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That's certainly what's going to take them down.
They had a very profitable franchise selling RDBMS software and later application software (their accounting software dominates in large companies alongside SAP, plus HR software, CRM, etc.) But commoditization (e.g., Postgres) has turned their RDBMS offerings into a niche and they've been essentially flat for a long time. Now they've bet the farm on AI datacenters, and I think it'll be their doom. OpenAI will never pay that bill.
Interestingly, the Ellison family has to be in near-crisis. Ellison has for decades taken loans against his Oracle stock, which is common for billionaires. But now besides his extravagant "I bought a Hawaiian island" lifestyle, he also has the massive Paramount venture he's personally backing. If Oracle's stock continues to fall, banks are going to want payback on some of those margin loans and it could spiral down quickly.
In my experience in the F500, other than Computer Associates, no company is disliked more that Oracle, though Broadcom is certainly trying to claim the crown of late. Between abusive licensing practices and legendary audit enthusiasm, Oracle is despised. Anyone who can get off Oracle products has or would love to.