Polen Capital Management identified Oracle as the largest absolute and relative detractor in its Q4 2025 investor letter, citing waning market enthusiasm and increased skepticism over the massive remaining performance obligations (RPOs) linked to OpenAI.
- The firm noted that the reversal of prior gains was driven by increased skepticism regarding the massive RPOs tied to OpenAI.
- Investor focus has shifted away from the magnitude of the contracts and is now centered on the financing risk and whether OpenAI can execute and finance its large contractual commitments to Oracle.