The technology would not collapse, only the equity owners' purchasing power would collapse. Ellison owns 40%, so the rest of society only loses 60% * $360B = $260B, which is not much in the grand scheme of things.

And "the rest of society" are those buying BBB/BBB- bonds. This is a risk taken in exchange for higher interest rates.

That'll include some big retirement/investment funds, but it's not big funds blindly buying without considering the risk.