Oracle

GPUs buy silicon; returns hinge on utilization. Collectives, HBM, schedulers, power/thermal, and inference batching decide effective output from hundred-billion AI CapEx. Hub NVIDIA; complements AVGO/ANET; constraints TSM/MU; physical layer VRT. See CPU industry.

Oracle FY2026 revenue $67.4B (+17%), Cloud $34.0B (+39%); RPO jumped to $638B (+363%) while FY26 FCF was about −$23.7B. Price ~$120 / mkt ~$346B reflects a re-pricing of large backlog vs financing, dilution, and execution. Company guides ~$90B FY27 revenue.