Oracle shares fell 6% on Thursday after hitting a record high the day before, as an analyst note warned the company’s growth may be overly reliant on OpenAI, according to CNBC. Earlier this week, CEO Safra Catz announced Oracle had signed four multi-billion-dollar contracts, sending shares up nearly 36% by Wednesday’s close. Oracle’s remaining performance obligation surged 359% year over year to $455 billion, and the company forecast cloud infrastructure revenue expanding 14-fold by 2030. Excitement cooled after The Wall Street Journal reported OpenAI will pay Oracle $300 billion over five years to build 4.5 gigawatts of U.S. data center capacity, a deal neither company commented on. Analyst Gil Luria said Oracle’s backlog growth is less impressive given reports it stems almost entirely from OpenAI.
