S&P cuts Oracle's credit rating over OpenAI dependency risk

S&P Global downgraded Oracle's credit rating to BBB-, one notch above junk status, citing OpenAI as a "key credit risk." OpenAI accounts for roughly half of Oracle's $638 billion in contractual obligations, meaning Oracle would be left with large unfilled data center capacity if OpenAI's commitments fell through.

Why it matters: A concrete financial-market signal that rating agencies see real risk in the AI infrastructure buildout's concentration.