$Oracle(ORCL)$ Chip stocks tell us what suppliers hope will happen. Oracle’s backlog tells us what customers have already committed to. If RPO growth is real and durable, it weakens the “AI bubble” argument considerably. The market will be watching whether revenue eventually catches up to the promises.
Oracle Backlog Hits $664B — Can Cloud Stocks Stage a Comeback?
Oracle fell 5.38% into the print, then turned after hours, +4.38% to $159.64. Q1 FY27 revenue was $19.35bn, +30%, just under the $19.53bn consensus, but cloud infrastructure hit $7.4bn, +121%, and RPO reached $664bn against the $638bn carried into the day. Over $30bn of AI cloud contracts signed, 300,000+ GPUs delivered, near triple the prior quarter; guidance went to adj EPS $8.10 and at least $90bn. Nebius −5.09%, CoreWeave about −5%: names that live on capital markets take rates hardest. Faster conversion means more cash out first. Hold Oracle, Nebius, or CoreWeave into higher rates?
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