Oracle(US:ORCL) Zheng Quan Shi Bao·2025-09-25 13:48Core Insights - The demand for artificial intelligence (AI) computing power is driving a surge in financing among tech giants [1][3][6] - Oracle launched an $18 billion investment-grade bond issuance, marking the second-largest transaction in the U.S. bond market this year [1][3] - Major tech companies like Alphabet and Apple are securing long-term funding to invest in AI and cloud computing [4][6] Financing Trends - Oracle's bond issuance on September 24, 2023, follows a previous issuance in January, bringing its total bond financing for the year to over $25 billion [3] - The bond issuance includes six maturity types, with a notable 40-year bond yielding 6.141%, significantly higher than the 4.771% yield on comparable government bonds [3] - Alphabet completed a $5 billion bond issuance in April, while Apple issued $4.5 billion in May, both aimed at funding AI and quantum computing initiatives [4] AI Infrastructure Competition - Tech giants are engaged in a competitive race to build AI infrastructure, with significant investments announced throughout the year [6][7] - Alibaba plans to invest 380 billion yuan in AI infrastructure, while Nvidia and OpenAI have announced a strategic partnership to develop AI data centers [6][7] - Microsoft is investing $4 billion in a new AI data center in Wisconsin, and Meta plans to invest at least $600 billion in data centers by 2028 [6][7] Market Projections - Morgan Stanley predicts global spending on AI data centers and chips will reach $2.9 trillion by 2028, with a significant portion requiring debt financing [7] - Analysts suggest that the race to develop superintelligent AI will define the next technological era, with substantial investments needed to support this growth [7]