On June 12, Oracle’s (ORCL) earnings beat ran straight into what has apparently been a wall of investor worry.

Wall Street had been looking for proof that Oracle’s cloud infrastructure business was still riding the AI boom, and the company delivered plenty of it.

Revenue surged, Oracle Cloud Infrastructure jumped, and backlog climbed to a staggering $638 billion.

However, investors were looking elsewhere.

In fact, according to The Times, Oracle stock fell as much as 12% on Thursday after earnings, wiping out more than $70 billion in market value.

Investors wanted AI momentum, but Oracle handed them a massive funding question.

Bernstein analyst Mark Moerdler stayed bullish, raising his Oracle price target to $325…