Oracle reported a $664 billion backlog and IaaS revenue up 121% year over year to $7.39 billion, signing more than $30 billion of additional AI contracts in Q1 without requiring additional capital, while capex hit $28.5 billion and free cash flow fell to negative $5 billion. Meta’s revenue climbed 27.96% to $60.80 billion, but diluted EPS of $6.18 missed the $7.22 estimate, total costs surged 55% to $42.03 billion, including $2.4 billion in legal charges and $1.18 billion in severance, and free cash flow collapsed to $784 million from $8.55 billion a year ago as capex reached $30.12 billion in one quarter. Meta’s AI pays rent inside its ad engine, with a 16% conversion lift and 12% higher ad prices. CFO Hilary Maxson refused to timestamp Oracle’s positive free cash flow, leaving ORCL’s 22% YTD decline driven by funding gap fears, not the backlog.