Oracle's stock may wobble after a historic pop, but the new backlog and plan for cloud growth add conviction to the long-term story.

Wednesday's post-earnings spike has faded some, with the shares slipping on Thursday as investors digested what Oracle ( ORCL -5.05% ) just reported and, more importantly, what it implied. Oracle, the enterprise software and cloud-infrastructure provider, shocked the market with a massive backlog figure tied to multiyear artificial intelligence (AI) and cloud contracts. The question now is whether those commitments will translate into revenue quickly enough to support the stock's move.

In the near term, anything can happen to the share price. Over a multiyear horizon, though, Oracle's remaining performance obligations (RPO) and the company's pla

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