Oracle may be the overlooked AI cloud winner

$ORCL is starting to look like one of the more underpriced AI cloud stories.
Profits are expected to triple over the next three years, while the stock reportedly trades below 10x 2029 earnings.
OCI is growing around 93%, and Oracle’s backlog has reached roughly $640B.
The key question is conversion.
If demand from $META, OpenAI, and other AI customers turns that backlog into real revenue, Oracle could become the fourth major AI cloud before the market fully prices it in.
For $ORCL, the bull case is no longer just databases.
It is AI infrastructure at cloud scale.