Oracle

Fifteenth weight at 4.21%, essentially flat at -0.7% - the only AI holding not trimmed, because the alignment raised it 0.80 to 0.82 on 121% cloud-infrastructure growth, $664B of RPO and a $90B revenue guide while the thesis eased two points. Its band is the widest in the AI basket after $28B of quarterly capex, negative free cash flow and a $20B equity raise and a 7% fall on the beat. Remains the holding that sits on both sides of the AI-versus-duration coupling.