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Core Viewpoint - Oracle's stock price experienced a significant drop of over 10% following the release of mixed Q2 earnings, raising concerns among investors about the company's heavy investments in AI projects and the associated risks and returns [1][2]. Financial Performance - For the second fiscal quarter ending in November, Oracle reported an adjusted earnings per share of $2.26, a 54% increase year-over-year, surpassing analyst expectations of $1.64 [3]. - Revenue grew by 14% year-over-year to $16.1 billion, slightly below the anticipated $16.2 billion [3]. Cloud Infrastructure Growth - Oracle's cloud infrastructure revenue surged by 68% to $4.1 billion, accelerating from previous growth rates of 55% and 52% in the prior two quarters [4]. - This growth positions Oracle as a strong competitor against major players like Amazon, Microsoft, and Alphabet in the AI sector [4]. Contract Backlog - The company's remaining performance obligations (RPO) increased by 438% year-over-year to $523 billion, exceeding analyst expectations of $502 billion and growing 15% from the previous quarter [5][6]. - This substantial RPO growth is attributed to new commitments from clients such as Meta and NVIDIA [6]. Investor Concerns - Despite strong demand indicated by the earnings report, investors remain worried about the high costs associated with fulfilling these contracts and Oracle's reliance on OpenAI as a major client [6]. - The company's five-year credit default swap (CDS) rates have risen to their highest levels since 2009, reflecting declining investor confidence in Oracle's credit quality [7].