TradingKey – Oracle had a better fundamental setup for Sept. 11th after fiscal Q1 results. Market concern around AI spending was alleviated when Oracle beat revenue expectations with $19.3B, adjusted EPS of $1.92, a 121% increase in OCI revenue, and a record high remaining performance obligation of $664B. The primary fundamental change is not the speed of cloud growth, but the structural changes being made by Oracle. Oracle uses customer prepayments and the bring-your-own-hardware contracts to build out the AI within their own balance sheet.