# Oracle’s stock has fallen nearly 50 per cent since hitting a record in September.

*business · news · 2026-05-02 · TNW*

## Key points

- Oracle's $300 billion Stargate deal with OpenAI is the key reason its stock is falling.
- Investors are concerned about circular financing, as OpenAI's funders are also its infrastructure providers.
- OpenAI missed internal revenue and user growth targets, heightening fears of contract affordability.
- Oracle's valuation is now tightly linked to OpenAI news, not its own financial performance.
- Oracle faces record-high debt protection costs, surpassing levels seen during the 2008 financial crisis.

**Companies:** Oracle, OpenAI, SoftBank
**Countries:** United States, United Kingdom, United Arab Emirates, Iran

[Read the full story on TNW](https://thenextweb.com/news/oracle-openai-wall-street-disconnect)

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