甲骨文预期AI基建毛利率可达35%，缓解华尔街盈利担忧，股价一度上涨5%

Core Insights - Oracle has disclosed profit margin expectations for its large AI infrastructure project, alleviating investor concerns about the profitability of this key new business [1] - The company presented a specific case at its annual investor conference, indicating a six-year AI infrastructure project with total revenue of $60 billion and a gross margin of 35% [1] - Despite signing numerous AI data center development agreements with clients like OpenAI, Meta, and Musk's xAI, Wall Street had previously questioned the profitability of such ventures, noting that some AI cloud services had a gross margin of only 14% [1][2] Financial Performance - Oracle's cloud business faced scrutiny due to lower profit margins, attributed to the rental of advanced chips from NVIDIA, which exerted pressure on profitability [4] - In the last fiscal quarter ending August, Oracle reported $900 million in server rental revenue with a gross profit of $125 million, resulting in a gross margin of 14%, significantly lower than the approximately 70% gross margin of Oracle's traditional software business [4] - The company experienced substantial losses in certain cases, such as nearly $100 million in losses from renting NVIDIA's new Blackwell architecture chips in the previous fiscal quarter [4] Market Reaction - Following the disclosure of the new data, market confidence in the profitability of Oracle's AI infrastructure business increased, leading to a stock price surge of over 5%, although the gains later receded [2] - The positive sentiment also positively impacted the stock price of industry peer CoreWeave [2]