊 Check out 100+ companies visualized in our latest monthly report. Big Tech heads to the bond market for AIAlphabet sold a $31.5 billion global bond deal in February to help fund its AI expansion. Amazon is now targeting at least $37 billion in a new bond sale tied to AI infrastructure. Oracle, meanwhile, said it plans to raise $45 billion to $50 billion this year through a mix of debt and equity to expand cloud capacity. What makes Oracle different is the balance-sheet starting point. Alphabet and Amazon are raising debt from a position of financial strength. Oracle is trying to finance its AI buildout while already carrying a reputation as the most leveraged among the major tech platforms. New reports suggest Oracle is preparing thousands of job cuts and slowing hiring as the cost of that buildout mounts. The debate is now all about how much financial strain Oracle must absorb before that demand turns into durable returns. Free cash flipped to negative $25 billion in the trailing 12 months (TTM), with $11 billion used in Q3 alone. What could possibly go wrong?
ORCL is trading over 50% below its September peak. The stock has always been central to Larry Ellison’s empire. Now it matters even more, because that equity is helping support the family’s massive Warner bet. Let’s see what we learned this quarter. Today at a glance:
1. ☁️ Oracle: The Art of LeverageQ3 FY26 key metrics:
Income statement:
Cash flow:
Balance sheet:
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