# Sourceability Mini-Matrix: ORCL, MSFT, DLR

Purpose: prove sourceability for a future quarterly "data-center forecast vs actual" dataset tracking what companies forecast about AI/data-center capacity and what they actually deliver.

Scope: ORCL, MSFT, DLR only.

## Summary View

| Ticker / Company | Sourceability | Best MVP Role | Best Quarterly Metrics | Difficulty | Main Caveat |
|---|---:|---|---|---|---|
| ORCL / Oracle | Medium | AI cloud capacity demand and delivery proxy | RPO, cloud infrastructure revenue, capex, PP&E, cloud capacity obligations, management capacity comments | Medium-High | Physical capacity is usually not reported systematically; MW / GPU capacity often appears only in call commentary. |
| MSFT / Microsoft | Medium | Hyperscaler capex and cloud-demand proxy | Capex, Microsoft Cloud revenue, Azure growth, commercial RPO, AI capacity constraint/guidance comments | Medium | Microsoft reports very little direct data-center capacity; Azure revenue is growth-only, not absolute revenue. |
| DLR / Digital Realty | High | Data-center REIT physical capacity / leasing anchor | operating portfolio, development pipeline, signed leases, commenced leases, pre-leasing, backlog, expected commencements | Low-Medium | Reported capacity is data-center real-estate capacity, not necessarily AI accelerator capacity; JV accounting can complicate ownership and contribution timing. |

## ORCL - Oracle

### Likely PRIMARY Source Types

| Source Type | Source Location | Cadence | Usefulness |
|---|---|---:|---|
| Earnings press release / financial results | Oracle FY26 Q3 results: https://investor.oracle.com/investor-news/news-details/2026/Oracle-Announces-Fiscal-Year-2026-Third-Quarter-Financial-Results/default.aspx | Quarterly | Best structured source for RPO, OCI revenue, capex, PP&E, balance sheet, cash flow. |
| SEC 10-Q / 10-K | Oracle FY26 Q2 10-Q SEC archive: https://www.sec.gov/Archives/edgar/data/1341439/000119312525315925/orcl-20251130.htm | Quarterly / annual | Best auditable source for capex, contractual obligations, RPO details, commitments, lease liabilities. |
| Oracle IR news / quarterly results family | https://investor.oracle.com/investor-news/default.aspx and quarterly result pages under `investor.oracle.com/investor-news/news-details/YYYY/...` | Quarterly | Stable discovery path for releases, linked 8-K exhibits, historical quarter pages. |
| Earnings call transcript / webcast | Oracle quarterly earnings call transcript source family: company webcast and transcript vendors such as Motley Fool / Seeking Alpha / Quartr, cross-check against Oracle IR when available | Quarterly | Best source for management comments on capacity additions, secured power, cloud region build-out, GPU supply, and expected commencement timing. |

### Extractable Metrics

| Metric | Sourceability | Notes |
|---|---|---|
| RPO / backlog | High | Oracle reports remaining performance obligations in earnings releases and 10-Q notes. Example: FY26 Q3 release reports very large RPO growth. |
| Cloud infrastructure revenue / revenue conversion | High | OCI / IaaS revenue is typically disclosed in earnings releases or supplemental analysis. Useful as delivered-demand proxy. |
| Capex actuals | High | Cash flow statement line item "capital expenditures" is extractable from earnings releases and SEC filings. FY26 Q3 release includes nine-month capex in cash flow statement. |
| PP&E / data-center asset build | Medium | PP&E is disclosed but not exclusively data centers. Useful as infrastructure investment proxy. |
| Cloud capacity obligations / purchase commitments | Medium | 10-Q notes can include cloud capacity arrangements and unconditional purchase obligations. |
| Secured power | Low-Medium | May appear in call commentary; not consistently tabled. |
| Live capacity / capacity added this quarter | Low | Usually not systematically disclosed in MW or GPU terms. May need transcript extraction when executives mention MW stood up or regions added. |
| Future capacity / pipeline | Medium | Often discussed qualitatively in calls; backlog and capex guidance provide indirect forecast. |
| Expected commencement window | Low-Medium | May appear in management commentary for large AI/cloud contracts but not consistently structured. |

### Update Cadence

Quarterly, aligned with Oracle fiscal quarters ending August, November, February, and May. Annual 10-K after fiscal year end May 31.

### Extraction Difficulty

Medium-High.

Financial metrics are easy to extract from tables. Forecast-vs-actual capacity metrics are harder because Oracle does not consistently publish data-center MW, GPU count, live capacity, or pre-leased capacity. The MVP should treat ORCL as a demand/capex/RPO proxy unless transcript commentary gives direct capacity facts.

### Caveats

- RPO is not the same as delivered capacity. It can include long-dated, multi-year AI/cloud commitments.
- OCI revenue indicates conversion, but it does not isolate AI data-center capacity.
- Capex is company-wide infrastructure spend and may include servers, GPUs, networking, land, buildings, and other assets.
- Management statements on capacity, power, or GPU deployment need exact transcript sourcing and should be stored as quoted qualitative fields unless repeated in SEC filings.
- Oracle fiscal quarters do not align with calendar quarters; dataset should store both fiscal quarter and calendar period.

## MSFT - Microsoft

### Likely PRIMARY Source Types

| Source Type | Source Location | Cadence | Usefulness |
|---|---|---:|---|
| Investor metrics page | Microsoft FY26 Q3 investor metrics: https://www.microsoft.com/en-us/investor/earnings/fy-2026-q3/metrics | Quarterly | Best structured source for Microsoft Cloud revenue, Azure growth, commercial RPO, cloud gross margin. |
| Earnings press release / webcast page | Microsoft FY26 Q3 press release: https://www.microsoft.com/en-us/investor/earnings/fy-2026-q3/press-release-webcast | Quarterly | Includes financial results, cloud commentary, business outlook access, webcast details. |
| SEC filings page | https://www.microsoft.com/en-us/investor/sec-filings | Quarterly / annual | Stable path for 10-Q and 10-K filings. |
| Earnings call transcript / outlook | FY26 Q3 page includes downloadable earnings call transcript, financial statements, outlook, press release, and 10-Q links from the quarterly earnings hub | Quarterly | Best source for capex guidance, AI capacity constraints, supply-demand commentary, and expected timing. |

### Extractable Metrics

| Metric | Sourceability | Notes |
|---|---|---|
| Microsoft Cloud revenue | High | Reported in investor metrics. FY26 Q3 page provides quarterly series. |
| Azure and other cloud services growth | High | Reported as year-over-year growth, generally not absolute Azure revenue. |
| Commercial RPO / backlog | High | Microsoft investor metrics define and report commercial remaining performance obligation. |
| Capex actuals | High | Extractable from cash flow statements / 10-Q. May require mapping "additions to property and equipment" and finance lease additions depending methodology. |
| Capex guidance | Medium | Usually in earnings call prepared remarks / CFO outlook rather than core tables. |
| Revenue conversion | Medium | Microsoft Cloud revenue and Azure growth are good conversion proxies, but do not isolate AI capacity. |
| Live capacity | Low | Microsoft rarely reports data-center live capacity in MW, server count, GPU count, or power. |
| Capacity added this quarter | Low | Usually not disclosed directly; may be inferred only from capex and management comments. |
| Capacity under construction / future pipeline | Low-Medium | Discussed qualitatively through capex growth and capacity constraint language. |
| Cloud capacity commitments / lease commitments | Medium | SEC notes include leases and purchase obligations, but not always cleanly tied to AI/data centers. |
| Expected commencement window | Low-Medium | Sometimes discussed in earnings calls as when supply comes online; needs transcript extraction. |

### Update Cadence

Quarterly, aligned with Microsoft fiscal quarters ending September, December, March, and June. Annual 10-K after fiscal year end June 30.

### Extraction Difficulty

Medium.

Microsoft is highly sourceable for financial demand and spending proxies, but weak for physical data-center capacity. The MVP should use MSFT as a hyperscaler capex/RPO/revenue-conversion row, not as a physical capacity row unless exact management statements are available.

### Caveats

- Azure is reported mostly as growth rate, not absolute revenue.
- "Microsoft Cloud" includes Microsoft 365 Commercial cloud, Azure and other cloud services, LinkedIn commercial, and Dynamics 365, so it is broader than data-center infrastructure.
- Commercial RPO includes more than Azure/AI infrastructure.
- Capex includes cloud and AI infrastructure but may include other property/equipment categories.
- Capacity constraints and expected supply timing are often verbal guidance, not tabled data.
- Fiscal quarters do not align with calendar quarters; use fiscal-quarter normalization.

## DLR - Digital Realty

### Likely PRIMARY Source Types

| Source Type | Source Location | Cadence | Usefulness |
|---|---|---:|---|
| Quarterly results hub | Digital Realty quarterly results: https://investor.digitalrealty.com/financials/quarterly-results/ | Quarterly | Best stable source. Each quarter lists earnings press release, webcast, presentation, and earnings supplemental. |
| Earnings supplemental | Same quarterly hub; e.g., 2026 Q1 "Earnings Supplemental" link listed on quarterly results page | Quarterly | Best source for operating portfolio, development pipeline, leasing activity, signed leases, commencements, occupancy, backlog, and pre-leasing. |
| Earnings presentation | Same quarterly hub; e.g., 2026 Q1 "Earnings Presentation" link listed on quarterly results page | Quarterly | Useful for pipeline summary, AI/cloud demand commentary, strategic leasing highlights. |
| SEC 10-Q / 10-K | Digital Realty 10-Q filing page example: https://investor.digitalrealty.com/sec-filings/sec-filing/10-q/0001558370-25-006125 | Quarterly / annual | Auditable financial and lease accounting source; useful for commitments, capex, development assets, lease revenue, debt/JV context. |
| SEC filing PDF family | Example static 10-Q PDF source from IR: https://investor.digitalrealty.com/static-files/0ef4ef78-63bb-44fb-b9a0-a118f19dc2c5 | Quarterly / annual | Useful fallback when filing page content is hard to parse. |

### Extractable Metrics

| Metric | Sourceability | Notes |
|---|---|---|
| Live capacity / operating portfolio | High | DLR supplement typically provides portfolio counts, square footage, power/capacity-related operating metrics, occupancy, and market breakouts. |
| Capacity added this quarter | Medium-High | Can be derived from development completions / placed-in-service tables and quarter-over-quarter portfolio changes. |
| Capacity under construction | High | Development pipeline is a core supplement item. |
| Future capacity / pipeline | High | Development pipeline, land bank, expansion projects, and future phases are usually tabled. |
| Secured power | Medium | Often available in development/pipeline context but may require supplement footnotes and market-level interpretation. |
| Lease commitments / signed leases | High | DLR reports new leasing, renewal leasing, commencements, and backlog in quarterly supplement. |
| Pre-leased percentage | High | Development pipeline often includes percent leased / pre-leased fields. |
| Expected commencement window | High | Backlog and development tables often include expected commencement or delivery timing. |
| Capex actuals | High | SEC filings and supplement financial tables provide capex/development spend. |
| Revenue conversion | Medium-High | Lease commencements, signed leases, annualized GAAP/base rent, and revenue tables can connect bookings to revenue, though timing lags matter. |
| RPO / backlog | Medium | REIT leasing backlog is not identical to SaaS RPO, but signed-not-commenced leases and annualized rent backlog are usable. |

### Update Cadence

Quarterly, aligned with calendar quarters. Annual 10-K after fiscal year end December 31.

### Extraction Difficulty

Low-Medium.

DLR is the strongest of the three for physical data-center sourceability because quarterly supplements are designed around portfolio, development, and leasing metrics. Difficulty mainly comes from PDF/table extraction and consistent treatment of consolidated vs unconsolidated/JV assets.

### Caveats

- DLR metrics reflect data-center real estate capacity, not direct AI compute capacity.
- Capacity may be reported in multiple units depending table: square feet, MW, IT load, shell capacity, or annualized rent. The dataset needs unit normalization.
- Consolidated, managed, unconsolidated, and JV assets may be reported separately. Do not combine without ownership flags.
- Signed leases and commencements can differ materially by quarter; revenue conversion requires lag handling.
- Development pipeline can include phased projects with changing scope, pre-leasing, timing, and ownership.

## Recommended MVP Treatment

| Company | Include in MVP? | Reason |
|---|---:|---|
| ORCL | Yes | Strong AI cloud RPO/capex story; useful despite weak physical capacity disclosure. |
| MSFT | Yes | Essential hyperscaler benchmark for cloud capex, RPO, and AI capacity constraints. |
| DLR | Yes | Best physical data-center capacity and leasing source among the three. |

## MVP Fields For These Three

| Field | ORCL | MSFT | DLR |
|---|---:|---:|---:|
| ticker | Required | Required | Required |
| fiscal_quarter | High | High | High |
| source_url | High | High | High |
| source_type | High | High | High |
| capex_actual | High | High | High |
| capex_guidance | Medium | Medium | Medium |
| rpo_or_backlog | High | High | Medium-High |
| cloud_or_data_center_revenue | High | High | High |
| live_capacity | Low | Low | High |
| capacity_added_qtr | Low | Low | Medium-High |
| capacity_under_construction | Low | Low | High |
| future_capacity_pipeline | Medium | Low-Medium | High |
| secured_power | Low-Medium | Low | Medium |
| lease_or_cloud_commitments | Medium | Medium | High |
| preleased_pct | Not applicable / Low | Not applicable / Low | High |
| expected_commencement_window | Low-Medium | Low-Medium | High |
| caveat_text | Required | Required | Required |

## PRIMARY Sources Consulted

- Oracle FY26 Q3 earnings release: https://investor.oracle.com/investor-news/news-details/2026/Oracle-Announces-Fiscal-Year-2026-Third-Quarter-Financial-Results/default.aspx
- Oracle FY26 Q2 10-Q SEC archive: https://www.sec.gov/Archives/edgar/data/1341439/000119312525315925/orcl-20251130.htm
- Microsoft FY26 Q3 investor metrics: https://www.microsoft.com/en-us/investor/earnings/fy-2026-q3/metrics
- Microsoft FY26 Q3 press release / webcast: https://www.microsoft.com/en-us/investor/earnings/fy-2026-q3/press-release-webcast
- Microsoft SEC filings page: https://www.microsoft.com/en-us/investor/sec-filings
- Digital Realty quarterly results hub: https://investor.digitalrealty.com/financials/quarterly-results/
- Digital Realty 10-Q filing example: https://investor.digitalrealty.com/sec-filings/sec-filing/10-q/0001558370-25-006125
- Digital Realty static 10-Q PDF example: https://investor.digitalrealty.com/static-files/0ef4ef78-63bb-44fb-b9a0-a118f19dc2c5

## SECONDARY-DISCOVERY Source Section

None used for factual claims in this mini-matrix. For the full 20-company run, useful discovery-only families are Data Center Dynamics, Data Center Frontier, The Buildout, SemiAnalysis, and Structure Research, especially for finding exact management quotes or project names to verify back against primary filings/transcripts.