Oracle’s remaining performance obligation (contracted revenue not yet recognized) reached $664 billion at the end of fiscal Q1 2027, up $209 billion from the same quarter a year earlier. The backlog announcement helped lift Dell Technologies and Hewlett Packard Enterprise shares by double-digit percentages. Oracle’s total revenue rose 30% to $19.3 billion, while cloud infrastructure revenue jumped 121% to $7.4 billion. The company signed more than $30 billion in new AI-related cloud contracts, added 850 megawatts of data-center capacity and delivered more than 300,000 GPUs to AI cloud customers. Oracle reiterated fiscal 2027 capital expenditure guidance of $90 billion to $95 billion. Dell reported a $95 billion AI-server backlog and $60.9 billion in AI-server orders, while HPE’s Cloud and AI revenue increased 25% and server revenue rose 35%. Oracle’s expansion came with negative free cash flow of $5.4 billion after $28.5 billion in capital expenditures, prompting the company to raise nearly $20 billion through an at-the-market stock sale. Only about 12% of the $664 billion backlog is expected to become revenue within the next 12 months, leaving most commitments scheduled for later years.