Oracle shareholders are taking it easy on Thursday as the company’s plan to raise more money to fund AI expansion overshadows better-than-expected quarterly results. But from our perspective as investors in chipmakers and other AI players, Oracle had a lot of good things to say about the demand for AI computing. Oracle beat revenue and earnings expectations in the May quarter, while its remaining performance obligation – a measure of contracted revenue that hasn’t yet been recognized – rose a whopping 363% year over year to $638 billion. RPO is a key metric for companies selling long-term contracts as it helps investors better understand the demand profile not only in the quarter but also in the future. According to Oracle, most of the RPO increase was due to large-scale AI contracts. The company has a five-year, $300 billion partnership with OpenAI for computing power. In addition to the RPO, which indicates that demand…