Oracle shares fell nearly 9% after the company revealed AI infrastructure spending would soar to as much as $95 billion（約15兆円） in fiscal 2027, forcing it to raise debt and accept margin pressure.

What happened: Oracle said capital expenditures hit close to $56 billion（約9兆円） this year, well above its target, and will balloon to as much as $95 billion（約15兆円） in fiscal 2027. The company also warned profit margins would "step down" over the coming year as it ramps up data-center projects. Shares plunged in after-hours trade Wednesday, dropping close to 9%.

Why it matters: Oracle has major data-center deals with customers like Meta and OpenAI, and said its "Stargate" facility in Texas would be more than three-quarters complete within 90 days. However, an analyst told Reuters that while Oracle has real demand for its services, it is getting harder to see how it could fund all the investment required. The rising costs are giving investors concern.

What to watch: Though some of the $95 billion（約15兆円） figure will be repaid by customers, the company will need to raise more debt next year to finance the expansion. The company also said OpenAI customers can now access its cutting-edge coding models on Oracle's cloud.