The Vaporware Revolution

The Credit Strategist Blog

Sep 11, 2025

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One day after announcing a multi-hundred billion dollar increase in AI-related backlog, ORCL announced that it signed a $300 billion deal to provide OpenAI with computing power over roughly five years starting in 2027. This confirmed where a significant part of that backlog comes from (previously OpenAI disclosed it would pay $30 billion annually to OR…

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