“Oracle’s 5-year CDS traded near 200 basis points while the investment-grade index sat near 53.” ORCL was around $148 on August 10. Now it is back there, and everyone is acting like the credit market just found something new. Everyone sees CDS at roughly 4x the IG index and starts planning Oracle’s funeral. That’s the most NPC way to read this. The credit market is charging more to insure Oracle because Oracle is spending like it has a $664B backlog to build for. Because it does. Alright regards
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