Oracle Corporation (NYSE: ORCL) finalized pricing for a $20 billion stock-and-bond offering late Monday, setting 86,206,897 new common shares at $116 each. The accompanying $10 billion debt offering carries approximately $776.75 million in annual contractual coupon payments across five bond series.

Before Monday’s market opened, Oracle filed preliminary SEC prospectuses for a proposed $10 billion common-stock offering and a separate $10 billion senior-notes offering. Its shares fell 8.76% to $119.22 in the regular session, before the company announced final pricing at 10:09 p.m. ET. The $116 offering price represents a roughly 2.7% discount to Monday’s closing price and an 11.2% discount to Friday’s $130.67 close.

Both offerings are expected to close on Wednesday, November 4, subject to customary closing conditions. The closing of either offering is not contingent on the other.

New Shares and Bonds Set Oracle’s Financing Terms

Oracle expects approximately $9.9 billion in net proceeds from the stock offering and $10 billion from the notes offering, after underwriting discounts and estimated expenses.

The new shares represent approximately 2.85% of the 3.024 billion common shares Oracle had outstanding on August 31, according to its SEC prospectus. The comparison shows how the proposed issuance compares with the earlier share count, but does not represent the final percentage of ownership dilution after the offering.

The debt offering consists of five fixed-rate bond tranches maturing between 2029 and 2046, with coupon rates ranging from 7% to 8.65%. The highest rate applies to $1.5 billion of notes due in 2046.

At their stated rates, the notes would require $776.75 million in annual coupon payments if all remain outstanding. That amount represents gross interest obligations, not necessarily an equivalent increase in Oracle’s net interest expense if the company uses proceeds to repay existing debt.

Monday’s selloff marked Oracle’s third consecutive losing session, leaving shares approximately 17.5% below their October 28 close of $144.54. Trading volume reached about 58.75 million shares, versus an average of 31.34 million over the previous 20 trading sessions.

Separately, Oracle Tokenized bStocks (ORCLB) was trading at $117.84, down 9% over the preceding 24 hours, according to CoinMarketCap. ORCLB trades as a tokenized instrument separate from Oracle’s NYSE-listed common stock, with its 24-hour price change reflecting a different trading period than the stock’s regular-session return.

Offering Matches Oracle’s October 28 Financing Plan

The newly priced transactions match the financing plan Oracle outlined at its October 28 Investor Day. Under that plan, Oracle committed to limiting additional capital-market funding for its fiscal 2027–2030 investment cycle to $20 billion, split between $10 billion in equity and $10 billion in gross debt, excluding refinancing of existing debt.

That financing is separate from a $20 billion at-the-market equity offering Oracle completed in the first quarter of fiscal 2027.

Oracle expects capital spending on its AI and cloud infrastructure expansion to peak in fiscal 2027 and 2028, with free cash flow turning positive in the second half of fiscal 2028.

Oracle said it could use the funds raised through the stock and bond offerings for general corporate purposes, including capital expenditures, repayment of existing debt, future investments or acquisitions, dividends, and share repurchases. The company has not specified how it plans to distribute the funds among these purposes.

Palantir Technologies (NASDAQ: PLTR) shares were quoted nearly 8% lower early Tuesday after the company’s third-quarter earnings, released after Monday’s market close, showed slower growth in newly signed contract value and a decline in long-term remaining performance obligations despite revenue rising 96%.

The stock traded near $164.15 at 08:00 a.m. ET, approximately 8% below Monday’s closing price, according to Yahoo Finance. Palantir reported quarterly revenue of $2.313 billion and adjusted earnings of $0.44 per share, both exceeding analysts’ expectations.

However, total contract value (TCV) grew just 6% YoY to $2.918 billion, versus 49% growth in the second quarter. U.S. commercial TCV rose 11% to $1.463 billion, down sharply from 153% annual growth in the previous quarter.

The slowdown was also evident in quarterly comparisons. Total contract value was approximately 13.5% lower than the second-quarter figure of $3.373 billion, while U.S. commercial TCV was about 31.4% lower than its second-quarter level of $2.132 billion. Palantir closed 212 deals worth at least $1 million, down from 220 in the second quarter.

TCV measures the potential value of signed contracts, including unexercised customer options, rather than revenue the company has recognized.

Palantir’s Long-Term RPO Balance Falls $70 Million

Palantir’s third-quarter investor presentation showed that long-term remaining performance obligations (RPO) declined from $2.81 billion in the second quarter to $2.74 billion, a decrease of approximately 2.5%.

Total RPO slipped from $4.90 billion to $4.88 billion, while short-term obligations increased from $2.09 billion to $2.14 billion. The decline in reported long-term RPO outweighed the increase in short-term RPO. Total RPO nevertheless remained approximately 88% above its year-earlier level of $2.60 billion.

RPO represents non-cancelable contracted revenue that Palantir has not yet recognized. However, the company excludes contracts with original terms of 12 months or less from this disclosure, meaning the measure does not capture its entire contract backlog.

Chief Financial Officer David Glazer said RPO also excludes obligations beyond termination-for-convenience clauses, which are common in the company’s government contracts. He said the measure therefore primarily reflects Palantir’s commercial business.

Palantir separately reported that U.S. commercial remaining deal value increased 79% year-over-year and 4% sequentially to $6.517 billion. That broader contract measure includes potential future revenue not necessarily reflected in RPO. 

During Monday’s earnings call, Glazer said Palantir signed multiple eight-figure Sovereign AI contracts with shorter-than-usual durations as customers began adopting the company’s AI capabilities.

Glazer said management expects both the size and duration of those contracts to increase over time as customer adoption progresses. Palantir did not attribute the decline in long-term RPO to those shorter contracts.

Palantir Shares Extend Five-Session Decline Despite Stronger Revenue Outlook

Palantir shares closed Monday’s regular session at $178.34, down 3.13%, marking their fifth consecutive daily decline. The stock lost approximately 10.3% over those sessions and finished about 16.2% below its 52-week high of $212.94. 

Meanwhile, Palantir Tokenized bStocks (PLTRB), a tokenized product linked to Palantir shares, was trading at $164.14, down 12% over the preceding 24 hours, according to CoinMarketCap. The tokenized instrument trades separately from the Nasdaq-listed shares, and its 24-hour percentage change is not directly comparable with the stock’s premarket or regular session performance.

Despite the slower growth in contract signings, Palantir forecast fourth-quarter revenue of $2.649 billion to $2.653 billion, above analysts’ consensus of $2.46 billion. The midpoint implies sequential revenue growth of about 14.6%, compared with the 20% increase recorded in the third quarter.

The company also raised its full-year 2026 revenue guidance to between $8.530 billion and $8.534 billion, up from its previous forecast of $8.150 billion to $8.158 billion.

Apple (NASDAQ: AAPL) shares fell 4.46% to $323.23 in premarket trading at 08:21 a.m. ET Tuesday, following an earnings call that disclosed a $33 billion increase in manufacturing purchase obligations and a weaker gross margin forecast for the holiday quarter.

The increase implies $90 billion in manufacturing commitments at the end of September, up nearly 58% from the $57 billion reported in Apple’s June-quarter SEC filing. However, the company had not yet disclosed the exact September figure in its annual report.

The margin warning followed stronger-than-expected fiscal fourth-quarter results. Apple reported revenue of $114.5 billion, up 12% year over year and above analysts’ expectations of approximately $113.4 billion. Diluted earnings reached $2.10 per share, compared with estimates of $1.99. The earnings figure included a $0.05-per-share benefit from tariff refunds.

Apple’s Manufacturing Commitments Near $90 Billion

CEO John Ternus disclosed the increase during Apple’s November 2 earnings call while discussing efforts to improve component availability.

Chief Operating Officer Sabih Khan said Apple expects memory-related supply constraints for Macs and iPads during the December quarter, with demand running ahead of its expectations.

Apple expects December-quarter revenue to grow 7% to 10% year over year, a forecast that accounts for continued supply constraints.

Apple’s June filing showed that $56.2 billion of its manufacturing purchase obligations were payable within 12 months. That payment schedule applied to the June balance, and the company has not yet provided an updated breakdown for September.

Manufacturing purchase obligations cover future purchases involving component suppliers and contract manufacturers. They do not represent debt or expenses already recorded in Apple’s financial statements.

Although the disclosure came during a discussion about memory-chip supplies, Apple did not specify how much of the additional commitments related to memory purchases.

Apple shares had already fallen for two consecutive regular trading sessions before Tuesday’s premarket decline, losing about 3% by Monday’s close at $338.32.

Separately, Apple Tokenized bStocks (AAPLB) was trading at $325.64, down 5.22% over the preceding 24 hours, according to CoinMarketCap. AAPLB is a tokenized instrument linked to Apple shares, and its 24-hour price change is separate from the Nasdaq-listed stock’s performance.

Rising Memory Costs Weigh on Apple’s Margin Outlook

Apple forecasts a gross margin of 45% to 46% for the December quarter, compared with 47.9% in September. The forecast fell short of analysts’ expectations of about 47%, adding to investor concerns about rising component costs.

The September figure included an approximately one-percentage-point benefit from tariff refunds. Excluding that benefit, the reported margin would have been about 46.9%, narrowing the comparison with the holiday-quarter forecast.

Chief Financial Officer Kevan Parekh said higher memory costs were expected to account for most of the sequential margin decline. The rollout of Apple’s Siri artificial intelligence features would also affect margins through cloud-service costs and the deferral of a portion of device revenue.

CEO John Ternus described current memory pricing as unprecedented and said the company expects prices to continue increasing beyond December.

Apple has raised prices on several Mac, iPad and iPhone models to help offset component costs. Lower-cost inventory carried into the quarter and savings on non-memory components have also provided some relief, although management expects the inventory benefit to diminish over time.

The company’s inventories rose to $14.54 billion in September from $11.09 billion in June, an increase of approximately 31%. Unlike future purchase commitments, inventories represent goods and components that Apple already holds.

Wall Street firms also revised their outlooks following the earnings report.

Goldman Sachs analyst Michael Ng lowered his Apple price target to $380 from $390 while maintaining a Buy rating. Ng cited stronger-than-expected iPhone and Mac demand but identified rising memory and AI costs as pressures on the company’s outlook.

Morgan Stanley analyst Erik Woodring reduced his target to $350 from $355 while maintaining an Overweight rating. The firm cited concerns about slowing Services growth and lowered its fiscal 2027 earnings-per-share estimate by $0.05 to $9.85. Morgan Stanley said the December-quarter margin guidance was about 100 basis points below its forecast largely because it had assumed roughly $1 billion in tariff refunds; excluding that assumption, the guidance was nearly in line with its expectations.