This AI Infrastructure Company Has a $638 Billion Backlog and Is Trading Near an 18-Month Low

Oracle has accumulated a $638 billion backlog in AI infrastructure contracts, primarily from OpenAI ($300B), Meta, and SpaceX, positioning it as a major beneficiary of the AI boom. However, the stock has fallen 55% from its 52-week high due to concerns about whether customers can fulfill their obligations and whether Oracle can deliver on orders without severely straining its finances. Despite heavy capex spending and negative free cash flow, Oracle trades at attractive valuations with 21% YoY revenue growth, presenting a potential buying opportunity if execution succeeds.