The bigger story than [Oracle's cheap valuation](https://www.cnbc.com/2026/07/21/oracle-has-taken-a-beating-recently-mizuho-says-it-can-more-than-double-from-here.html) is what's *not* being priced. Mizuho's double thesis assumes Oracle can grow into a normalized multiple—but normalized multiples don't exist when long-duration assets are repricing. Chip stocks just got crushed, yet $MU trades at net margins and $NVDA at net margins.

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