By Elizabeth Lopatto
Publication Date: 2026-04-29 13:57:00
If you want to know if the AI bubble is bursting, there’s only one publicly traded company that can tell you: Oracle.
Exactly, the database company. Oracle burned its boats and moved to AI, but not in the usual way. It’s obviously not a foundation model builder like OpenAI or Anthropic. It’s not really a Neocloud, although it has entered the same bare metal business as CoreWeave. It’s a software-as-a-service company that has made a bold bet on a very specific future version of AI while Oracle’s traditional business has gracefully declined. It is significantly older than all of its AI competitors, with the exception of Microsoft, and has decided that it is the future an enormous computing business with OpenAI, a company that doesn’t make money.
Whether OpenAI meets its obligations to Oracle depends heavily on how much money it can raise and how quickly it can become profitable. The risk for Oracle is that a lot of money is being put into building data centers…
