Oracle Emerges as the Real AI Infrastructure Play Amid Micron's Pullback

The piece argues Micron’s very high 74% gross margins and a 760% one-year run signal a peak AI memory cycle, with memory margins historically compressing in downturns. By contrast, Oracle just delivered a record Q4, backed by a $638 billion Remaining Performance Obligations backlog and a cloud-focused growth trajectory (cloud now ~52% of revenue), providing revenue visibility through subscriptions. Oracle also raised FY27 revenue guidance to $90 billion and pays a $0.50 quarterly dividend, making ORCL a contrarian but potentially steadier AI infrastructure play as MU pulls back.