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甲骨文RPO大增 国内算力产业链再迎催化
Shang Hai Zheng Quan Bao·2025-09-10 18:48

Core Viewpoint - Oracle's significant increase in Remaining Performance Obligations (RPO) to $455 billion, a 359% year-over-year growth, indicates strong demand for AI infrastructure and a robust market for AI deployment [1][2] Group 1: Oracle's Financial Performance - In Q1 of fiscal year 2026, Oracle reported total revenue of $14.9 billion, a 12% increase year-over-year, and a non-GAAP net profit of $4.3 billion, up 8% [1] - The substantial growth in RPO is viewed as a "tsunami-level" increase in backlog orders, enhancing visibility of demand for computing power until 2030 [1][2] Group 2: AI Market Dynamics - Oracle signed four contracts worth billions with three different clients in Q1, contributing to the RPO surge and potentially pushing RPO beyond $500 billion in the coming months [2] - The AI inference market is currently larger than the AI training market, with inference computing power being rapidly consumed [2] Group 3: Future Revenue Projections - Oracle anticipates a 77% year-over-year growth in cloud infrastructure revenue for fiscal year 2026, reaching $18 billion, with projections for subsequent years increasing to $32 billion, $73 billion, $114 billion, and $144 billion [2] Group 4: Capital Expenditure Trends - Oracle plans to increase capital expenditures to approximately $35 billion in fiscal year 2026, primarily for revenue-generating data center equipment [3] - Major Chinese tech companies (BAT) reported a combined capital expenditure of 61.58 billion yuan in Q2, a 168% year-over-year increase, focusing on AI infrastructure and core technology development [3] Group 5: AI Industry Outlook - The AI industry is expected to continue its growth trajectory, with significant investments in computing hardware benefiting from the ongoing demand [4] - The recent "Artificial Intelligence +" policy in China aims to integrate AI across various sectors, marking a critical phase for AI development [5] Group 6: Collaborative AI Applications - China Mobile is collaborating with several state-owned enterprises to integrate AI into key industry operations, including energy, healthcare, aviation, and agriculture [6]