Oracle shares surged 3.34% pre-market on December 23, 2025, following the company's clarification regarding no delays in OpenAI data-center projects and new healthcare contract wins. However, the stock is currently down 1.97% in live trading. Broader concerns persist over Oracle's $111 billion debt, $50 billion annual capital expenditure guidance, and negative free cash flow. Goldman Sachs cutting its price target from $320 to $220 signals reduced analyst confidence, highlighting the market's scrutiny of capital efficiency.