Oracle's earnings report fell short of expectations, concerns about the AI bubble reignited, BTC and Nasdaq futures both declined! Oracle released its Q2 earnings report for fiscal year 2026 on Wednesday night, with total revenue of $1.61 billion slightly below expectations, and cloud infrastructure revenue of $4.1 billion also falling short. Although the adjusted EPS of $2.26 exceeded the expected $1.64, new license sales were weak, capital expenditure plans increased to $50 billion, and total debt soared to $99.6 billion (a 25% year-over-year increase), with net debt expected to reach $290 billion by 2028. The stock price plummeted 12% in after-hours trading, dragging down the AI sector: Nvidia and AMD fell by 1%, CoreWeave by 3%. The five-year credit default swap (CDS) spread rose to 117 basis points (the highest since 2022), reflecting a reassessment of risk, but the probability of default is only 1.93% per year, with a cumulative 9% over five years. The Federal Reserve's 25bp rate cut is seen as fully priced in, and hawkish guidance has triggered uncertainty. Bitcoin fell 2.8% below $90,000, and Nasdaq futures dropped 0.8%. The AI debt frenzy vs. delayed actual cash flow has led the market to start questioning the bubble. Short-term risk appetite is under pressure, what do you think?