Oracle (NYSE:ORCL) shares slump as AI backlog now tops company’s market cap
Oracle Corporation goes into the July 6 restart facing an unusual challenge for the market—its cloud order backlog is bigger than the company’s equity value. Shares finished at $140.27 on July 2. That put Oracle’s market cap at roughly $408.5 billion. At the end of its fiscal fourth quarter, Oracle showed $638 billion in RPO. So the market cap is about 0.64 times the reported backlog. U.S. stock markets were closed on Friday, with the NYSE observing the Independence Day holiday on July 3. Regular trading hours are 9:30 a.m. to 4 p.m. ET on standard sessions. For Oracle, the last normal cash close before the break came on July 2.