NVIDIA vs Oracle: Which AI Play Should You Pick?

Both are riding the AI boom, but they’re playing different games. Here’s the split:

NVIDIA’s runway looks stronger:

• Q3 revenue up 62% YoY to $57B (data center alone: $51.2B, +66% YoY)
• Gross margin holding steady at 73.4%, free cash flow $22.1B last quarter
• CEO Huang claims we’re still in the early innings of “three massive platform shifts”
• P/E ratio: 45x

Oracle’s playing the long game:

• Revenue +12% YoY, but cloud revenue popping at +28% to $7.2B
• Just signed four mega contracts worth multi-billions, RPO backlog exploded to $455B (+359%)
• Same P/E valuation as NVIDIA at 46x
• The catch: converting that backlog into actual revenue is the real test

The takeaway: NVIDIA’s already printing profits from AI infrastructure. Oracle’s sitting on a fat backlog that could become a monster, but execution risk is real. For AI exposure with less uncertainty, NVIDIA wins — though both stocks demand guts to hold through the volatility. At these valuations, neither is a no-brainer.