ORCL's 5-year default insurance is at a record 288 basis points and rated triple-B negative; over 50% of its $638 billion backlog comes from OpenAI, and S&P projects 2027 cash at negative $42 billion. Its 60% fall from $320 to $128 exposes the backlog story.

And now, Oracle , which you can't fix stupidity for. Oracle's 5-year default insurance, okay? This is a record. It is rated at (triple-B negative). This is one degree above the "Oh my God, the world is going to end" level at 288 basis points.

Now, here's what's up with Oracle. Well, it's down about 50% from its peak in June.

Oracle is leasing computing capabilities from OpenAI for approximately 5 years starting next year, right?

So, Oracle has this massive backlog of contracts where they say, 'The demand for our product, for our computing power, the demand for that computing power is so huge that we have all this money coming in.'

We have a lot of... now , we have to fulfill that. I forget what it's called , but it's a commitment that still has to be fulfilled, and yet, we have $638 billion in backlog.

A little over 50% of your backlog of contracts is coming from one company, and that's..." OpenAI.

Standard & Poor's projected cash for Oracle in 2027 is negative $42 billion . Okay, does that really make sense? No, it doesn't . And so, Oracle's stock dropped from its post-deal peak of $320 to $128.

Okay, that's a 60% drop, and that's one of those Things like the curtain finally comes off, and you can see what "The Wizard of Oz" really looks like.