Oracle’s cloud commitments of $638 billion are now bigger than Alphabet's and Microsoft's – and the company will spend a record $90 billion on data centre capacity and hardware over the next year to meet demand.

Reporting a record fiscal Q4 on June 10, Oracle said it will take on another $20 billion in debt to support its CapEx splurge, sending shares downward in pre-market trading. It booked $67 billion in AI infrastructure contracts over the past quarter alone, executives added on the earnings call.

Over 50% of the backlog, or RPO (deferred revenue plus backlog) won't be met for over three years, Oracle executives admitted: 12% expected within 12 months and 34% between 13 and 36 months. (Microsoft's cloud RPO, or deferred revenue plus backlog, is $627 billion; Alphabet's is $460 billion.)

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