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The past year has been a forgettable one for Oracle (NYSE: ORCL) investors, as shares of the cloud computing infrastructure provider have slipped 32% over this period. The tech-laden Nasdaq Composite index, meanwhile, has gained 22% over the past year.
Oracle's poor returns during this period can be attributed to its rising debt and dwindling free cash flow. The company is aggressively building artificial intelligence (AI) data centers to meet the tremendous demand for its cloud infrastructure, which runs AI workloads and database services.
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While Oracle's rising capital spending has been a source of concern for investors, I won't be surprised to see it coming out of the rut it is in because of one simple reason -- a massive revenue backlog. Let's see why Oracle's backlog can make it one of the top-performing AI stocks on the market for the next couple of years.