Look, Oracle's 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, backed by long‑term contractual commitments. Conversion is long‑dated: about 12% in the next 12 months, 34% in months 13‑36, 34% in months 37‑60 and roughly 20% beyond. About 12% now sits in the prepaid/bring‑your‑own‑hardware AI cohort, and recognized revenue remains diversified with no single customer above 10%.