Oracle's stock has fallen about 33% this year despite booking a historic $638 billion backlog, driven by strong demand for AI cloud infrastructure. Investor sentiment has improved after attention focused on Oracle's connection to OpenAI, which accounts for about 47% of the company's remaining performance obligation. The shift comes as investors also assess Oracle's planned $70 billion in capital expenditure for fiscal 2027 and local resistance. Oracle competes with major cloud providers and has reported rapid cloud-revenue growth.