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CNBC’s Jim Cramer is attributing Oracle Corp.‘s (NYSE:ORCL) monumental $455 billion backlog to the ‘Stargate’ AI infrastructure project, questioning the 359% surge in the pipeline on a social media post.
In a series of posts on X, Cramer expressed astonishment at the market’s reaction and Oracle’s business pipeline. “Trying to figure out how much of that backlog for Oracle is Stargate because I don’t know who else would be placing those orders,” he wrote.
He also noted what he described as “panic buying” in the stock, stating, “Jeez there is panic buying in Oracle like I have never seen in a big cap stock. I wonder how heavy the short position is!!!”
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His commentary suggests that the sheer scale of Oracle’s newly signed contracts points toward a mega-deal, with the Stargate venture being the most likely candidate.
His comments follow Oracle’s stock soaring 28.36% in after-hours trading, despite the company narrowly missing Wall Street’s first-quarter revenue and earnings estimates. The market’s enthusiastic response was fueled entirely by the company’s massive future revenue pipeline. –
Oracle’s first-quarter report revealed earnings of $1.47 per share and revenue of $14.92 billion, both slightly below analyst expectations. However, investors looked past the miss, focusing instead on the company’s Remaining Performance Obligations (RPO), a measure of future contracted revenue.
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The RPO surged an incredible 359% to $455 billion. Oracle CEO Safra Catz confirmed the source of the growth, stating, “We signed four multi-billion-dollar contracts with three different customers in the first quarter.”
She added that the RPO is “likely to exceed half-a-trillion dollars” in the coming months, signaling a period of explosive growth for its cloud infrastructure division.
The Stargate project, announced by Donald Trump in January this year, which underpins Cramer’s speculation, is a massive joint venture between Oracle, OpenAI, and SoftBank.
The collaboration aims to invest up to $500 billion in building a vast network of AI data centers across the United States, positioning Oracle’s cloud infrastructure as a critical component for the future of artificial intelligence.
This venture would require enormous cloud computing resources, aligning with the unprecedented scale of Oracle’s reported backlog.
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This article Jim Cramer Says Oracle’s $455 Billion Backlog Is Because Of Stargate Project: ‘Who Else Would Be Placing Those Orders’ originally appeared on Benzinga.com
