Welcome to Markets Desk, here's what's moving right now.
Oracle shares have been in freefall since early June, shedding nearly half their value and wiping out roughly one hundred twenty five billion dollars from Larry Ellison's personal fortune. That collapse has dropped the Oracle chairman from second to eighth on the global billionaire rankings, a stunning reversal for one of tech's most celebrated wealth stories.
Driving some of that broader tech anxiety is the staggering pace of AI-related debt issuance, which jumped ninety nine percent over the past year. Hyperscalers are flooding bond markets with new paper to fund infrastructure buildout, and investors are now running hard against concentration limits, holding outsized exposure to a single sector at a moment when rate sensitivity remains very much alive.
Meanwhile, geopolitical risk is back in the price. The US Navy confirmed its Saronic Corsair sea drones were used in combat strikes against Iranian targets over the weekend, marking a first for the program. Crude oil responded immediately, adding over four dollars on the session, and that move is rippling through energy markets and weighing on risk appetite more broadly.
That's the tape. Markets Desk, signing off the floor.
