Oracle Q2 cloud miss and $13 billion capex jolt investors despite $523 billion backlog

On December 10 2025, Oracle reported fiscal second‑quarter cloud revenue of $7.98 billion, up 34%, and infrastructure revenue of $4.08 billion, with both figures coming in below analyst expectations. The company disclosed remaining performance obligation of $523 billion and capital expenditures of about $13 billion for the quarter, far above the $8.25 billion that had been modeled, prompting investors to question the pace and cost of its AI‑focused data center buildout. Oracle shares have fallen by about one‑third since September 10 and were down 11% in extended trading after the results, as management pointed to strong AI infrastructure demand from major clients including OpenAI, TikTok and Meta Platforms.