Credit-default swaps on Oracle hit record 261 basis points on October 8, implying a 20% default probability within five years, as AI lending markets reprice amid saturation rather than fundamental credit deterioration. Oracle, Broadcom, and SpaceX all saw debt insurance costs surge on the same day. To manage near-term borrowing pressure, Oracle is negotiating with Apollo and Goldman Sachs to structure a chip-leasing arrangement rather than issue additional bonds.