$ORCL

I think the $ORCL earnings has two truths at the same time. The first truth is that Oracle’s AI demand is real, massive and still accelerating but the second truth is that Oracle’s AI demand is expensive to deliver which meansthe stock now comes down to capex, financing, margins and dilution. The opportunity is massive because with ~$638B of backlog, Oracle now has the largest contracted backlog in tech and Larry Ellison is clearly betting the company’s future on OCI.