Cloud infrastructure revenue more than doubled to $7.4bn and the contracted backlog reached $664bn, while the $28.5bn Oracle put into capacity in three months turned a record $23.1bn of operating cash flow into free cash flow of negative $5.4bn.
Perspective Coverage
7 publishers
- Builder
- Builder 10%
- Operator
- Operator 21%
- Investor
- Investor 69%
Reality
- Evidence72
- Adoption70
- Hype gap+20
- Incentives62
- Confidence70
Snowflake's $9.77 billion backlog covers nearly two years of its current run-rate
Product revenue grew 30% to $1.23 billion in the quarter to January 31 while remaining performance obligations grew 42%, and the 12-point gap is the closest thing budget owners have to a forward reading on committed data spend.
Publishers:snowflake.com
Reality
- Evidence57
- Adoption64
- Hype gap+22
- Incentives86
- Confidence56
Oracle's backlog equals about 22 years of cloud infrastructure revenue at today's run rate
Infrastructure revenue grew 121% to $7.4 billion in the quarter and Oracle delivered 850MW of new datacenter capacity, but a buyer negotiating multi-year AI capacity has to price the $664 billion Oracle has already contracted.
Publishers:investor.oracle.com
Reality
- Evidence55
- Adoption62
- Hype gap+25
- Incentives88
- Confidence62
Google Cloud booked roughly three dollars of new commitments for every dollar it recognised
Alphabet's cloud backlog reached $514 billion, about 5.2 years of revenue at the current run rate. More than half is expected to convert inside 24 months, an average of $32.1 billion a quarter against $24.8 billion today.
Reality
- Evidence32
- Adoption45
- Hype gap+30
- Incentives68
- Confidence34
Oracle spent $28.5bn on capex in a quarter that booked $19.3bn of revenue
Oracle's $664bn of remaining performance obligations beat consensus by $46bn and lifted the stock 7 per cent after hours, while the fiscal 2027 revenue guide went from $90bn to at least $90bn and the EPS guide rose five cents.
Reality
- Evidence60
- Adoption62
- Hype gap+25
- Incentives70
- Confidence66
buildOne report1 publisher Microsoft's reported 38 GW fleet implies thirteen Pecos-scale campuses by 2032
A reported target of 38 gigawatts by 2032 has Microsoft roughly tripling its data-center footprint and taking AI capacity past 12 gigawatts. The composition ratio is the part of it a capacity plan can use.
Reality
- Evidence55
- Adoption60
- Hype gap+20
- Incentives60
- Confidence55