Oracle Earnings Beat as Cloud Revenue Surges

Watch on YouTube ↗  |  September 10, 2026 at 22:01  |  1:30:03  |  Bloomberg Markets
Speakers
Cam Harvey — Professor of Finance, Duke University Fuqua School of Business
Kevin Crowley — Bloomberg Senior U.S. Reporter
David Schwartz — Senior Equity Analyst, Morningstar
Jacek Olczak — CEO, Philip Morris International (PMI)
Anurag — Senior Technology Analyst, Bloomberg Intelligence
Jeanne Sun — Citi Wealth
Rishi Jaluria — Managing Director of Software Equity Research, RBC Capital Markets
Michael — Macro Strategist, Bloomberg News
Tom Giles — Executive Editor for Technology, Bloomberg
Jason Robins — CEO, DraftKings
Romaine Bostick — Anchor, Bloomberg
Matt King — CEO, Fanatics Betting & Gaming
Constance Schwartz-Morini — CEO & Co-Founder, SMAC Entertainment
Seth Meyer — Global Head, Client Portfolio Management, Janus Henderson

Summary

Bloomberg The Close covers a risk-off session where rising real yields, hot oil prices, and inflation anxiety weigh on markets. Guests discuss AI capex and Oracle/Adobe earnings, with Oracle beating but facing funding and durability questions. Philip Morris executives defend the smokeless pivot, Macy's is called undervalued, and DraftKings sees predictions as a major growth opportunity.

  • Brent crude tops $107 on Middle East supply risks, low inventories, and returning Chinese buying.
  • Cam Harvey argues rising long-term yields reflect growth expectations rather than inflation.
  • Oracle earnings beat; AI cloud revenue more than doubled, but debt and capex financing remain concerns.
  • Adobe faces questions about AI relevance despite in-line results.
  • Philip Morris sees U.S. smokeless products, led by pouches, as its major growth opportunity.
  • Macy's is called undervalued at about 10x earnings despite department-store skepticism.
  • DraftKings says prediction markets are incremental, not cannibalizing, its core sportsbook.
  • Citi Wealth sees strong economy and earnings supporting U.S. equities and short-duration positioning.
Ideas
Cam Harvey Professor of Finance, Duke University Fuqua School of Business 10:33
Rising yields reflect growth, take risk
Rising long-term Treasury yields are a real-rate growth story, not an inflation scare; breakeven inflation is stable near 2.4%, while expected AI-driven growth is set to accelerate. This supports taking risk and favors U.S. equities, since the U.S. leads AI investment and has the most upside.
SPY HIGH
Kevin Crowley Bloomberg Senior U.S. Reporter 14:34
Oil tightness supports higher prices
Brent's spike above $107 reflects intensifying Middle East conflict, drawn-down global oil inventories, and China returning as a buyer. Physical barrels are tightening even more than futures, suggesting the market will stay responsive to any supply shock.
BNO MED
David Schwartz Senior Equity Analyst, Morningstar 21:44
Macy's undervalued amid steady turnaround
Macy's has posted six straight quarters of comparable growth and is earning around $2.20 per share, putting the stock at only about 10 times earnings. Despite the department-store sector's low valuation, the stock is a bit undervalued relative to his roughly $20.50 fair value.
M MED
Jacek Olczak CEO, Philip Morris International (PMI) 23:26
PMI US smokeless expansion drives growth
The U.S. re-entry through Swedish Match gives PMI a leading position in nicotine pouches. Capacity expansions are addressing earlier inventory constraints, and management is optimistic on regaining market share and growth this year and beyond.
PM HIGH
Anurag Senior Technology Analyst, Bloomberg Intelligence 31:43
Oracle cloud demand remains strong
Oracle's quarter was better than feared with strong OCI revenue, but durability, margins, funding, and how quickly capacity converts from backlog to revenue are still open questions, keeping the stock a show-me story.
ORCL MED
Anurag Senior Technology Analyst, Bloomberg Intelligence 32:33
Adobe enterprise suite limits AI disruption
Adobe faces medium AI-disruption risk, but its enterprise product suite is harder to replace with free AI tools, and Adobe has been fast in rolling out its own AI package; slowdown concerns are more macro than AI disruption.
ADBE MED
Jeanne Sun Citi Wealth 37:43
Prefer short duration over long bonds
Persistent inflation, strong growth, and fiscal deficits support higher rates; Citi Wealth has been positioned for higher rates with short duration in portfolios, avoiding long-duration interest-rate exposure.
TLT MED
Rishi Jaluria Managing Director of Software Equity Research, RBC Capital Markets 60:50
AI earnings show durable demand
Real AI enterprise demand is visible, there is no capex slowdown, and green shoots are spreading from AI hardware and semis into infrastructure, cybersecurity, database, and applications. This makes the broader AI trade more durable than the market is giving credit for.
SMH HIGH
Jason Robins CEO, DraftKings 80:13
DraftKings predictions add incremental growth
DraftKings says predictions are a huge incremental opportunity, with strong data showing no material cannibalization of its core sportsbook. Existing business is healthy and growing, and management has high conviction the stock will re-rate as results prove out.
DKNG HIGH
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This Bloomberg Markets video, published September 10, 2026, features Cam Harvey, Kevin Crowley, David Schwartz, Jacek Olczak, Anurag, Jeanne Sun, Rishi Jaluria, Jason Robins discussing SPY, BNO, M, PM, ORCL, ADBE, TLT, SMH, DKNG. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Cam Harvey, Kevin Crowley, David Schwartz, Jacek Olczak, Anurag, Jeanne Sun, Rishi Jaluria, Jason Robins  · Tickers: SPY, BNO, M, PM, ORCL, ADBE, TLT, SMH, DKNG