Oracle looks almost unrecognisable. Free cashflow has turned deeply negative. Net debt in the latest quarter grew by $11bn, to $88bn. Things could get dicier still https://t.co/YCqNKdIDdu ...

"市场已经更加谨慎看待AI相关支出，这与2025年年中形成鲜明对比，当时任何暗示资本开支上升的迹 象都会引发兴奋，"Panmure Liberum策略师Susana Cruz表示。"甲骨文是最薄弱的一环，很大程度上是 因为它通过举债来支撑大量投资。" 来源：环球市场播报 逢低买盘推动标普500指数收复盘中失地，收盘创下纪录新高，追踪蓝筹股表现的道琼斯指数和追踪小 盘股表现的罗素2000指数均刷新历史高点。 科技股为主的纳斯达克100指数收低，盘中一度下跌1.6%。 甲骨文令人失望的财报拖累大型科技股走低，甲骨文重挫逾10%，英伟达下跌1.5%。 不过，芯片巨头博通周四盘后公布强劲营收展望，股价在盘后交易中上涨。 道琼斯工业平均指数上涨1.34%，报48704.01点。 纳斯达克综合指数下跌0.25%，报23593.86点。 纳斯达克100指数下跌0.35%。 罗素2000指数上涨1.21%。 美联储在连续第三次降息后仍为明年进一步宽松敞开大门，令投资者安心。交易员押注2026年将有两次 降息。 美国劳工部周四公布的数据显示，上周首次申请失业救济人数增加4.4万，至23.6万人，创下疫情爆发以 来最大增幅。 L ...

Group 1: Market Performance - Nvidia, the top performer, closed down 1.53% with a trading volume of $31.835 billion, amid concerns over the speed at which tech companies can realize returns from AI investments [1][10] - Tesla saw a decline of 1.01%, with a trading volume of $24.452 billion, as investors reacted positively to news of a potential IPO for SpaceX, which could raise at least $25 billion [1][10] - Oracle's stock dropped 10.83% with a trading volume of $19.384 billion, following a disappointing earnings report and an increase in capital expenditure expectations for FY2026 to $50 billion [1][10] Group 2: Company-Specific Developments - Oracle's credit risk indicators reached a 16-year high, raising doubts about its ability to quickly profit from significant AI investments [2][11] - The cost of Oracle's five-year credit default swaps rose to approximately 1.41%, the highest level since April 2009, indicating declining investor confidence in the company's credit quality [2][11] - Oracle's bond spread for its 2055 maturity bonds widened by 20 basis points to 196 basis points, reflecting increased market concerns [3][12] Group 3: Competitive Landscape - Google (Alphabet) shares fell 2.43% with a trading volume of $12.342 billion, facing potential EU fines for favoring its own services [3][12] - OpenAI announced a new AI model, GPT-5.2, which aims to enhance performance in programming and various tasks, following the release of Google's Gemini 3 [3][12] - Palantir's stock decreased by 0.20% with a trading volume of $6.624 billion, as the U.S. Navy announced a partnership to invest up to $448 million in AI technology applications [3][12] Group 4: Other Notable Companies - Robinhood's shares fell 9.05% with a trading volume of $5.476 billion, despite Goldman Sachs issuing a "buy" rating with a target price of $167 [3][12] - Micron's stock declined by 1.99% with a trading volume of $4.425 billion, as the company announced it would exit the consumer storage brand Crucial by March 2026 [4][13] - Visa's stock rose 6.11% with a trading volume of $4.422 billion, as Bank of America upgraded its rating from neutral to buy [4][14]

A handful of remaining major companies are reporting their quarterly results this week, including Oracle (ORCL) and Broadcom (AVGO). The Q3 earnings season has largely brought solid results. As of Dec. 5, 99% of S&P 500 companies have reported, according to FactSet data, and analysts estimate a 13.4% jump in earnings per share during the third quarter. If it holds, that figure would mark the fourth straight quarter of double-digit earnings growth and an acceleration from the 12% earnings growth rate repor ...

Market Dynamics & Competition - Oracle claims it is not dependent on NVIDIA and can use any chip, highlighting potential competition in the AI chip market [1][8] - Concerns exist that NVIDIA could lose market share to competitors like Broadcom, especially with the potential commercialization of merchant TPUs [6] - The AI market is expected to widen, including more revenue from Broadcom, but NVIDIA is not out of the picture [7] - NVIDIA's strength lies in its multi-purpose, easy-to-use software, which supports its hardware, a factor that competitors need to address [8] - NVIDIA's R&D is world-class, and it will continue to innovate, challenging competitors [10] Capital Expenditure (CapEx) & Monetization - Oracle's estimated 2026 CapEx has increased significantly, over two and a half times higher than originally estimated, reaching the low 20 billion USD range from an initial 9 billion USD [2] - The current CapEx represents 75% of Oracle's full-year revenue [3] - The market is anticipating an inflection point where rapid AI monetization can absorb these high CapEx costs [3][4] - The speed of AI monetization, exemplified by Bloomberg Intelligence's "Eye Opener," shows the fastest run rate from 0 to 20 billion USD in tech history [4] Technology & Innovation - Software platform is needed on the training side, where NVIDIA currently has a near-monopoly [9] - As the market moves into inference, the COO demo matters less, but R&D and continuous iteration remain crucial [9][10]

[Chart courtesy of MarketWatch.com][Chart courtesy of MarketWatch.com]Moving the marketThe market was split today: the Dow pushed to fresh highs, while the S&P 500 and Nasdaq slipped early on as renewed worries about pricey tech and AI plays took some air out of yesterday’s Fed-fueled optimism.The rate cut glow from the prior session was still there, but Oracle’s numbers reminded traders that not every big AI story is translating cleanly into earnings just yet.Oracle sank about 13% after missing on revenue ...

Three months after Larry Ellison briefly became the world’s richest person, a historic slide in Oracle shares sent his net worth plunging by $24.9 billion https://t.co/W3HDIdAwau ...

Market Performance - The S&P 500 Index closed up by +0.21%, reaching a 6-week high, while the Dow Jones Industrials Index climbed to a new all-time high with a gain of +1.34%. The Nasdaq 100 Index, however, fell by -0.35% to a 1-week low [1][2][3]. Economic Indicators - US weekly initial unemployment claims rose by +44,000 to a 3-month high of 236,000, indicating a weaker labor market than the expected 220,000 [4]. - The US September trade deficit unexpectedly shrank to -$52.8 billion, contrary to expectations of a widening to -$63.1 billion, marking the smallest deficit in 5.25 years [4]. Corporate Earnings - The Q3 corporate earnings season is nearing completion, with 496 of the 500 S&P companies having reported results. Notably, 83% of these companies exceeded forecasts, leading to a +14.6% increase in earnings, significantly surpassing the expected +7.2% year-over-year growth [5]. Sector Performance - Managed healthcare stocks rallied, contributing positively to the overall market performance. Visa shares surged more than +6%, providing a boost to the Dow Jones Industrial Average [2]. - Conversely, Oracle's stock tumbled more than 10% after reporting Q2 cloud sales that missed estimates, raising concerns about tech valuations and the effectiveness of capital outlays on AI infrastructure [3].

We accept there is some anxiety. They are spending more than than you thought they would. They have some growth.Where in the equation are they sitting for you. Yeah, I think right now it's a timing mismatch. I think we are getting overly penalized for a number of elements.I think there's kind of a vote of no confidence from this market around the ability to grow and serve open eye, both on the open eye front, quite frankly, in the in the Oracle front, I think that that's a mistake. We truly believe the comp ...

Core Viewpoint - The market is currently exhibiting a lack of confidence in the growth potential of certain companies, particularly in the AI and cloud sectors, despite strong demand for compute resources [2][3][9]. Group 1: Market Sentiment and Demand - There is a perception of a timing mismatch in the market, leading to an over-penalization of certain companies despite their growth [1]. - The demand for compute resources is described as insatiable, not only for specific companies but also for other hyperscalers [2]. - Companies like Microsoft have reported higher demand for their cloud services than they could supply, indicating a robust market demand [3]. Group 2: Financial Health and Debt Management - The company expects to maintain investment-grade credit and does not anticipate needing to exceed $100 billion in debt [3]. - The current debt level stands at $106 billion, with negative free cash flows reported at $10 billion [4]. - There are flexible options available for managing debt, including leasing and equity issuance, which the company is considering [6]. Group 3: Stock Performance and Valuation - A significant reduction in the price target for the stock from $400 to $275 reflects market conditions rather than a change in the company's fundamentals [8]. - For the stock to regain higher valuations, there needs to be clear evidence of outperformance in cloud revenue [9]. - The company is positioned as the fastest-growing and cheapest megacap software company, which could lead to a recovery in stock prices as market confidence returns [9]. Group 4: Industry Trends and Future Outlook - The industry is experiencing a renaissance in software development driven by increased compute availability, particularly in AI [12]. - Traditional knowledge workers are still awaiting significant productivity improvements, indicating a varied experience across different roles [13]. - The company has made a swift pivot to the AI compute cycle, which is expected to benefit its existing customer base and align with broader industry trends [16].