The Illusion of Certainty: RPOs, Oracle, and the Dot-Com Ghosts

Oracle’s RPO surge fuels investor optimism, but history shows big backlogs can unravel fast. Here’s what AI contracts really signal about long-term risk.

Every cycle invents its own way of bottling the future animal spirits into today’s stock price. And on that topic, I’m reading the new biography on John Malone, and he says the most important investi…