Oracle's ($ORCL) backlog grew $209B in a year to $664B. That's demand locked in years before Oracle even builds the capacity to serve it, the clearest sign yet that its AI spending isn't speculative. Full breakdown:

CHINA TECH ORDER BACKLOGS SIGNAL RECOVERY IN KEY SECTORS, WITH ~30 LISTED COMPANIES REPORTING STRONG FIRST-HALF ORDERS. || BIOMEDICINE, NEW ENERGY, SEMICONDUCTORS AND ADVANCED EQUIPMENT LEAD THE IMPROVEMENT, WITH SEVERAL FIRMS REPORTING BACKLOGS ABOVE 5 BILLION YUAN.

never been such a gap between "backlog" vs. real, delivered revenue in technology as for AI infrastructure credit peeps just want IG 5Y contracts but they will be surprised by delays, failures and fraud by every clown & their mother that thinks they can run a datacenter now

Wells Fargo on $WULF: "839 MW Contracted Backlog Worth $1 5/Share." multiple catalysts worth watching for WULF; (a) initial +400 MW (or greater) Muskie lease; (b) IG-backstop and project financing secured for Hawesville (leased to Anthropic); (c) closing and regulatory approvals secured for Morgantown; and (d) NY state moratorium potentially lapsing by July 2027, clearing more NY expansion pathway. WULF seems well-equipped to meet, if not beat, its 250-500 MW annual delivery target in the years ahead.