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AI debt

ABBX Week 17: Oracle’s Backlog Matches a Hyperscaler. Its Balance Sheet Does Not.

AI infrastructure

ABBX Week 17: Oracle’s Backlog Matches a Hyperscaler. Its Balance Sheet Does Not.

ABBX Week 17 finds no broad AI bubble. Oracle is the test case: a USD 664 billion backlog, neo-cloud-like equity value, and a lease-and-capex bill that still lands before that backlog turns into cash.

10 min read 14 Sep 2026

The AI Bubble That Isn’t — Yet: What the Completed Q2’26 Data Reveals

AI infrastructure

10 min read 30 Aug 2026

The AI Bubble That Isn’t — Yet: What the Completed Q2’26 Data Reveals

Q2’26 ABBX is complete. Parts of the AI market are hot, but the ecosystem is not yet a broad bubble: ROIC still exceeds funding costs, multiples remain below May, and demand is still broadening. The real heat is off-balance-sheet financing, not headline debt.