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Oracle Burned $23.7 Billion Building the AI Boom. We Wrote the Capex Retrospective and Left It Out.
Our six-month AI capex update built a section around four companies whose free cash flow was cratering. Oracle burned $23.7B in fiscal 2026 — two of those quarters consumed more than 60% of revenue — while revenue growth more than tripled. It was in none of it. Here is the borrower's side of the buildout, and why a company growing 21% scores an 11 on the metric this site is named after.
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