Shares of AI-driven infrastructure companies faced renewed selling pressure this week as investors weighed the heavy capital requirements of scaling power and cloud capacity against strong demand.
Oracle fell 4% to $123.94 on Wednesday, leaving the stock down 36% in 2026 and on track for its worst annual performance since 2001, according to Dow Jones Market Data. The shares have dropped 54% over the past 12 months and 16% over the past month. Cantor Fitzgerald analysts estimate Oracle will need about $76 billion in additional financing through fiscal 2029 to fund its AI infrastructure buildout. Bond yields have climbed roughly three percentage points above original rates, and five-year credit-default-swap quotes have approached 300 basis points, meaning investors would pay about $300,000 annually to insure $10 million of Oracle debt against default over five years.
Cantor also estimated that OpenAI accounts for roughly half of Oracle's remaining performance obligations, creating uncertainty about the ChatGPT developer's ability to generate enough revenue. Still, the firm maintained an Overweight rating and a $284 price target, implying approximately 120% upside. Evercore ISI argued Oracle is being valued like a capital-intensive "neocloud" despite its established software business, estimating core software operations alone are worth about $100 per share. Oracle's upcoming analyst day is expected to clarify financing plans and the profitability of its OpenAI contract.
Bloom Energy also traded about 9% lower Friday despite reporting third-quarter earnings and revenue well above Wall Street expectations. Earnings per share came in at 94 cents, up from 15 cents a year earlier and above the 69-cent consensus. Revenue surged 138% to $1.24 billion, beating the $1.07 billion estimate. The company raised full-year revenue guidance to between $4.4 billion and $4.6 billion, above the $4.26 billion consensus, and maintained its adjusted gross margin outlook at 34%.
However, Bloom Energy recorded its highest-ever capital expenditure in the quarter, contributing to negative net cash flow of about $180 million as it expands manufacturing capacity for solid-oxide fuel cells serving AI and hyperscale data centres, including Oracle's Project Jupiter. BTIG lowered its price target to $250 from $295 while maintaining a Buy rating, citing near-term margin pressure. Oppenheimer kept a Perform rating and pointed to a $430 million increase in customer assets, saying investors may stay cautious until the cash conversion cycle becomes clearer. SpaceX CEO Elon Musk added to the AI-power narrative on Wednesday, saying electricity generation and cooling infrastructure, not chips, are becoming the main constraints on superintelligence deployment.
For crypto markets, there is no direct token-level impact from these equity moves, but the episode highlights how AI infrastructure financing tensions can shape broader risk sentiment in technology and growth assets.
