Oracle is entering the painful AI capex phase

$ORCL is borrowing aggressively to build AI data centers for a customer base heavily tied to OpenAI.
The market is now asking whether Oracle can fund that buildout without the cash generation of $MSFT, $GOOGL, $AMZN, or $META.
The upside is clear: OCI has one of the largest AI backlogs in the market.
If that demand turns into durable revenue and cloud growth stays strong, this selloff could eventually look like the painful capital cycle before the harvest phase.
But for now, investors want proof that the funding risk is under control.