1230 ET - Oracle's massive jump in backlog tied to its cloud infrastructure business is a good sign for Microsoft and its Azure business. Oracle's management had positive commentary around the AI demand environment that was driving up their remaining performance obligations, on an earnings call. That's a positive data point for Azure in Microsoft's next quarterly report, due in October, Stifel analysts Brad Reback and Robert Galvin say in a research note. UBS analysts likewise see Oracle's report as a bullish readthrough to Microsoft, though there's a possibility that Oracle could take some OpenAI inference share. Ongoing talks of an Oracle-OpenAI partnership adds to the uncertainty around Azure's growth and may limit the impact of Oracle's report on Microsoft share. Microsoft shares tick up 0.2%. (dean.seal@wsj.com)

(END) Dow Jones Newswires

September 10, 2025 12:30 ET (16:30 GMT)

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