Oracle reported a backlog of $664 billion at the end of fiscal Q1 2027, up $209 billion year-over-year, driven by explosive demand for AI-related cloud services. Total revenue surged 30% to $19.3 billion, with cloud infrastructure revenue jumping 121% to $7.4 billion. Dell and HPE saw their stocks surge, with Dell reporting a $95 billion AI server backlog and HPE posting 35% server revenue growth. Oracle posted negative free cash flow of $5.4 billion despite $28.5 billion in capital expenditures and plans to raise nearly $20 billion through an at-the-market stock sale. Only 12% of the $664 billion backlog is expected to convert to revenue in the next 12 months.
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