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$ORCL is back to its mid-February highs on a quarter that did not change actual expectations much. Adjusted EPS estimates for the 4Q of FY 2026 (5/26) went up slightly, and those for FY 2027 went down about the same amount. Revenue estimates for FY 2027 increased less than 1%. https://t.co/AQuHmEFBFm (2) However, the capital intensity narrative also remained the same. Total capital employed increased 43% Y/Y, from $122B to $175B. Annualized Adj. Oper. Income increased $4.7B Y/Y, for an 8.9% pre-tax ROIIC on the $53B increase in capital. This is still below $ORCL’s 11.6% WACC. (3) Furthermore, the annualized increase in D&A Y/Y of only $4.1B represents almost a 13-yr life on the $53B of new capital employed…a seemingly liberal accounting for all that compute being purchased. Annualized D&A of $10.2B in the quarter tells the same story on useful lives. (4) And despite what talking heads on FinTV (and some of you on X) keep saying, $ORCL FY 2027 capex estimates have actually increased (4%) since last night’s print! https://t.co/kkaQDc0RRG