Over the past eight trading sessions, Oracle shares have declined by 22%, marking the worst comparable performance since the late 1990s. The slide accelerated after July 25, when broad software sector weakness combined with growing investor questions about the company’s exposure to high-cost artificial intelligence infrastructure. Despite Oracle’s enterprise software business delivering 14% year-over-year revenue growth in its fiscal Q2, the stock has now fallen 42% over the last six months.

Investors looking for reasons to hold point to Oracle’s $523 billion remaining performance obligations backlog, up from $483 billion a year earlier. The company’s cloud infrastructure division reported a 66% revenue surge to $4.1 billion in Q2, while GPU-accelerated compute revenue jumped 177% on strong AI workload demand. Multi-cloud deployments with key hyperscalers have also driven a 30% increase in new software-as-a-service subscriptions.

In its latest 13F filing, Border to Coast Pensions Partnership reduced its Oracle stake by 72.1%, selling 354,132 shares and bringing its holding to 137,209 shares valued at $38.6 million. By contrast, smaller funds such as Kampmann Melissa S. and Voisard Asset Management Group modestly increased positions. Meanwhile, corporate insiders have sold 62,223 shares over the past 90 days—executive Mark Hura sold 15,000 shares at an average price of $196.89 for proceeds of $2.95 million, and CEO Clayton Magouyrk sold 10,000 shares at $192.52 for $1.93 million—reducing insider ownership to 40.9%.

This week Oracle completed a significant capital-raising initiative, issuing a mix of debt and equity to bolster its balance sheet for AI infrastructure investments. Although exact proceeds were not disclosed, investors were hoping for clearer guidance on how the funds would be deployed against reported commitments of over $300 billion in future compute spending. The lack of detailed allocation plans has left the market unconvinced, contributing to Thursday’s 5.2% share price drop.