$AVA$ORCL Market mainstream interpretation of this 2% rebound is “restructuring to cut costs → freeing up capital to feed AI,” and sentiment is somewhat optimistic. But I think this is precisely a dangerous signal: the planned restructuring expenses are already equal to 14.5% of quarterly revenue. In essence, it’s “using one-time costs to create the illusion of cash-flow improvement,” while AI infrastructure spending is still burning cash. The real gap in free cash flow is being obscured by accounting treatment. More importantly, the current macro environment isn’t cooperating— the Fed has just turned hawkish, and Warsh’s remarks are suppressing risk appetite. While Dow futures are up slightly, the market internally is already splitting (with SNAP, FLNC, etc. under pressure). Investors’ tolerance for high-capex growth narratives is declining. Looking at historical precedents, in 2018 GE also supported its valuation with a “restructuring + transformation” story, but ultimately collapsed due to a break in cash flow. If the options market shows concentrated bullish positioning while implied volatility does not rise, it often means institutions are quietly distributing. BTC is currently $76,315, up only +0.56% over the past 24 hours. Overall, risk assets lack incremental liquidity. Oracle’s AI sprint looks more like a heavy burden sprinting under high financing costs. Cost-cutting isn’t competitiveness, and burning cash for growth will be repriced in a tightening cycle. What do you think? Feel free to share different views in the comments section