Oracle shares dropped 6% on Thursday, reversing gains from the previous day when the stock hit a record closing high. The sharp decline followed a report by The Wall Street Journal suggesting that nearly all of Oracle’s projected growth stems from a single client: OpenAI. The tech giant’s stock had surged earlier in the week on strong financial results and bold growth projections. On Tuesday, CEO Safra Catz announced that Oracle had secured four multi-billion-dollar contracts with three different customers during the quarter. The company’s remaining performance obligation — a key metric tracking contracted revenue not yet recognized — jumped to $455 billion, a 359% increase from the prior year. Oracle also forecast that its cloud infrastructure revenue could grow 14-fold by 2030. In after-hours trading on Tuesday, Oracle’s shares soared 30%, and on Wednesday, they closed up nearly 36%, reaching a record high of $328.33. The rally reflected investor excitement over Oracle’s expanding role in the AI infrastructure boom, driven by the rising demand for data centers capable of supporting advanced AI models, often powered by Nvidia chips. However, the momentum faltered after the Wall Street Journal reported that OpenAI is expected to pay Oracle $300 billion over five years. The report emerged following OpenAI’s announcement of a deal with Oracle to develop 4.5 gigawatts of U.S. data center capacity. Both companies declined to confirm the specific financial terms. The revelation sparked concerns among analysts about the sustainability and diversification of Oracle’s growth. Gil Luria, an analyst at a major investment firm with a neutral rating on Oracle shares, wrote in a client note that “our enthusiasm for Oracle’s backlog announcements is significantly tempered by the report that it came almost entirely from OpenAI.” The sharp stock reversal underscores the market’s sensitivity to concentration risks, even as Oracle continues to position itself as a central player in the AI infrastructure race.