Oracle’s 5-year CDS hit a weekly high of 215 bps and is trading near 210.

This is the highest level in the entire twenty-year series, surpassing even the peak of the 2008 crisis.

To put this in perspective, the historical average is 50 bps.

The market is charging more than four times that amount to insure the company's credit.

Equity prices have already begun to correct, but the credit market had been signaling this beforehand.

The cost of debt-funded AI capex is being priced in, and Oracle is the most exposed name regarding this expense.