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   Oracle calms AI fears
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   Plus: The last month of stable prices?
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          Thursday, March 12, 2026
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           Samuel Boivin/NurPhoto via Getty Images
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           Oracle’s earnings have calmed Wall Street’s AI fears — for now
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          Oracle keeps walking into earnings with roughly the same giant cloud-and-AI story and watching Wall
Street rewrite the ending.
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          In September, talk of more than $500 billion in booked cloud orders and RPO of $455 billion sent the stock up close to 30% after hours. In December, softer guidance and another $15 billion in planned spending turned that same story into a balance-sheet scare. On Tuesday, Oracle came back with revenue up 22% to $17.2 billion, OCI up 84% to $4.9 billion, cloud revenue up 44% to $8.9 billion, and RPO at $553 billion — and the market, once again, decided it liked the plot. The stock was up 
around 10% in Wednesday’s trading.
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          Nothing cleans up an AI earnings story like a good utility bill.
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          The company’s case barely moves: more cloud, more AI demand, more enterprise data inching toward the models, more backlog, more ambition. What keeps changing is Wall Street’s verdict. In September, the numbers read like a prophecy. In December, those same numbers read like a very expensive habit. In March, they read like a business again.
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