Is AI eating crypto’s liquidity? Inside the $300B Oracle hit and Bitcoin miner pivots
Oracle did what every legacy tech giant dreams of. In September, it announced a $300 billion cloud deal wrapped around OpenAI, the hottest name in software, and watched its stock rip higher.
Two months later, the market gave its verdict. Oracle has shed more than $300 billion in market value, trading below its pre-AI announcement levels, while reports began calling it a “ChatGPT curse.”
Analysts are now treating the mega deal as a case study in what happens when AI promises outrun the cash flows that are supposed to support them.
At the same time, Cursor just raised $2.3 billion at a $29.3 billion valuation. The company crossed $1 billion in annualized revenue this year and more than tripled its valuation since June.
The coding tool…
