The stock market closed mixed on Tuesday, with S&P 500 hitting a fresh record as gains in technology shares helped lift the index. It went up 0.4% to 6,979, while NASDAQ climbed 0.9% to 23,817.
Despite the advances, some investors stayed cautious ahead of the Federal Reserve’s policy decision and ongoing macroeconomic uncertainties.
Chart of the Day
Here is the one-year chart of Oracle (ORCL) as of December 22, 2025, when the stock was at $198.
Remaining Performance Obligations (RPO) is the term used for short-term forward looking revenue for services that are yet to be delivered. During the past three quarters, backlog (RPO) has gone from $138 billion to $455 billion and now $523 billion, driven by contracts signed with OpenAI, Meta, NVIDIA and others.
To put this into perspective, Oracle did $57 billion in revenue in its last fiscal year, and now has a backlog around 10x that. Management made it clear that demand is not an issue, the challenge is building capacity fast enough to deliver already-signed contracts. Management said Oracle will fund this expansion using a mix of traditional debt, customer-supplied hardware, and supplier chip-leasing arrangements where chips are rented instead or purchased, which reduces upfront capital needs.
ORCL is part of our Conservative Growth Portfolio and Growth Portfolio.
