Oracle (NYSE:ORCL) stock remains in a steep freefall, wiping out billions of dollars in market value and emerging as one of the worst-performing stocks in the Nasdaq 100 Index this year.
The shares fell to $121.50 this week, their lowest level since April last year and 64% below their all-time high. The sell-off has come despite the company’s record backlog and the ongoing artificial intelligence (AI) boom.
Oracle Has a Record Backlog, But Financing Costs are Concerning
Oracle, one of the largest companies in the technology sector, has emerged as one of this year’s biggest laggards. As a result, co-founder Larry Ellison‘s net worth has fallen by more than $66 billion this year to $181 billion.
The ongoing ORCL stock retreat is happening despite the company’s business doing well amid the AI boom. Its recent earnings report showed that its Remaining Performance Obligations (RPO) jumped by $85 billion in the fourth quarter to $638 billion. RPO is a figure that represents its revenue backlog.
