It’s Friday, which means the data softened just enough to look polite before reminding everyone why the weekend exists. Oracle scared investors, crypto finally met consequences, and the deficit briefly behaved like it understood the assignment. Nothing broke today. That alone feels like a win..

Oracle’s holiday party probably got quieter after its stock dropped almost 11% in a single day, wiping out more than $100 billion in market value. Investors reacted sharply to an earnings report that showed just how much the company is leaning into AI and how expensive that commitment is becoming.

The company missed Wall Street’s quarterly revenue expectations and then made things more interesting by raising its full-year capital expenditure forecast from $35 billion to $50 billion. That spending is largely earmarked for AI infrastructure. To put that in perspective, the new capex figure equals about 75% of Oracle’s expected annual revenue. Historically, Oracle spent closer to 17% of revenue on long-term assets. This year is clearly an exception, not a trend.

Debt adds another layer. Oracle already carries about $106 billion in debt, and analysts at Morgan Stanley estimate that figure could swell to $290 billion over the next three years. Investors had rewarded Oracle earlier for landing major AI cloud contracts, including work tied to OpenAI. Now the concern is that the company may be stretching itself at the same time competition in AI infrastructure is heating up. Oracle is still up roughly 20% for the year, but the latest selloff suggests enthusiasm has limits once the bill arrives.

Reuters reports that Do Kwon, the South Korean entrepreneur behind the TerraUSD stablecoin and Luna token, was sentenced to 15 years in a U.S. federal prison for fraud connected to the $40 billion collapse of those cryptocurrencies.

Kwon admitted he misled investors by claiming TerraUSD’s algorithm could maintain stability, when in fact price support came from secret market interventions. The judge labeled the scheme an “epic fraud,” noting the collapse wiped out massive value and harmed retail investors.

This marks one of the most significant fraud convictions in crypto history, coming after Kwon pleaded guilty and agreed to civil penalties and a lifetime ban on trading digital assets. His sentence reflects broader scrutiny of stablecoins and crypto projects that promised safety but delivered losses instead.

The US Treasury reported a rare moment of fiscal self control in November, with the budget deficit falling 52.8% year over year to $173.3B. That makes it the lowest November deficit since 2020, and if you ignore the pandemic years entirely, the lowest since November 2017. For one month at least, the numbers behaved.

Revenue did most of the heavy lifting. Government intake jumped 17.8% year over year to $740.4B, the highest total ever recorded for the first two months of a fiscal year. Spending also helped by doing slightly less, down 4.4% year over year to $1.19T, which is still the second largest November on record. Progress, but with scale.

Zoom out and the mood changes. The deficit for the first two months of FY2026 now stands at $457.6B, the second highest start on record. So yes, November looked disciplined. The broader picture still says deficit spending remains fully employed, just with better optics this month.