ORCL is trading around $150–$151, down from a $345 peak, with investors focused on its $300B+ RPO (largely tied to OpenAI) and debt leverage related to a WBD deal. While free cash flow is expected to decline due to buildout costs, the stock is trading at sub-20x forward earnings, which may impact datacenter-related plays like NBIS, IREN, and CIFR. Sentiment is cautious heading into earnings, as market participants weigh massive RPO commitments against potential financing risks and spiked credit default swaps.