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The constraint in enterprise cloud is throughput capacity: how much workload a provider can absorb per dollar of capital deployed, and whether its contracted backlog indicates that demand will keep the data centers filled.
Oracle's latest quarterly results landed on the right side of both measures. Shares jumped 7% after earnings came in stronger than expected, and the revenue backlog beat alongside it.
Cloud infrastructure revenue more than doubled in the period.
This layer of the stack, where compute and networking capacity is sold to enterprises before it is consumed, is capital-intensive and slow to build but highly recurring once established.
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