Quick Read – Cramer blames the selloff on a hyperscaler signaling a capex freeze or OpenAI credit deterioration, dragging Oracle down 51% year over year. – Oracle tops the risk stack: negative $24 billion free cash flow, $219 billion in liabilities, and $40 billion in new…
nancing planned. – Microsoft ranks least exposed with a 45% operating margin and lifetime GPU contracts offering cushion, though shares are still down 19% year to date. – Jim Cramer just put a name on the action. In a post today, he wrote: “We are seeing a sea change based on one of the hyperscalers saying it will NOT increase capex or a realistic re-valuation of OpenAI DOWN so its credit may not be that good
That’s what this selloff is about.” Oracle (NYSE:ORCL) is down 3.85% intraday, and Alphabet (NASDAQ:GOOGL) has shed 7.22% over the past week after guiding 2026 capex to $195 billion to $205 billion. The actual balance sheet damage sits if enterprise AI demand cools, GPU ROI disappoints, or OpenAI’s credit deteriorates. Ranked from most exposed to most cushioned. 1.
Oracle (ORCL) Oracle is the cleanest short if the AI capex cycle rolls over. Cloud infrastructure revenue grew 93% year over year in Q4 FY2026 to $5.79 billion, and RPO exploded to $638 billion, up 363%, with $75 billion tied to prepaid or customer-supplied GPU arrangements. The problem is what funds it.