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标题: "Oracle Risks Falling Behind in AI Race as Spending Binge Bites"
原文链接: "https://finance.yahoo.com/technology/ai/articles/oracle-risks-falling-behind-ai-160035460.html"
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去重键: "https://finance.yahoo.com/technology/ai/articles/oracle-risks-falling-behind-ai-160035460.html"
---

(Bloomberg) -- Oracle Corp.'s ambitions to dominate the artificial intelligence buildout are running into a key hurdle: funding a spending spree without further damaging its credit standing.

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The tech giant is burning cash faster than it can generate revenue as it's in the midst of a $250 billion data-center expansion. That's led S&P Global Ratings to cut the company's credit ratings to BBB-, just one step above junk status. Moody's Ratings has a negative outlook, meaning another cut is possible over the medium term.

"They're in a difficult spot," said George Catrambone, head of fixed income at DWS Americas. As the credit cycle enters a later stage, "I think it gets increasingly more difficult for some of these companies to maintain ratings, but more importantly fund their expansion."

The risk for Oracle is falling behind in a race it set out to conquer. Other AI hyperscalers, like Alphabet Inc. and Meta Platforms Inc., are on an opposite course, generating more than enough cash to fund investment. That gives them "greater financial flexibility to outspend Oracle and weather industry downturns," according to S&P.

The ratings agency said it has continually underestimated how much Oracle would need to spend upfront for AI investments. That investment has led the company to burn through more than $20 billion over the last four quarters, after capital expenditure.

"Oracle wants to hang on to that investment-grade rating, and to do that, they're going to have to show that they are not flooding the market with more supply," said Andrew Wells, chief investment officer at SanJac Alpha. "They're kind of on the ropes and they have to decide: Do they disappoint the bond investors or the equity investors?"

The market has been taking notice. Even prior to the S&P downgrade, Oracle's bonds were trading closer to the yield curve of BB-rated credits than similarly-rated BBB debt. This week, Oracle bonds due in 10 years were yielding about 6.4%, slightly below 6.7% of 10-year BB paper, and at a meaningful premium to the 10-year BBB curve, which stood at 5.7%.

"This is the beginning of a pushback, there is a cost of capital, it's not free," said Catrambone, adding that hyperscaler spending so far has been aided by a favorable macro backdrop with credit spreads near multi-decade tights. "What if the Fed does come and winds up having to raise rates?"

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