Look, remaining performance obligations — contracted future revenue not yet recognized — reached $638 billion at fiscal year-end May 31, 2026, up 363% from $137.8 billion a year earlier and $552.6 billion a quarter earlier. Management calls it exceptional visibility, supported by long-term contractual commitments. Roughly 12% of the backlog is the prepaid, bring-your-own-hardware AI-infrastructure cohort. The surge ties to certain significant contracts we do not name. Full stop.