Anyone else watching ORCL down here? Trying to decide if this is a knife or a gift

Been watching ORCL since it fell off a cliff. Down \~58% from the September high, sitting maybe 4% above the 52 week low. The crazy part is the business itself is fine - OCI grew 93% last quarter and the backlog is at $638B. Forward P/E is 17, which you don't normally see on a large cap still growing revenue in the high 20s.

The drop makes sense though. FCF was negative $23.7B last year and they need to raise something like $40B this year, part of it by selling stock down here. So the bet isn't really on demand, it's on whether the financing holds up while they build out capacity.

A part of me wants to trust that they know what they're doing, but i don't know how long the build out takes, and with options time is the one thing i can't afford to be wrong on. That's why i went with a Jan 2028 220 call (1 contract) - paying up for time since i'm not going to call the bottom. If it breaks the 52 week low ($134.57) and holds below it, i'm out.

Curious what everyone thinks about that backlog though - how much actually converts, and how concentrated is it across a handful of AI customers. That's the part i can't get comfortable with.