Oracle (ORCL.N)'s aggressive artificial intelligence spending plan has attracted significant attention as its bonds are scrutinized on Wall Street for cracks in the AI craze. Morgan Stanley credit analyst Erica Spear expects the pressure on the company's bonds to persist into next year. Last week, Oracle's stock price experienced its largest drop in nearly 11 months, and its credit risk indicators rose to a 16-year high. The company's financial report showed revenue falling short of market expectations, while raising its annual capital expenditure target by $15 billion and more than doubling its future lease commitments. Co-CEO Clay Magouyrk stated that the company is committed to maintaining its investment-grade debt rating, and the actual borrowing scale may be lower than analysts' predicted over $100 billion. Spear said, "For investors, the challenge lies precisely here: management continues to finance investments almost entirely through debt, which is not surprising, but this approach remains frustrating given the generally unclear investment timeline and caps."