Oracle Surges After $455B AI Backlog Reveal

Oracle’s stock leapt after the company disclosed massive future AI infrastructure commitments, including a headline-making $300B portion tied to OpenAI. The newsletter reports Oracle revealed $455B in future AI infrastructure contracts and said it had secured four multibillion-dollar deals this quarter, pushing its revenue backlog toward (and above) $500B. A Wall Street Journal account cited in the piece says OpenAI alone would account for roughly $300B of the backlog, implying about $60B annually starting in 2027 for compute capacity.

The market reaction sent Oracle shares up roughly 40% in a single session — the company’s best one-day gain since 1992 — and propelled founder Larry Ellison past Elon Musk in net worth, with an overnight jump of more than $100B noted in the newsletter. Oracle projects cloud infrastructure revenue growing from about $18B this year to $144B within five years, much of it already tied to signed contracts. The write-up frames this as a “picks-and-shovels” moment for AI: while models draw headlines, the infrastructure providers are capturing enormous, durable revenue as compute demand soars.

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