It’s hard to get behind $Oracle(ORCL.US) after yesterday’s +36% move on a tripling in RPO to $455B (vs $149B est). A handful of large cloud customers with AI roots accounted for the surging backlog, including OpenAI and xAI. The normally conservative Oracle CFO gave aggressive Cloud Infrastructure rev forecasts based on this rapidly expanding backlog, including $18B in 2026 growing to $144B by 2030 (vs $124B est).
If this is all too much for a software company that now trades at a FY’26 P/E of 45x (vs 5-year avg forward P/E = 20x) and vs 5-year forward EPS growth of +24%, you’re not alone.
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