Tech giant Oracle ( ORCL 10.88% ) has racked up remaining performance obligations, which represent future revenue expected to be generated from signed contracts, totaling $523 billion. The company added $68 billion to the backlog in the second quarter of fiscal 2026 alone, signing new deals for AI infrastructure with Meta Platforms , Nvidia , and other customers.

Oracle's deals to provide AI infrastructure require the company to build expensive data centers filled with powerful GPUs before any revenue is recognized. Oracle entered the AI boom with a debt-heavy balance sheet, and the situation is worsening as the company borrows to fuel its AI ambitions.

Burning cash and piling up debt

For the six-month period ending Nov. 30, Oracle generated $10.2 billion in operating cash

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