巨额订单风险重重？质疑声四起，甲骨文股价从历史高点回调逾6%

Core Insights - Oracle's stock price fell over 6% after reaching a record high, with analysts raising concerns about the company's reliance on a single client, OpenAI, for future growth [1][3] - Oracle reported a significant increase in remaining performance obligations (RPO) to $455 billion, a 359% year-over-year growth, with $317 billion added in the first quarter alone [1][2] - The company anticipates cloud infrastructure revenue to grow 14 times by 2030, driven by its competitive position in the AI computing market [1] Financial Performance - Oracle's first-quarter earnings report revealed a surge in future contract revenue, with a notable contract with OpenAI valued at $300 billion over five years, starting in 2027 [2][3] - The recent quarterly report indicated that nearly 95% of the new future contract revenue was attributed to the OpenAI deal [2] Market Reaction - Following the earnings announcement, Oracle's stock rose by 30% in after-hours trading and nearly 36% the following day, reaching a closing price of $328.33 [1] - However, after the concerns regarding customer concentration emerged, Oracle's stock price dropped to $307.86, a decrease of 6.23% [3][4] Analyst Concerns - Analysts expressed skepticism about Oracle's order backlog, highlighting risks related to customer concentration and the potential delay in revenue recognition [3] - Morgan Stanley estimated that only about 10% of the $455 billion RPO would be recognized as revenue within the next 12 months, raising questions about the sustainability of Oracle's growth [3]