Weekend Update - W2637

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The Biggest AI Builder Just Chose Dilution

Four weeks ago the argument in this column was that the AI buildout had turned into a credit trade — that what prices the complex from here is whether somebody else’s lender says yes. Oracle answered the question this week, in a filing, and the answer was not a lender. It was the shareholders.

Start with the numbers everybody quoted. Oracle earned a record twenty-three billion dollars of operating cash in the quarter and spent twenty-eight and a half billion on capital expenditures, per the 10-Q filed Thursday¹². Free cash flow, in Oracle’s own release, negative five billion³. A record cash quarter that did not cover its own construction.

Now the line that ran in the same statement of cash flows and made no headlines. Oracle sold roughly twenty billion dollars of stock through an at-the-market program during those same three months⁴.

Four times the gap.

That ratio is the story, because it separates two completely different acts. Covering a five-billion-dollar shortfall with five billion of equity is housekeeping. Raising twenty against it is a decision about the quarters that have not happened yet — get the money in the door now, on these terms, before the terms move. Management then put a sentence in the release confirming that, given how the new contracts are structured, there is no incremental impact on its plans to raise capital⁵. Translation: there are plans to raise capital, and we would like everyone to have finished absorbing that before anybody asks it as a question.

The more interesting thing is the door Oracle did not use. The Cash Flow Memo already carries a hundred twenty-six billion dollars of net debt on this name⁶. You do not sell twenty billion dollars of your own stock into the best operating quarter in company history if long paper is cheap to you. Equity is the expensive money in every textbook and the patient money in every build — it cannot be called, it cannot be repriced, and it is indifferent to how long the conversion takes. Oracle bought the instrument that survives a slow cycle instead of the one that is cheaper in a fast one. That is a statement about duration, and it is being paid for in share count.

Which changes how the backlog reads. Six hundred sixty-four billion dollars of remaining performance obligations, up two hundred nine billion year over year⁷, against a full-year guide of at least ninety billion of revenue⁸ — the order book runs past seven years of sales at the pace the company is underwriting this year. Fewer as the pace rises, but the shape holds. A backlog that long is not only a revenue promise. It is a capital expenditure commitment. Seven years of contracted compute has to be bought before any of it can be collected, and the buying leads the collecting by years. The funding line, not the bookings line, is what decides how this ends.

The cashflow read is in Marcus’s column below — short version, the leaderboard is scoring cash and expectation as though they were the same asset.

Every forward-sold infrastructure cycle has broken on this question, and it has never been demand. Long-haul fiber in 1999 sold capacity years ahead of delivery, booked the contracts, and financed the trenching in the capital markets. The backlog was real. The capacity got built. What failed was the assumption that money stays available at one price for the length of a build. Oracle starts somewhere materially better — a profitable software business with real earnings sitting underneath the construction — but the dependency is identical, and it is now on public display in a single filing.

What changes the read. The tell on the next print is the funding line, not the revenue line. Bridge the following gap with more equity and this read holds: management is buying duration and paying in dilution, and every per-share figure Oracle guides to — the eight-dollar-ten non-GAAP EPS number included⁹ — sits on a denominator that is deliberately moving. Bridge it with debt against the hundred twenty-six billion already there¹⁰ and the arithmetic on the whole backlog changes, and the credit trade comes back on. The second thing to watch is conversion: eight hundred fifty megawatts of capacity delivered in the quarter, more than three hundred thousand GPUs since the end of May¹¹¹². Contracted revenue turns into cash at the rate the megawatts arrive. If the order book keeps climbing while the megawatts flatten, the spread between sold and deliverable is exactly where these cycles have always come apart.

Wall Street’s consensus on the AI build: the binding constraint is silicon. Oracle sold twenty billion dollars of its own stock this quarter to say the binding constraint is capital, and it is the only one of these companies that filed the receipt.

The Tape — W2637

Universe of 94 cashflow-memo names, snap dates 2026-09-04 → 2026-09-11. Composite is rank-sum percentile of FCF Yield + NTM Revenue Growth (higher = better balance). Banks and finance-book names shown separately.

Telltales Yield — Top 10

From the Cashflow Desk — Marcus Graham

The composite is flattening two different assets into one score this week. Most of the top ten earn their rank on cash yield — energy names and a couple of mature software businesses throwing off mid-to-high single digits. Nvidia earns its rank on growth alone: 68.2% NTM revenue against a 2.4% FCF yield, the only name in the top ten above 40x EV/FCF. Rank-sum scores them the same. They do not break the same way. The cash names break on a commodity price, which prints weekly. Nvidia breaks on an expectation, which does not print at all. And the DOJ inquiry into how the Groq license was structured is a question about deal structure, not about demand — worth separating before either gets read as a signal on the other. The test is whether the next print holds the growth the tape is already carrying.

Telltales Yield — Bottom 10

This Week’s Reporters

Sector Medians

Debt / FCF Watch (highest leverage on TTM FCF)

Weekly Price Movement

Top 5 (week-over-week price)

Bottom 5 (week-over-week price)

Banks (shown separately — FCF metric not meaningful)

Finance-book — FCF not comparable

Customer-float / captive-finance / reserve businesses (IBKR broker float, KMX CarMax Auto Finance, PYPL customer funds, CRCL stablecoin reserves). The memo’s operating-FCF method overstates their FCF, so they are held off the ranked leaderboard pending the P&L-waterfall rebuild.

Data Gaps

91 of 92 ranked-eligible names ranked. 1 dropped for missing FCF yield or NTM revenue growth; 7 shown separately (banks + finance-book, FCF not comparable).

Source: cashflow-memo master_2026-09-11.csv. NTM growth from analyst-estimates consensus. Composite is a percentile rank, not a recommendation.

The Issue — This Week's Brief

The Cashflow Memo

Oracle’s Record Cash Quarter Didn’t Cover Its Own Build

Oracle earned a record $23 billion of cash this quarter, spent $28.5 billion, and raised guidance anyway. The companies actually generating cash spent the week getting sued.

The Telltales Weekend Update. Ava Cabot and analyst Marcus Graham walk through what happened this week — and what’s coming next — across the 86 companies in the Cash Flow Memo. About 14 minutes. No filler.

Download the memo at telltales.us. Hunt, Jason, and Mike are back Wednesday on episode E2638.

Chapter markers

* Time | Segment

* 0:00 | Cold open

* 0:45 | Theme — Healthcare’s two halves

* 4:45 | Deep dive — Oracle

* 8:45 | Rapid-fire

* 11:45 | Close

* 12:40 | Closing disclaimer

Full transcript

Cold open

Ava: Oracle earned a record $23 billion of cash in a single quarter this week[^news-orcl-ocf-20260911]. It spent $28.5 billion in the same three months[^news-orcl-capex-20260911]. And then it raised the full-year revenue guide[^news-orcl-fy27guide-20260910]. That is the week in three numbers. The AI build is now big enough that a record cash quarter doesn’t cover it. Meanwhile four healthcare names in the Cash Flow Memo spent the week getting sued by hospitals, staring down a September 30 deadline in New York, and buying pipelines they can’t price yet. Nobody applauded any of that.

Ava: Telltales Weekend Update. I’m Ava Cabot, with Marcus Graham at the cashflow desk.

Theme — Healthcare’s two halves

Ava: Healthcare split clean down the middle this week, and the two halves did opposite things with money. One half went shopping. The other half went to war with its own providers.

Ava: Start with Vertex, because it did the biggest thing. Vertex closed the largest acquisition in the company’s history — Crinetics Pharmaceuticals, $8.8 billion, done on September 5[^news-vrtx-crinetics-20260905]. Three days later it published data on zimislecel, an islet cell therapy that restored patients’ own insulin secretion in Type 1 diabetes in the Phase 1/2 FORWARD trial[^news-vrtx-zimislecel-20260908]. Restored their own insulin production. Goldman put the stock on its Conviction List the day after that, with a $653 price target[^news-vrtx-gs-20260909].

Ava: On page 19, Eli Lilly closed one too. AtaiBeckley, $6.75 a share, roughly $2.8 billion, mental-health therapies, Nasdaq delisting initiated immediately[^news-lly-atai-20260911]. And the more interesting Lilly development came out of a competitor’s failure — Novartis missed on its lipoprotein-A cholesterol program, which raises the stakes on the competing shots Lilly and Amgen have at that same market[^news-lly-lpa-20260908]. Marcus — is the memo paying for any of this yet?

Marcus: Both of these companies are buying revenue that doesn’t exist yet, and the memo is already paying full price for it. The memo has Vertex at 33x free cash flow, on $4 billion of it[^memo-vrtx-evfcf-20260911][^memo-vrtx-fcf-20260911]. Lilly’s at 50x[^memo-lly-evfcf-20260911]. Those aren’t cheap numbers for companies whose next leg of growth is sitting in a clinical trial. What I’d watch on Vertex is conversion. A closed acquisition and a mid-stage readout are both promises, and the memo is pricing them like they already cleared.

Ava: Now the other half of that page, where nobody is buying anything. CVS is getting sued by more hospitals. Safety-net providers allege the company withheld 340B drug payments — that’s the federal program that forces drugmakers to sell discounted drugs to hospitals serving low-income patients[^news-cvs-340b-20260910]. Same week, CVS launched a joint product with Cigna called Cigna Health Works, routing Cigna-administered benefits into CVS pharmacies and MinuteClinics[^news-cvs-cigna-20260911]. Sued by its providers and partnered with a rival insurer, inside seven days.

Ava: UNH, same page, has a deadline. NewYork-Presbyterian, the largest hospital system in New York, goes out of network for most UnitedHealthcare commercial plans on September 30 unless the two sides reach a deal[^news-unh-nyp-20260910]. And UnitedHealth sold an ownership interest in its Florida WellMed clinics to the private equity firm TPG[^news-unh-wellmed-20260911]. Selling the clinics on one coast, fighting over the hospitals on the other.

Marcus: Managed care is the only part of tonight’s show where the price actually reflects the fight. The memo has CVS at 15x free cash flow on $12 billion of it[^memo-cvs-evfcf-20260911][^memo-cvs-fcf-20260911], and UnitedHealth at 22x[^memo-unh-evfcf-20260911]. Those are the lowest multiples on anything that gets a beat tonight, and the reason is sitting right there in the news. When your providers are suing you and the largest hospital system in your biggest market is weeks from walking, the market discounts the cash flow instead of extrapolating it. That’s the honest version of cheap. What settles it is the network contract, not the multiple.

Ava: Marcus, put the two halves next to each other.

Marcus: The spread is the point. One half of this sector is paying between 33x and 50x free cash flow for assets that are still in trials[^memo-vrtx-evfcf-20260911][^memo-lly-evfcf-20260911]. The other half is being priced in the teens on cash it already collects[^memo-cvs-evfcf-20260911]. That gap isn’t a mistake, and it isn’t an opportunity by itself either. It’s the market saying it will pay up for optionality and demand a discount for a fight. Whether that’s the right trade gets settled by two things this autumn: whether the Vertex and Lilly pipelines convert, and whether managed care renews its contracts without giving away margin.

Ava: Four healthcare names, four completely different problems, and not one of them needs a data center. Which brings us to the company that does.

Deep dive — Oracle

Ava: Oracle reported Thursday, and it published the most useful document anybody put out this week — because for once you can read the order book and the bill in the same filing. Total revenue up 30% to $19.3 billion[^news-orcl-revenue-20260910]. Cloud infrastructure up 121%[^news-orcl-iaas-20260910]. Remaining performance obligations — contracted revenue Oracle hasn’t delivered yet — up $209 billion year over year, to $664 billion[^news-orcl-rpo-20260910]. More than $30 billion of new AI cloud contracts booked in the quarter alone[^news-orcl-bookings-20260910]. And the full-year guide went to at least $90 billion of revenue[^news-orcl-fy27guide-20260910]. Marcus — what does an order book that size cost to carry?

Marcus: Oracle just published the price of an AI backlog, and it’s the cleanest version of that number we’ve had all year. Record operating cash flow for the quarter, $23 billion[^news-orcl-ocf-20260911]. Capital expenditures in the same three months, $28.5 billion[^news-orcl-capex-20260911]. A record cash quarter that still didn’t cover the build. Oracle’s own release puts free cash flow at negative $5 billion for the quarter[^news-orcl-fcf-20260910].

Ava: Negative $5 billion. On a record.

Marcus: The part that didn’t make the headlines is how they funded the gap. Oracle sold stock — $19.9 billion of net proceeds from an at-the-market equity program during the quarter[^news-orcl-atm-20260911]. The memo already carries $126 billion of net debt on this name[^memo-orcl-netdebt-20260911], so the bond market wasn’t the obvious door. And management put a sentence in the release saying the new contracts create no incremental impact on its plans to raise capital[^news-orcl-capital-20260910]. I’d take that as getting in front of the question before anyone had to ask it.

Ava: They pre-answered it. And two other things came out of the same filings that the headlines skipped. Oracle put 850 MW of additional data center capacity into service in the quarter[^news-orcl-capacity-20260910], and delivered more than 300,000 GPUs since the end of May, almost triple the prior quarter’s pace[^news-orcl-gpus-20260910]. Software revenue, the old business, went down 3%[^news-orcl-software-20260910]. And in the 10-Q, the restructuring plan Oracle put up to $2.1 billion behind as of August 31 got supplemented by roughly $700 million more after the quarter closed[^news-orcl-restructuring-20260911]. The filing attributes that plan to operational efficiencies, including adopting AI across certain functions. So the AI is doing the restructuring too.

Marcus: The most useful thing the memo does on this name is refuse to give you a multiple. Oracle’s in the memo at negative $32 billion of free cash flow[^memo-orcl-fcf-20260911]. When the denominator is negative, a multiple isn’t a number, it’s a category error — so valuation isn’t the frame on this name at all. Delivery is. 850 MW and 300,000 GPUs in a quarter is the conversion rate on the order book, and conversion is the only thing that turns contracted revenue into cash.

Ava: So what breaks it?

Marcus: Not the demand. The order book is real and it’s growing — $209 billion added year over year[^news-orcl-rpo-20260910]. What isn’t settled is whether the capital keeps arriving on these terms. They funded this quarter with equity[^news-orcl-atm-20260911]. The same gap funded with debt, against the net debt the memo already carries here[^memo-orcl-netdebt-20260911], is a materially worse outcome for the people who own it. I’d weight the demand question as largely answered and the funding question as wide open, and it’s the funding line I’d go to first on the next print.

Ava: So the loudest number in the market this week was $664 billion of contracted revenue[^news-orcl-rpo-20260910]. And the number that decides whether any of it is worth something is megawatts. One of those was in every headline. The other one you had to go find.

Rapid-fire

Ava: Lightning round.

Ava: Bloom Energy joins the S&P 500 on September 21[^news-be-sp500-20260904], and that’s the good news. Here’s the rest of it. Bloom is now trading more options than SpaceX, with implied volatility above 90% — the highest of any energy name in the index it’s about to join[^news-be-options-20260909]. And multiple securities class actions landed this week alleging Bloom failed to disclose that its scandium, a rare metal in its fuel cells, was being sourced through intermediaries from China[^news-be-lawsuit-20260909]. The memo carries Bloom at $200 million of free cash flow against a $60 billion enterprise value[^memo-be-fcf-20260911][^memo-be-ev-20260911]. Index inclusion changes who owns it. It does not change that arithmetic.

Ava: Amazon and Qualcomm signed a multi-generation AI chip partnership this week, under which Amazon could buy up to $60 billion of Qualcomm’s data center chips[^news-amzn-qualcomm-20260908]. Up to. That’s a ceiling, not a commitment, and it’s worth holding next to what Amazon is already spending — the memo has Amazon at negative $1 billion of free cash flow[^memo-amzn-fcf-20260911], and the dataset behind it puts trailing capex at $173 billion[^data-amzn-capex-20260911]. Also this week, Kevin Mandia, who founded the security firm Mandiant, joined Amazon’s board[^news-amzn-mandia-20260909].

Ava: Page 3 of the memo had the busiest week of anybody. Taiwan Semi posted record August revenue of about $16 billion, up 53% year over year, and still can’t keep pace with AI chip demand[^news-tsm-august-20260910]. It also signed up with ASML, Samsung and Intel behind a 12-inch photomask line for the next generation of lithography[^news-tsm-asml-20260908]. A record month, described by the company’s own run rate as insufficient.

Ava: Intel, same page. Intel is reportedly preparing to raise CPU prices by about 10% ahead of a major product launch next March, on weak supply and strong demand[^news-intc-cpuprice-20260908]. Reportedly — but a price increase is not a thing a struggling chipmaker floats casually. The stock gave back 5.6% this week to a $100 close, after a five-session run to its highest level in more than two years[^news-intc-stock-20260911].

Ava: Nvidia, same page. The Justice Department is investigating whether Nvidia structured its $20 billion licensing deal with the AI chip startup Groq specifically to avoid antitrust review[^news-nvda-groq-20260910]. That’s an inquiry into deal structure, not into chips, and those are very different problems to have.

Ava: Forward week, and it is thin. Page 17 carries both names — Lennar reports Wednesday[^earn-len], FedEx Thursday[^earn-fdx]. Costco the Thursday after that[^earn-cost]. Three reports in two weeks. And the memo has FedEx at 11x free cash flow going in[^memo-fdx-evfcf-20260911], which is the cheapest thing on the board tonight.

Close

Ava: That’s the show. Oracle earned a record $23 billion of cash this quarter and spent $28.5 billion building the thing that’s supposed to earn the next one[^news-orcl-ocf-20260911][^news-orcl-capex-20260911]. The healthcare names that already generate the cash spent the week in litigation and contract standoffs. The market is paying up for the order book and marking down the cash flow, and both of those are decisions, not facts. Wall Street’s consensus on Oracle this week: the $664 billion order book is the story. It is. It’s also in the same filing as negative $5 billion of free cash flow[^news-orcl-fcf-20260910].

Ava: On Wednesday’s show, Hunt closed the technology block by saying they’d leave Nvidia for next week[^ep-e2637]. The Justice Department has since given them something to open with. Hunt, Jason, and Mike are back Wednesday on episode 2638.

Ava: Download the memo at telltales.us, and send us a note through the Substack — we read them.

Ava: The show is produced entirely with AI tools, and both voices you’re hearing are AI-generated.

Closing disclaimer

Ava: This podcast is intended for informational purposes only. You should always do your own work to determine if an investment is suitable for you. The views expressed on this podcast are the host alone and do not constitute an offer to sell or a recommendation to purchase, or a solicitation of an offer to buy any security, nor a recommendation for any investment product or service. While certain information contained herein has been obtained from sources believed to be reliable, neither the host nor any of their employers or their affiliates have independently verified this information, and its accuracy and completeness cannot be guaranteed. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, timeliness, or completeness of this information. The host and all employers and their affiliated persons assume no liability for this information and no obligation to update the information or analysis contained herein in the future, and may or may not hold positions in the securities mentioned.

Sources

* Amazon. (2026, September 9). Cybersecurity expert Kevin Mandia joins Amazon’s Board of Directors [Press release]. Amazon Newsroom. https://www.aboutamazon.com/news/company-news/kevin-mandia-amazon-board-of-directors

* AOL. (2026, September 10). Taiwan Semiconductor September revenue surges 53% and can’t keep up with demand. AOL. https://www.aol.com/articles/taiwan-semiconductor-september-revenue-surges-151224000.html

* Bloomberg. (2026, September 4). Bloom Energy, Illumina, Everpure to join S&P 500 in September. Bloomberg. https://www.bloomberg.com/news/articles/2026-09-04/bloom-energy-illumina-everpure-to-join-s-p-500-in-september

* Bloomberg. (2026, September 8). ASML, TSMC, Samsung, Intel back 12-inch masks for AI chips. Bloomberg. https://www.bloomberg.com/news/articles/2026-09-08/asml-tsmc-samsung-intel-back-12-inch-masks-for-ai-chips

* Bloomberg. (2026, September 10). DOJ probes Nvidia’s $20 billion license deal with Groq on antitrust concerns. Bloomberg. https://www.bloomberg.com/news/articles/2026-09-10/doj-probes-nvidia-s-license-deal-with-groq-on-antitrust-concerns

* The Boston Globe. (2026, September 5). Vertex makes some big people moves, completes its largest acquisition. The Boston Globe. https://www.bostonglobe.com/2026/09/05/business/vertex-pharma-crinetics-executive-moves/

* CGTlive. (2026, September 8). Vertex’s islet cell therapy zimislecel (VX-880) restores endogenous insulin secretion in Type 1 diabetes. CGTlive. https://www.cgtlive.com/view/vertex-islet-cell-therapy-vx-880-restores-endogenous-insulin-secretion-type-1-diabetes

* CNBC. (2026, September 8). Novartis trial failure raises stakes for Amgen and Eli Lilly in Lp(a) drug race. CNBC. https://www.cnbc.com/2026/09/08/novartis-cholesterol-setback-drug-race-eli-lilly-amgen.html

* CNBC. (2026, September 9). Bloom Energy is trading more options than SpaceX. CNBC. https://www.cnbc.com/2026/09/08/bloom-energy-is-trading-more-options-than-spacex.html

* Healthcare Finance News. (2026, September 11). UnitedHealth sells stake in Florida WellMed clinics. Healthcare Finance News. https://www.healthcarefinancenews.com/news/unitedhealth-sells-stake-florida-wellmed-clinics

* Investing.com. (2026, September 11). Eli Lilly completes acquisition of AtaiBeckley, initiates delisting from Nasdaq. Investing.com. https://www.investing.com/news/sec-filings/eli-lilly-completes-acquisition-of-ataibeckley-initiates-delisting-from-nasdaq-93CH-4898037

* Jon Peddie Research. (2026, September 11). Amazon bets $60 billion on Qualcomm. Jon Peddie Research. https://www.jonpeddie.com/news/amazon-bets-60-billion-on-qualcomm/

* Live Insurance News. (2026, September 10). New York’s largest hospital and UnitedHealthcare have 20 days to make a deal. Live Insurance News. https://www.liveinsurancenews.com/new-york-hospital-unitedhealth/8576058/

* Modern Healthcare. (2026, September 10). CVS Health faces more hospital 340B payment lawsuits. Modern Healthcare. https://www.modernhealthcare.com/providers/mh-cvs-health-hospital-340b-payment-lawsuits/

* NAI 500. (2026, September 9). Goldman Sachs adds Vertex to Conviction List with $653 target. NAI 500. https://nai500.com/blog/2026/09/goldman-sachs-adds-vertex-to-conviction-list-with-653-target/

* Newsfile Corp. (2026, September 9). Robbins LLP reminds investors that a securities class action was filed against Bloom Energy Corporation after the company revealed how much it relied on scandium from China [Press release]. Newsfile Corp. https://www.newsfilecorp.com/release/313407/Robbins-LLP-Reminds-Investors-That-a-Securities-Class-Action-was-Filed-Against-Bloom-Energy-Corporation-After-the-Company-Revealed-How-Much-it-Relied-on-Scandium-from-China

* Oracle Corporation. (2026, September 10). Oracle announces Q1 results driven by triple digit growth in cloud infrastructure revenues [Press release, Form 8-K Exhibit 99.1]. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1341439/000119312526387905/orcl-ex99_1.htm

* Oracle Corporation. (2026, September 11). Form 10-Q for the quarterly period ended August 31, 2026 [10-Q]. U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/1341439/000119312526389274/orcl-20260831.htm

* Pharmacy Times. (2026, September 11). Cigna and CVS Health launch Cigna Health Works, a new model for customer-enabled design for affordable, convenient access to pharmacy and health care. Pharmacy Times. https://www.pharmacytimes.com/view/cigna-and-cvs-health-launch-cigna-health-works-a-new-model-for-customerenabled-design-for-affordable-convenient-access-to-pharmacy-and-health-care

* Tom’s Hardware. (2026, September 8). Intel reportedly set to hike CPU prices by 10% ahead of major annual product launch in March 2027. Tom’s Hardware. https://www.tomshardware.com/pc-components/cpus/intel-reportedly-set-to-hike-cpu-prices-by-10-percent-ahead-of-major-annual-product-launch-in-march-2027-report-says-amd-will-follow-up-between-june-and-july

* TS2 Tech. (2026, September 11). Intel stock drops 5.6% — why $100 is the real test after its $20 billion raise. TS2 Tech. https://ts2.tech/en/intel-stock-drops-5-6-why-100-is-the-real-test-after-its-20-billion-raise/

Primary-source note. The episode’s load-bearing claim — that Oracle’s record quarterly operating cash flow did not cover its quarterly capital spending, and that the gap was funded with equity — traces to Oracle’s own Form 8-K Exhibit 99.1 (reference 17) and Form 10-Q (reference 18), not to secondary coverage. Oracle’s investor-relations site was unreachable to an automated fetch; both documents were retrieved from SEC EDGAR.

Internal data

Internal data is provided on a best efforts basis.

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