Evercore ISI发布研报指出，微软(MSFT.US)和甲骨文(ORCL.US)等软件公司有望从特朗普总统"大美丽 法案"的部分条款中获益，实现自由现金流显著提升。基于此，该行维持微软"跑赢大盘"评级，目标价 从500美元上调至515美元；同样获"跑赢大盘"评级的甲骨文目标价从180美元调升至215美元。 该法案包含恢复国内研发费用全额抵扣政策，并对2025至2029年间投入使用的合格资本支出重新实施 100%奖励性折旧。 Evercore的分析显示，研发投入强度和资本支出水平较高、且当前承担实质性现金税负的企业将获益最 大。"据估算，微软自由现金流可能增加110亿美元(合每股1.5美元)，甲骨文则有望增加33亿美元(合每 股1.12美元)。 微软和甲骨文因其巨额资本支出位列最大受益者。Evercore预估两家公司2025年资本支出将分别达697 亿和236亿美元，主要投向人工智能和数据中心建设。 Materne补充道："缴纳现金税的软件公司平均获益约9%，主要源于更优惠的研发税收政策...需注意这些 属于税务会计变更而非财务会计调整，主要基于研发税收抵免和奖励性折旧政策的提前兑现。" 更广泛的影响在于 ...

Investment Rating - The report maintains a "Recommended" rating for several key companies in the semiconductor and AI infrastructure sectors, including Chipone Technology, Industrial Fulian, and Huakong Technology [4][45]. Core Insights - Oracle has signed a significant cloud service agreement expected to generate over $30 billion annually starting from FY2028, which will account for approximately 52% of its total revenue for FY2025 [1][8]. - The demand for AI computing power is driven by three main application scenarios: third-party large language model (LLM) training, sovereign AI infrastructure development, and customized private cloud solutions for enterprise clients [2][33]. - The global AI computing landscape is evolving with both GPGPU and ASIC technologies advancing rapidly, indicating a dual-track growth in the market [3][12]. Summary by Sections Oracle's Major Contract and GPU Demand - Oracle's recent contract is a record-breaking deal that significantly impacts its revenue structure, highlighting the rapid growth in AI model and cloud service demand [1][8]. - To meet this demand, Oracle has procured approximately 400,000 NVIDIA GB200 high-end computing cards, making it the second-largest holder of NVIDIA's high-end computing cards globally [1][9]. Global AI Computing Landscape - The AI computing market is bifurcating into two main technology camps: GPGPU, led by NVIDIA, and ASIC, driven by companies like Google and Amazon [3][12]. - GPGPU technology is particularly suited for large model training and general AI applications, while ASIC technology focuses on optimizing specific tasks such as AI inference and cost efficiency [3][22]. New Growth Drivers for NVIDIA GPGPU Demand - The demand for NVIDIA's GPGPU is primarily fueled by three areas: third-party LLM training, sovereign AI initiatives, and enterprise-level private cloud deployments [33][34]. - The training of large models, such as GPT-3, requires substantial computational power, which NVIDIA's GPUs provide efficiently [34][35]. Investment Recommendations - The report suggests focusing on companies with strong core technologies and competitive advantages in the AI computing supply chain, including Chipone Technology, Industrial Fulian, and Huakong Technology [4][43]. - The long-term demand for computing power is expected to be robust, driven by sovereign AI, accelerated large model training, and enterprise private cloud deployments [4][44].

丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：Meta 整合 AI 架构，OpenAI 签署算力大单 报告要点 [Table_Summary] 2025 年第 27 周，通信板块下跌 0.21%，在长江一级行业中排名 30 位；2025 年年初以来，通 信板块上涨 7.85%，在长江一级行业中排名第 13 位。Meta 重组 AI 架构并重金挖角行业精英， 加速"超级智能"研发；OpenAI 与甲骨文签署 300 亿美元算力租赁协议，规模达 4.5GW，并 联手甲骨文、软银、MGX 发起全球最大 AI 基础设施投资。AI 与算力主线景气延续，当前通信 板块估值处于历史低位，具备较高配置性价比。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业周观点： 2] Meta 整合 AI 架构，OpenAI 签署算力大单 [Table_Summ ...

Oracle has a new top bull on Wall Street. Jefferies raised its price target for the cloud computing giant’s stock to $270 from $220, the most bullish target among firms tracked by Visible Alpha. https://t.co/9F5il92oQe ...

Core Insights - Oracle is advancing its database capabilities, anticipating cloud database services to become a significant revenue growth pillar, with a 31% year-over-year increase in cloud database services, reaching annualized revenues of $2.6 billion [1][10] Group 1: Database Advancements - The launch of the Oracle 23 AI platform enhances enterprise functionality through secure training of business data with AI models, contributing to its popularity among enterprises seeking scalable solutions [2] - Oracle is migrating customers to its Autonomous databases, which are self-managing and cost-efficient, resulting in a 47% increase in Autonomous database consumption revenues [3][10] Group 2: Capital Expenditure and Growth Projections - Oracle's capital expenditure for fiscal 2026 is expected to exceed $25 billion, focusing on building 47 multi-cloud data centers to support demand for Autonomous databases and Oracle 23 AI [4][10] - Estimated cloud services and license revenues for fiscal 2026 are projected at approximately $52 billion, indicating a year-over-year growth of 17.3% [4] Group 3: Competitive Landscape - Oracle faces significant competition in the cloud segment from Amazon's AWS and Microsoft's Azure, both of which are investing heavily in AI and cloud infrastructure [5][6][7] Group 4: Share Performance and Valuation - Oracle's shares have appreciated 43.3% year-to-date, outperforming the Zacks Computer and Technology sector's return of 7% and the Zacks Computer-Software industry's growth of 16.4% [8] - The Zacks Consensus Estimate for Oracle's fiscal 2026 earnings is $6.71 per share, reflecting an 11.28% increase from the previous year [15]

Contract Research Organization aims to improve data management, accuracy, and safety with Oracle's AI-powered pharmacovigilance platformAUSTIN, Texas, July 8, 2025 /PRNewswire/ -- Contract Research Organization (CRO), PrimeVigilance, is significantly enhancing its service offerings with Oracle Argus. Delivering the full lifecycle of pharmacovigilance services, the CRO is leveraging Argus to provide its clients with a powerful, AI-driven solution to help optimize their drug development programs and support p ...

Core Insights - Oracle Database@AWS is now generally available, allowing customers to run Oracle Exadata Database Service and Oracle Autonomous Database on Oracle Cloud Infrastructure (OCI) within AWS [1][2] - The service is currently available in the U.S. East (N. Virginia) and U.S. West (Oregon) Regions, with plans to expand to 20 additional AWS Regions globally [1][8] Group 1: Product Features and Benefits - Customers can migrate their Oracle Database workloads to Oracle Database@AWS without rearchitecting applications, benefiting from AWS's security, resiliency, and scalability [3] - The service includes zero-ETL integration, simplifying data integration between Oracle Database services and AWS Analytics services, enhancing application capabilities with AWS analytics, machine learning, and generative AI [2][4] - Oracle Database@AWS supports Oracle Database 23ai with embedded AI Vector capabilities, allowing for advanced search functionalities based on conceptual content [4] Group 2: Customer Adoption and Use Cases - Early adopters include major enterprises such as Fidelity Investments, Nationwide, and SAS, which report improvements in operational efficiency and value delivery [6][7] - Organizations in regulated industries like telecommunications, energy, and financial services are leveraging Oracle Database@AWS to address complex business challenges [6] Group 3: Migration and Integration - The service simplifies and accelerates the migration of Oracle databases to the cloud, compatible with proven migration tools like Oracle Zero Downtime Migration [4] - Customers can utilize existing AWS commitments and Oracle license benefits, including Bring Your Own License (BYOL) and discount programs [4] Group 4: Future Expansion - Oracle Database@AWS is set to expand to 20 more AWS Regions, including locations such as Canada, Germany, India, and Japan, enhancing global accessibility [8]

Core Viewpoint - Oracle has signed a significant cloud deal expected to generate over $30 billion in annual revenue starting in fiscal year 2028, indicating a transformative shift for the company in the AI infrastructure space [7][5][12] Group 1: Oracle's Market Performance - Oracle's shares have increased by 42% in 2025, outperforming the "Magnificent Seven" tech stocks and broader indices like the S&P 500 and Nasdaq Composite [3] - The company's forward price-to-earnings (P/E) multiple stands at 35, one of the highest among leading cloud infrastructure players, reflecting a premium valuation [13] Group 2: Cloud Deal Details - The new cloud deal aligns with global trends where businesses are investing heavily in AI infrastructure, with Oracle offering infrastructure-as-a-service (IaaS) to allow customers to access AI-equipped data centers without the need for extensive capital investment [6][5] - The specific customer for the new cloud deal has not been disclosed, but potential candidates include OpenAI and G42, both of which have existing or developing partnerships with Oracle [8][11][10] Group 3: Future Growth Prospects - The macro perspective suggests that AI infrastructure spending could reach trillions of dollars in the coming decade, positioning Oracle favorably within this growth trend [12] - Despite the current stock price reflecting some of the upside from the new deal, Oracle's long-term growth prospects remain strong, particularly with its ability to secure new deals for its Oracle Cloud Infrastructure (OCI) [15][16]

智通财经7月8日电，杰富瑞将甲骨文目标价从220美元上调至270美元。 ...

Core Insights - OpenAI signed a $200 million contract with the U.S. Department of Defense to provide AI tools for addressing critical national security challenges [2] - The competition for government contracts in the AI and cloud computing sectors has intensified, with major tech companies vying for lucrative deals [2][3] - The U.S. government is increasingly integrating AI into military operations, with significant investments planned for the coming years [10][12] Government Contracts and Collaborations - OpenAI's contract with the Department of Defense is part of a broader trend where tech companies like Palantir and Snowflake are securing government contracts to enhance their AI capabilities [2][3] - Palantir has seen substantial revenue growth, with 60% of its income derived from government contracts, including a significant contract for Project Maven [2] - Snowflake obtained a $1 billion temporary authorization from the Department of Defense, allowing all military branches to utilize its enhanced data capabilities [3] Major Cloud Providers and AI Integration - The Department of Defense awarded a $9 billion Joint Warfighting Cloud Capability (JWCC) contract to major cloud providers including Amazon, Google, Microsoft, and Oracle [4] - Microsoft has been a key partner for the government, integrating OpenAI's GPT-4 model into various government agencies [4] - Oracle is also involved in providing cloud services to the military, aiming to simplify cloud management and reduce costs [10] Economic Implications of AI - The economic benefits of AI are under scrutiny, with predictions suggesting that generative AI could contribute $7 trillion to global GDP over the next decade [7] - However, some experts argue that the immediate economic impact of AI may be overstated, with many tasks requiring human intervention and expertise [8][9] Shifts in Corporate Policies - Major tech companies are shifting their policies regarding military applications of AI, with OpenAI and Google removing restrictions on the use of their technologies for military purposes [11][12] - This shift indicates a deeper involvement of tech companies in military operations, reflecting the growing importance of AI in national security [12]