🩸EXACTLY one year ago today, Oracle closed 36% higher after touching an all-time intraday high of $345.72. Tonight it reports earnings at $156, down 55% and needing a 121% rally to get back. From $345 to $114 in less than 11 months, a 67% wipeout that erased roughly $600 BILLION in market value at the July low. The stock briefly rebounded to $248 in June before falling 54% in just 57 days back to $114. Yet Oracle's key growth metrics moved in the opposite direction. - Record Q4 revenue of $19.2 BILLION, up 21% - Cloud infrastructure surged 93% to $5.8 BILLION - Backlog hit $638 BILLION, up 363% year-over-year So why is the stock collapsing? Free cash flow went NEGATIVE $23.7 BILLION in fiscal 2026. Oracle raised $43 BILLION in debt to fund its AI infrastructure buildout. It plans to raise another $40 BILLION through debt and equity in fiscal 2027. Tonight's earnings will show whether Oracle met its guidance for total cloud growth of 58-64%. The $638 BILLION backlog is there, the question is how quickly it translates into revenue and cash flow.