CLOUD · T07
Do the orders turn into profit?
Ciena carries a $10 billion order book, Microsoft's far backlog grew three times as fast as its near one, and Nvidia now waits a year to be paid. The orders will ship. DeepStack expects the profit to arrive later, and the third-quarter reports to show the gap.
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Funded, not forecast
Demand is contracted, prepaid or oversubscribed and supply is the constraint, so converting orders is a matter of shipping.
7 voices
A backlog is a promise
Reported backlog overstates assured revenue: customers can exit, out-year buyers may lack the capital, and terms stretch to a year.
6 voices