Oracle Stock Is Down 60% From Its High. Here's Why I'm Still Not Buying.

Oracle’s stock is down nearly 60% from its September 2025 record, and the article argues that the biggest issue isn’t slow revenue growth but the accelerating cost of building AI infrastructure. It notes that five major technology firms are expected to spend about $800 billion in capex this year, mostly for AI. Oracle’s revenue rose from $42.4 billion in fiscal 2022 to $67.4 billion in fiscal 2026, with Oracle Cloud Infrastructure (OCI) sales up 121% to $7.4 billion in fiscal 2027 Q1. But free cash flow was negative $5.4 billion in the latest quarter, while capex is outpacing cash generation, pushing the company toward debt financing.