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

Oracle's cloud infrastructure business is booming with 121% revenue growth and a $664 billion backlog, but the company faces significant financial risks. Its $95 billion annual capex spending far exceeds its negative free cash flow of -$5.4 billion, forcing the company to rely heavily on debt ($125 billion) and lease commitments ($288 billion). Unlike other tech megacaps, Oracle's precarious financial position makes it vulnerable if the AI boom slows.