OpenAI's survival is now someone else's credit risk

On July 9, S&P Global Ratings cut Oracle to BBB-/A-3 from BBB/A-2, one notch above junk. The reason the agency gave was not a product or a quarter or a balance sheet. It was a customer. In its rationale, as relayed through secondary reporting, S&P treated OpenAI as a central credit risk and warned that if OpenAI couldn&rsquo;t meet its payment obligations, Oracle would be left holding long-term…