A Filing That Should Make Everyone Nervous

Oracle’s fiscal 2026 annual report, filed with the SEC in late June, is not a routine document. It reads like a manual for how the entire AI infrastructure boom could unravel. The cloud giant raised its capital expenditure to $55.7 billion for the year ended May 2026. That figure was up from $21.2 billion just one year prior. For fiscal 2027, Oracle is guiding between $90 billion and $95 billion in capex. Those numbers are extraordinary by any measure. Yet buried inside that ambition is a candid acknowledgment of risk. Oracle’s filing lists construction delays, GPU shortages, power constraints, customer credit exposure, and regulatory obstacles as genuine threats. This is not standard boilerplate language. The disclosure is unusually granular. It tells investors and the rest of the industry exactly how a bet of this scale could go wrong.