Oracle’s $553Bn Backlog May Not Be Enough to Offset FCF Concerns

Oracle's stock dropped 2.8% on June 9, 2026, following Anthropic's release of new AI models, adding to broader SaaS sector concerns. While Oracle's AI backlog surged to $553Bn, analysts remain divided on the company's ability to convert this into revenue amid negative free cash flow and high capex spending. The stock trades at $213.68, down 43% from September 2025 highs, with Q4 earnings expected June 10 to provide crucial guidance on capex and cash flow.