Oracle shares were up 6.35% at $125.47 at 4:11 p.m. Italian time (CET) on Wednesday, among the strongest performers on Wall Street, without any announcement from the company. The driver came from outside: CoreWeave’s results eased doubts about how the build-out of cloud capacity for artificial intelligence will be paid for.
The stock closed Tuesday, November 10, 2026, at $117.98. The opening gap has not been filled: today’s low of $124.15 sits above the previous high of $120.23.
The rebound follows a week to forget. On Thursday, November 5, 2026, the stock gave up 6.93% and closed below the $116 at which Oracle had placed its new shares three days earlier. The next day, when Microsoft’s report landed, it fell as far as $109.21, a 52-week low. It has recovered roughly 15% from there, leaving behind the $116 threshold it had hovered around until Tuesday.
Why CoreWeave matters for Oracle too
CoreWeave’s third-quarter results, filed with the SEC on the evening of Tuesday, November 10, 2026, gave the market what it wanted: revenue of $3.66 billion, up 168% in a year, and 2026 guidance raised to $13 billion to $13.3 billion. Chipmakers reacted at once, as Broadcom’s rally showed. For Oracle, a different part of the story matters: who pays for the investment.
Until a few days ago the credit market was treating CoreWeave as a borrower under stress. In early November, according to CNBC, the spread on its credit default swaps, which insure against default, had passed 11%. Net interest expense in the quarter climbed to $846 million, almost triple a year earlier.
That is why investors seized on a remark by CEO Michael Intrator on the conference call, reported by 24/7 Wall St: “we’re not going to use the unsecured debt market to fund our business at current yields, nor do we need to.” The money will come from customers instead, roughly $9 billion in prepayments and deposits expected over the next three months.
The read-across to Oracle was almost automatic. 24/7 Wall St calls it “the closest comparable in the AI cloud”. At the open, with CoreWeave up about 16% and Nebius up 13%, the stock was already gaining around 5%.
Debt, cash and the Microsoft story
Oracle’s game is played on a different scale. In the quarter ended August 31 it invested $28.5 billion, against $8.5 billion a year earlier, and free cash flow was negative by about $5.4 billion, according to the release on first-quarter fiscal results.
On the other side of the scale sits $664 billion of contracted backlog, or remaining performance obligations (RPO), $209 billion more than twelve months ago. At the October 28 Investor Day, management pointed to a return to positive cash flow in the second half of fiscal 2028, counting in the meantime on customer prepayments and supplier financing. The template is CoreWeave’s.
The rest is up to the capital markets. On November 2, Oracle priced a raise of roughly $20 billion: 86.2 million new shares at $116, plus $10 billion of bonds in five tranches with coupons between 7% and 8.65%, worth about $780 million of interest a year, as we calculated when covering the jumbo raise. The lowest expected rating on the new notes is S&P’s BBB-, the bottom rung of investment grade. Moody’s indicates Baa2, one notch higher, but with a negative outlook.
The hardest blow came on Friday, November 6. Bloomberg, citing anonymous sources, reported that Microsoft is winding down the 2023 agreement under which it rented AI computing capacity from Oracle for the AI version of Bing. It would not renew because that capacity no longer met its needs; the hardware, the report specifies, uses a previous generation of Nvidia chips. The value of the deal was never disclosed. Microsoft did not immediately respond to Reuters. An Oracle spokesperson countered that “demand for OCI’s AI infrastructure remains strong, including for previous-generation GPUs.”
Moving averages and support levels
A 6% day is not enough to repair the chart. The stock remains below all the main moving averages, and the nearest one, the 20-day, runs through $127.22. As of 4:11 p.m., the session high of $126.88 had stopped just below it. Only a close above that level would be a first signal. The 50-day and 100-day averages sit between $137.87 and $139.36, the 200-day at $154.79.
If the rebound deflates, the reference point is again the $116 paid by those who subscribed to the new shares, with support at $115.58 and $113.17 just below, then Friday’s low. Some resilience was already visible at Tuesday’s close, with the RSI at 40.7 showing bullish divergence, while the MACD remained below its signal line.
Historical volatility close to 79% annualized puts the session in perspective: for this stock, in these weeks, days like this are not the exception.
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Editor’s note
This article was originally published in Italian on money.it by Ufficio Studi Money.it on November 11, 2026 as «Oracle rimbalza a Wall Street: i conti di CoreWeave allentano i timori sul debito dell’AI». It has been translated and adapted for an international audience by the Money.it International desk.
