Is Oracle Stock a Buy Now?

Oracle is spending heavily on AI data center infrastructure ($28B+ capex in Q1 vs $19B revenue), burning significant free cash flow (-$28.7B over 12 months), and funding expansion through debt, stock dilution, and customer prepayments. While cloud revenue is booming (121% growth), the company faces execution risks including power infrastructure delays at its New Mexico campus. The analyst recommends waiting on the sidelines until Oracle demonstrates it can convert its $664B backlog into actual free cash flow.