Circular financing ain’t what it used to be

Nine months ago, on September 10, 2025 Oracle announced what seemed to many to be the deal of the century! A $300 billion deal with OpenAI. The market went wild. Oracle stock briefly went up by 43% (and ultimately even a bit higher). Larry Ellison’s net worth briefly leapt by $100 billion. The Wall St. Journal gushed:The whole thing never made sense though. The next morning, inn an essay called Peak Bubble I warned thatYet Oracle continued to rise! But not for long. Its stock stood at $307 per share at the close of trading on September 10, and briefly closed as high as $328 ten days later. Now, as I write this, it’s hovering around $120.In the intervening nine months, the market has grown wary of all this circular financing...

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