Oracle's $638B backlog is the clearest single picture of how concentrated the AI buildout has become.

Oracle's Q4 FY2026 results showed revenue of $19.2B (+21%), total cloud +47% to $9.9B, and OCI +93% to $5.8B, per ERP Today. But remaining performance obligations hit $638B, up 363% year over year and +$85B sequentially, driven almost entirely by a few giant AI contracts including a roughly $300B OpenAI deal. The flip side: negative free cash flow, a large debt-financing plan, and 10 GW of power that has to convert into delivered GPU capacity. Andrew Singleton's crematorium analogy about circular AI financing, a propane company buying 5% of a crematorium that then burns the money and pays it back, is the skeptic's version of the same chart. Worth holding both in your head.