Core Insights - The Q3 earnings season has shown solid results, with a projected 13.4% increase in earnings per share for S&P 500 companies, marking the fourth consecutive quarter of double-digit growth [2] - Analysts had initially expected a lower earnings growth of 7.9% for Q3, indicating a significant upward revision in expectations [3] Group 1: Company Earnings Reports - Oracle (ORCL) is among the few major companies yet to report its Q3 results, following a strong second quarter that showcased its leadership in AI and a substantial cloud backlog [1][4] - Specialty retailers such as GameStop (GME), AutoZone (AZO), and Chewy (CHWY) are expected to report their results soon, which will provide insights into consumer spending trends [4] - Adobe (ADBE) and Broadcom (AVGO) are also set to report their earnings next week, concluding the Q3 reporting season [5]

甲骨文(ORCL.US)的常态化超预期增长业绩，已经不足以缓解与公司债务堆积以及AI泡沫即将破裂相关的市场浓 厚担忧情绪，一份堪比英伟达2023-2024年的那种动辄100%+的"炸裂式跃升业绩"，以及在业绩展望中公布更多除 OpenAI外的新云计算订单，才有可能全面缓和市场对于该公司基本面以及全球与AI算力基础设施密切相关联的科 技股的"AI泡沫负面情绪"。 即将于美东时间周三收盘后公布业绩的甲骨文，可谓是近期这一轮AI泡沫论调席卷全球股市导致股票市场陷入调 整的罪魁祸首。现在，甲骨文公司的业绩前景与未来展望，已经深度"捆绑"于ChatGPT开发者OpenAI长期、高额 且远远未兑现的大型AI数据中心云计算基础设施订单以及"星际之门"AI基建项目相关的云计算IaaS投资回报。 为了满足这些遥远的未来式的承诺，毛利率已然陷入困境的甲骨文正通过大规模举债与强劲资本支出(capex)助力 OpenAI扩建或新建大型AI数据中心;然而其自由现金流正转为负数，信用违约掉期 (CDS) 价格飙至多年高点，甲骨 文这种深度绑定OpenAI的无比强劲云计算基础设施订单背后的愈发高企债务负担与偿债风险不容忽视。 估值高达50 ...

Group 1: Federal Reserve and Market Expectations - The Federal Reserve is expected to announce an interest rate decision, with a nearly 90% chance of a 25 basis point decrease, but it may be a "hawkish cut" indicating it could be the last reduction for a while [5] - The Russell 2000 index reached all-time highs as investors anticipate a loosening in monetary policy, which typically benefits smaller companies [5] - The S&P 500 and Dow Jones Industrial Average experienced a pullback, influenced by JPMorgan Chase's forecast of higher-than-expected expenses for the next year [5] Group 2: Oracle's Earnings Report - Oracle is set to report its second quarter earnings, with a focus on its ability to finance infrastructure plans and demonstrate a sound AI-driven growth story [2][3] - Oracle shares have increased over 30% this year, despite experiencing its largest one-month drop in over two decades in October [3] Group 3: Pharmaceutical Industry Developments - Eli Lilly announced a $6 billion investment to build a manufacturing facility in Huntsville, Alabama, aimed at supporting the production of its experimental obesity pill and other drugs [6] - Pfizer has entered a $2.1 billion licensing deal with YaoPharma to develop and commercialize its obesity pill, marking a significant move into the weight-loss market following its acquisition of Metsera [7] Group 4: Retail Innovations - Target has revamped its SoHo store in New York City to enhance its position as a trend and style leader, featuring rotating merchandise and curated displays [11][12] - The redesign took four months and was aimed at reopening in time for the holiday season, reflecting Target's strategy to attract consumers' discretionary spending [12][13]

摩根大通认为，Q2财报的核心在于将"惊人的"长期RPO转化为近中期收入和现金流。备受关注的OpenAI协议一旦完全启动，每年可能贡献 数百亿美元收入。预计Q&A环节将聚焦于最大AI合约的集中度和持续时间，特别是有多少RPO余额与少数交易对手相关，相对于更广泛的AI 实验室、超大规模云服务商和大型企业客户群体。 在从年内高点暴跌40%后，甲骨文股价有望迎来反弹吗？摩根大通认为，前提是公司能在今夜发布的第二财季财报中展示稳健的云业务增 长，并对其庞大的剩余履约义务（RPO）余额提供更清晰的披露。 财报关键看点：连接长期合约与短期现金流 报告指出，Q2财报的核心在于将"惊人的"长期RPO转化为近中期收入和现金流。Q1业绩显示，甲骨文可以同时错过近期收入预期但交付非 凡的订单量，RPO同比增长数百个百分点，得益于数十亿美元的AI基础设施合约，包括 备受关注的OpenAI协议。该协议一旦完全启动，每 年可能贡献数百亿美元收入。 摩根大通预计Q&A环节将聚焦于最大AI合约的集中度和持续时间 ，特别是有多少RPO余额与少数交易对手相关，相对于更广泛的AI实验 室、超大规模云服务商和大型企业客户群体。 甲骨文已表示，大型AI ...

Group 1: Market Performance - Israel's stock market has outperformed the U.S. market since October 7, 2023, with significant gains in U.S.-traded companies such as Teva Pharmaceutical, Elbit Systems, and Tower Semiconductor [4] - The S&P 500 is approaching the end of 2025, with analysts predicting that 10 stocks, including The Trade Desk (TTD), Charter Communications (CHTR), and Oracle (ORCL), could see increases of 42% or more in the next 12 months [5] - The stock market has made gains for seven consecutive months, although small-cap stocks have lagged behind [9] Group 2: Company Developments - IBM has announced an $11 billion deal for Confluent, which is expected to enhance IBM's AI initiatives [7] - Oracle's stock is currently testing a key level as analysts support its costly AI investments, which have impacted its stock performance [6][9] - Palantir has seen its stock rise above the 21-day and 50-day moving averages, raising questions about its potential as a buy heading into 2026 [6]

Oracle Corporation (NYSE:ORCL) will release earnings results for the second quarter after the closing bell on Wednesday.Analysts expect the tech company to report quarterly earnings at $1.64 per share, up from $1.47 per share in the year-ago period. The consensus estimate for Oracle's quarterly revenue is $16.22 billion, compared to $14.06 billion a year earlier, according to data from Benzinga Pro.The company has missed analyst revenue estimates in seven of the last 10 quarters.With the recent buzz around ...

| 德国DAX30 | 24,074.61 | 24,173.47 | 24,003.97 | -97.68 | -0.40% | | --- | --- | --- | --- | --- | --- | | 类 英国富时100 | 9,667.95 | 9.674.97 | 9,607.95 | +25.94 | +0.27% | | 法国CAC40 | 8,031.09 | 8,045.22 | 8,005.11 | -21.42 | -0.27% | | 欧洲斯托克50 | 5,709.15 | 5,722.25 | 5,692.85 | -9.17 | -0.16% | | adol A = | The first and the many of | I = 1 4 . 1 . 1 . 1 . 1 . | The Research and Children and Children and Children and Children and Children and Children and Children and Chil | | | 3.截至发稿，WTI原油涨0.58%，报58.59美元/桶。 ...

Market Overview - US stock index futures are all down, with Dow futures down 0.12%, S&P 500 futures down 0.12%, and Nasdaq futures down 0.22% [1] - European indices show mixed performance, with Germany's DAX down 0.40%, France's CAC40 up 0.27%, UK's FTSE 100 down 0.27%, and Europe's Stoxx 50 down 0.16% [2] Oil Prices - WTI crude oil is up 0.58%, trading at $58.59 per barrel, while Brent crude oil is up 0.48%, trading at $62.24 per barrel [3] Federal Reserve Insights - The Federal Reserve is expected to announce a 25 basis point rate cut, bringing the federal funds rate to a range of 3.5%-3.75% [4] - There is significant internal division within the Federal Open Market Committee, with some members advocating for rate cuts to prevent labor market weakness, while others believe that current easing is sufficient [4] - Market sentiment indicates a shift towards a "hawkish" stance, suggesting that while a rate cut may occur, further cuts may not be imminent [4] Bond Market Trends - Global long-term government bond yields have surged to a 16-year high, indicating market concerns that the rate-cutting cycle may be nearing its end [5] - Bond traders are now betting on only two rate cuts from the Federal Reserve in the coming year, a significant reduction from previous expectations of nearly three cuts [5] Company-Specific News - Momo Inc. reported a slight revenue decline of 0.9% in Q3, with net profit dropping to 348.9 million yuan from 449.4 million yuan year-on-year [8] - Oracle Corporation faces pressure ahead of its Q2 earnings report, with analysts expecting revenue of $16.22 billion, a 15.4% year-on-year increase [9] - JPMorgan Chase warns that its costs may exceed $105 billion next year, leading to a significant drop in its stock price [10] - Intel successfully reduced a previous antitrust fine by approximately €140 million, reflecting ongoing legal challenges [11] - Nvidia is developing a chip tracking technology to prevent smuggling of its AI chips to restricted countries [12] - Amazon plans to invest $35 billion in India over the next five years, focusing on e-commerce and cloud computing expansion [13]

All right. So, Rob, you have a 315 price target outperform rating. The street has it at 3 uh, excuse me, 336.So, you're a bit less bullish than your colleagues, but you still say that this is a buying opportunity. So, if you're less bullish, why do you still think this is a buying opportunity. What is exactly is the opportunity here.Well, I mean, first of all, Frank, the the the price targets are are hard to formulate right now because the numbers for free cash flow are so are so wildly variant and and that ...

All right. So, Rob, you have a 315 price target outperform rating. The street has it at 3 uh, excuse me, 336.So, you're a bit less bullish than your colleagues, but you still say that this is a buying opportunity. So, if you're less bullish, why do you still think this is a buying opportunity. What is exactly is the opportunity here.Well, I mean, first of all, Frank, the the the price targets are are hard to formulate right now because the numbers for free cash flow are so are so wildly variant and and that ...