Oracle Plunges Most Since Dot Com Bubble, CDS Blow Out To Lehman Crisis Levels

It's a very ugly morning for Oracle.

The company, once viewed as a bellwether of the AI investment boom, and which plunged as much as 40% from its September highs ahead of earnings amid fears (first discussed here) how it would fund its massive future spending needs and which prompted multiple banks to downgrade its debt as it became clear that Oracle would have to issue massive amounts of debt becoming the "first AI domino to fall" (not to mention setting it up as the first AI "fallen angel"), was down 16% early this morning, losing $100 billion in market cap. It was the biggest one-day drop since the bursting of the dot com bubble.