ORCL

And Oracle, another name with a massive RPO backlog. Theirs was I think close to $640 billion. But, they are also spending heavily. They had negative free cash flow. There's a lot of debt conversations and concerns about that debt.

How do you determine whether the enormous backlog that Oracle has is an opportunity or a financing risk? We see it as an opportunity and we start we think as some of these data centers come online, it'll start to work through that and alleviate some of those concerns.

For the one that might blow your mind, Oracle, ORCL. This is the single biggest puzzle on the market right now. The stock has crashed roughly 57% from its highs, down about 24% just this year, down 38% over the last 12 months. And yet, the business underneath it is growing at a pace that the old, boring Oracle could never have imagined. That contradiction is the entire story.

The bull case is staggering. Oracle quietly became one of the biggest winners in AI. Its cloud infrastructure business grew 93% in a single quarter. Its multi-cloud database business grew over 400%. Total revenue hit 67 billion last year, and management is guiding to roughly 90 billion next year alone. That is 34% growth for a company this size.