Episode Details

Oracle’s Q3 2026 earnings reveal a legacy giant expanding margins by using AI to shrink its own dev teams, while forcing customers to pre-fund a staggering $18.6B quarterly capex bill.

In ~10 minutes:

• How a "bring your own GPU" model secured $29B in prepayments

• The surprise disclosure of a 15% equity stake in TikTok US

• Why AI code generation is permanently reducing internal software headcount

• Multicloud database deals driving a massive $553 billion RPO backlog

Following a harsh 27% intra-quarter slide, ORCL shares spiked 8.7% in immediate after-hours trading. Despite a deep in-quarter free cash flow deficit, management successfully sold Wall Street on a highly unusual transition from selling software subscriptions to becoming the capital-efficient landlord of the physical AI boom.

Oracle Corporation (ORCL) | Q3 FY2026

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