Oracle's fiscal Q1 2027 capital expenditure was $28B, up from $8.5B a year earlier, and free cash flow was negative $5B despite record operating cash flow of $23B. Management held fiscal 2027 capex guidance at $90 to 95B, capped net cash capex at $70B after customer prepayments and financing arrangements, and disclosed a $20B at-the-market equity issuance completed during the quarter. The AI build-out is now being financed with equity dilution and vendor financing on top of the debt that already put Oracle's credit default swaps at an 18-year high in July.