Oracle’s growing reliance on debt and OpenAI could expose it to stress if the artificial-intelligence investment boom falters, Council on Foreign Relations senior fellow Sebastian Mallaby said. S&P Global cut Oracle’s rating to BBB- on July 9, one notch above junk, and estimated that about half of its $638 billion in contracted future revenue is linked to OpenAI. Oracle expects $90 billion to $95 billion in fiscal 2027 capital expenditure and plans to raise another $20 billion through an equity offering this year. OpenAI has agreed to purchase about $300 billion of Oracle computing capacity over five years from 2027, exceeding its current reported annualized revenue of around $40 billion. OpenAI CEO Sam Altman remains confident in using the capacity profitably but has criticized parts of the wider buildout as "unsustainable silliness."