Tonight, I would focus on three things: RPO conversion, AI revenue growth, and cash generation. If Oracle can show that major AI contracts are moving into actual revenue faster than expected, while keeping margins under control, the backlog starts to look like a genuine earnings engine rather than a headline number.
The bigger question is capex. Oracle is spending heavily to build AI infrastructure before customers fully pay for it. That creates a dangerous gap if financing costs stay high.
So I would not buy simply because the backlog is huge. I want evidence that AI demand is converting into cash faster than Oracle is converting cash into data centres.
If tonight’s numbers prove that equation is turning positive, I think the market could start valuing Oracle very differently.
@Marktomarket [龇牙]
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