Oracle has lost more than $463 billion in value since hitting a record high of $933 billion in September 2025. It’s the latest blow to a company that investors once treated like a clean bet on artificial intelligence. The drop started right after Oracle posted strong guidance last September for its cloud business, riding hype from rising AI demand. Oracle’s ties to the private AI company have started to look like a gamble. And investors are starting to ask how much of Oracle’s stock value was just based on hopes that OpenAI would deliver.