Exclusive: Oracle is the latest tech giant to offer the Trump administration a significant discount on its services https://t.co/CX0kK9f8LT ...

Investment Rating - The industry investment rating is "Outperform the Market - A" [9] Core Insights - The overseas AI computing sector has experienced a significant rebound, driven by five key factors reflecting optimism in the industry, increasing downstream application demand, supply from upstream chip manufacturers, confidence from major players, and infrastructure investment [7][22] - Major cloud providers in North America reported a total capital expenditure (Capex) of $71.9 billion in Q1 2025, a 62% year-on-year increase, indicating a strong consensus on AI as a key industry trend [3][18] - The rapid growth in token usage, with Google's monthly average token calls projected to increase from 9.7 trillion in April 2024 to 480 trillion in April 2025, signifies a surge in demand for computing power, particularly in AI applications [4][19] - Broadcom, a leader in ASIC chips, reported quarterly revenue exceeding $15 billion, with AI business revenue surpassing $4.4 billion, reflecting a 46% year-on-year growth, as demand for low-cost ASIC chips rises [5][20] - NVIDIA's CEO emphasized the strong and sustained demand for AI, marking the beginning of a decade-long infrastructure buildout, with the company's stock reaching a historic high of $160.98 and a market cap exceeding $3.92 trillion [6][21] Summary by Sections Capex - North American cloud giants reported a total Capex of $71.9 billion in Q1 2025, up 62% year-on-year, with optimistic forecasts for continued investment in AI infrastructure [3][18] Token - Microsoft's Azure AI infrastructure processed over 100 trillion tokens in Q1 2025, a fivefold increase year-on-year, while Google's token usage is expected to grow 50 times within a year, indicating a rapid increase in demand for AI computing power [4][19] ASIC - Broadcom's ASIC chip revenue reached over $4.4 billion, a 46% increase year-on-year, as the demand for AI applications shifts towards more cost-effective ASIC solutions [5][20] NVIDIA - NVIDIA's stock hit a record high, with the CEO highlighting the ongoing strong demand for AI and the company's strategic roadmap for product updates, reinforcing its leadership in the AI computing sector [6][21] Stargate - OpenAI and Oracle announced a significant expansion of their Stargate AI computing infrastructure project, with an initial investment of $100 billion, aiming to enhance AI infrastructure in the U.S. [7][22]

OpenAI 与甲骨文签署 300 亿美元协议， AI 基建投资加速 [Table_ReportDate] 2025 年 7 月 6 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] OpenAI 与甲骨文签署 300 亿美元协议，AI 基建投资加速 [Table_ReportDate] 2025 年 7 月 6 日 [Table_S [Table_Summary ummary] ] ➢ 本周电子细分行业指数出现分化。 ...

Core Viewpoint - Oracle is experiencing significant stock performance and strong fundamentals, with a notable dividend payment scheduled for July 2025, reflecting its robust financial health and growth potential [1][4][10]. Dividend Information - Oracle will pay a quarterly dividend of $0.50 per share on July 24, 2025, with an ex-dividend date of July 10, 2025 [4][6]. - The company's dividend yield stands at 0.84%, with a forward payout ratio of 24.37%, indicating a return of approximately a quarter of its earnings to shareholders [5]. Stock Performance - Oracle's stock has rallied about 60% over the past three months, outperforming the general market, and has gained 42% year-to-date [1]. - As of the latest update, Oracle's stock was trading at $237, reflecting an increase of over 4% [1]. Financial Performance - For fiscal 2025, Oracle reported $44 billion in cloud services and license support revenue, marking a 12% year-over-year increase [9]. - The company's cloud infrastructure revenue, particularly from Oracle Cloud Infrastructure (OCI), surged 51% to $10.2 billion, driven by demand for AI workloads [9]. Analyst Ratings - Analysts have responded positively to Oracle's performance, with Stifel upgrading the stock from 'Hold' to 'Buy' and raising its price target from $180 to $250 [10]. - Barclays maintained an "overweight" rating with a price target of $221, citing growth details in SEC filings that alleviate investor concerns [10]. Growth Prospects - Oracle's MultiCloud database revenue is reportedly growing at over 100%, and the company has secured a new deal expected to generate more than $30 billion starting in fiscal 2028 [7].

Core Viewpoint - Oracle has experienced a significant stock market rally, gaining 60% over the past three months, driven by strong performance in its cloud infrastructure business and a new deal expected to generate over $30 billion in annual revenue starting in fiscal 2028 [1][2]. Group 1: Financial Performance - In fiscal 2025, Oracle reported $44 billion in cloud services and license support revenue, marking a 12% increase, largely due to rising demand for its cloud infrastructure for AI workloads [4]. - Revenue from the Oracle Cloud Infrastructure (OCI) segment surged 51% to $10.2 billion, significantly outpacing the overall revenue growth of 9% to $57.4 billion [5]. - Oracle management anticipates at least 70% growth in OCI revenue for the current fiscal year, with total revenue projected to rise by 16% to $67 billion in fiscal 2026 [6]. Group 2: Future Projections - The new $30 billion deal starting in fiscal 2028 could elevate Oracle's total revenue to $97 billion, exceeding Wall Street's expectations for that fiscal year [7]. - Oracle's remaining performance obligations (RPO) stood at $138 billion, reflecting a 41% increase last quarter, indicating strong future revenue potential [9]. - The company is involved in the $500 billion Stargate Project, which could further enhance its RPO and revenue growth as it begins to materialize [10][11]. Group 3: Infrastructure Expansion - Oracle plans to build an additional 47 MultiCloud data centers in the next year, increasing its current count from 23, which will enhance its capacity to meet growing demand [12]. - The company also intends to construct 30 dedicated data centers for its public cloud infrastructure in fiscal 2026, effectively doubling its existing capacity [13]. - As Oracle increases its data center footprint, it is expected to convert more of its backlog into revenue, leading to accelerated growth [14]. Group 4: Investment Outlook - If Oracle achieves $100 billion in revenue by fiscal 2028, maintaining a sales multiple of 11 could result in a market cap of $1.1 trillion, indicating potential gains of 79% over the next three years [14][15]. - Compared to the U.S. technology sector's average sales multiple of 8.2, Oracle's current valuation appears justified given its growth prospects [15].

Core Viewpoint - Oracle's stock price increased by nearly 13% over the past week, driven by positive comments from CEO Safra Catz and a potential deal with OpenAI, indicating strong investor confidence in the company's future prospects [1]. Group 1: Business Performance - Oracle reported that its MultiCloud database revenue is growing at over 100%, with multiple large cloud services agreements signed, including one expected to generate more than $30 billion in annual revenue starting in fiscal year 2028 [4]. - The company is off to a strong start in fiscal year 2026, as indicated by the CEO's remarks [4]. Group 2: Strategic Partnerships - A report indicated that OpenAI plans to lease approximately 4.5 gigawatts of data center power from Oracle, which is part of the Stargate Project, a collaboration involving Oracle, OpenAI, SoftBank, and MGX [5]. - This partnership is expected to enhance Oracle's capabilities in the AI sector, potentially leading to significant revenue opportunities [6].

Core Viewpoint - The cloud services market is becoming a core competitive unit in the information technology sector, with Oracle accelerating its transformation into a cloud services giant through significant investments in AI infrastructure [1] Group 1: Major Developments - Oracle has signed a $30 billion cloud computing service agreement, expected to generate over $30 billion in annual revenue starting from fiscal year 2028, which represents 52% of its total revenue of $57.4 billion for fiscal year 2025 [2] - The CEO of Oracle stated that the company's multi-cloud database revenue is growing at over 100%, and analysts believe this agreement could account for 25% to 33% of Oracle's revenue in fiscal year 2028 [2][3] - Oracle's cloud infrastructure (OCI) is on an "incredible growth trajectory," benefiting from the global demand for cloud computing driven by AI models [3] Group 2: Market Position and Strategy - As of the end of 2024, Oracle holds approximately 3% of the global cloud infrastructure services market, trailing behind Amazon (30%), Microsoft (21%), Google (12%), and Alibaba (4%) [3] - Oracle aims to become a leader in global cloud databases, applications, and data center construction and operations, with the potential for multiple companies to excel in the AI revolution [4] Group 3: Stock Performance - Oracle's stock has risen nearly 38% this year, indicating a positive market response to the company's strategic direction [5] Group 4: AI Infrastructure Investments - Reports suggest that Oracle is benefiting from OpenAI's "Interstellar Gateway" plan, which involves a $100 billion investment in AI computing servers, potentially expanding to $500 billion over four years [6] - Oracle is collaborating with OpenAI to build a massive data center in Abilene, Texas, which is set to be the largest single data center globally, with plans for completion by early 2026 [6] - The partnership with ByteDance in Malaysia aims to establish the world's second-largest AI computing hub, enhancing Oracle's position in the AI infrastructure market [6] Group 5: Decentralized Infrastructure Strategy - Oracle is employing a non-traditional strategy to build a highly decentralized and capital-efficient AI cloud infrastructure empire, with ByteDance becoming its largest GPU cloud service customer [7] - This collaboration allows Oracle to serve key platform clients in both the US and China, showcasing a unique cross-camp binding capability that is difficult for other cloud providers to replicate [7]

Group 1 - Recent updates affecting Nvidia (NVDA) and Meta Platforms (META) have been discussed, highlighting their impact on the semiconductor industry [1] - Stock prices referenced are the after-market prices as of June 30, 2025, indicating a specific timeframe for the analysis [1]

Market Overview - Major global stock indices showed mixed performance, with the Nasdaq rising by 190.24 points (0.94%) and the Dow Jones Industrial Average declining by 10.52 points (-0.02%) [2] Trade Agreements - The United States and Vietnam have reached a trade agreement where Vietnam will pay a 20% tariff on exports to the U.S. and a 40% tariff on any transshipment trade, while allowing U.S. products to enter its market at zero tariffs [3] Employment Data - The ADP Research reported a decrease of 33,000 jobs in the U.S. for June, significantly below the expected increase of 95,000, marking the largest decline since March 2023 [5] Foreign Reserves - South Korea's foreign reserves increased by $5.6 billion in June, reaching a total of $410.2 billion [7] Automotive Industry - Tesla reported a total production of 410,244 vehicles and deliveries of 384,122 in Q2, reflecting a year-on-year decline of 13% in delivery volume [9] - Xiaomi's CEO Lei Jun stated that the company will prioritize domestic deliveries of its vehicles and will not consider exports until 2027 [10] Corporate Actions - Jeff Bezos sold over 3.3 million shares of Amazon, cashing out approximately $737 million [11] - Microsoft announced a new round of layoffs affecting 9,000 employees, marking its second major layoff this year after previously cutting 6,000 jobs [13] AI and Technology Partnerships - OpenAI is reportedly renting significant computing power from Oracle for its "Stargate" project, which involves unprecedented energy consumption levels [14]

Group 1 - OpenAI denies any association with "OpenAI tokens" and clarifies that any transfer of its equity requires approval, which has not been granted [1] - OpenAI expands its "Stargate" agreement with Oracle, renting approximately 4.5 gigawatts of data center power capacity in the U.S. to meet its computing needs [2] - The competition in AI infrastructure is accelerating, driven by both energy and capital [3] Group 2 - Infinest's products are primarily used in Xiaomi's smartphones, tablets, wearable devices, and electronic components in new energy vehicles [4] - Amazon will discontinue its Freevee streaming service next month, integrating its content into Prime Video [5] - Tencent responds to privacy concerns regarding WeChat's new AI search feature, which links users' names to generated personal profiles [6] Group 3 - A 3D-printed lightweight micro turbojet engine developed by China Aviation Engine Research Institute successfully completed its first flight test, demonstrating reliability and stability [7] - Microsoft aims to reduce its reliance on Nvidia for AI computing by scaling down its AI chip production [8] - Xiaomi's CEO Lei Jun states that the company will prioritize domestic deliveries of its vehicles before considering international expansion, targeting 2027 for potential overseas sales [9] Group 4 - Honor's CEO emphasizes that AI's core purpose is to serve humanity, highlighting three necessary transformations for AI to be effectively integrated into daily life [10] - ByteDance has produced over 1,000 robots in two and a half years, with a long-term goal of achieving embodied intelligence [11] - The logistics practice by ByteDance aims to explore embodied intelligence, focusing on real-world data acquisition and feedback [12]