Oracle shares rise as AI cloud backlog beats estimates

Oracle shares rose 5.5% premarket on Friday after the cloud computing and software company’s stronger-than-expected quarterly results eased concerns around its massive debt-driven spending spree.

The Austin, Texas-based firm booked more than $30 billion of additional AI cloud contracts in the first fiscal ‌quarter, boosting ⁠its ⁠revenue backlog to $664 billion, above analyst estimates of $639.89 billion, according to data from Visible Alpha.