Oracle ( ORCL 10.95% ) , once a software company with minimal capital spending needs, has been transformed by the AI boom . The company's strategy is to build AI infrastructure and rent it out to AI companies and other tech giants, capitalizing on the soaring demand for AI training and inference workloads.

Oracle has more than half a trillion dollars of future revenue in its backlog, including a $300 billion multi-year deal with OpenAI. When that deal first came to light, shares of Oracle surged. If everything goes according to plan, the company's revenue growth over the next few years is set to accelerate greatly.

Investors quickly soured on Oracle after that euphoric rally, and following a post-earnings decline on Thursday, the stock now trades for less than it did prior to

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