豪赌AI反噬？甲骨文Q2云收入略逊预期，天量订单难掩投资者忧虑 盘后闪崩逾10%

Core Viewpoint - Oracle Corporation reported a significant increase in spending on AI data centers and other equipment, but the conversion of these investments into cloud business revenue did not meet investor expectations, leading to a stock price drop of over 10% in after-hours trading [1] Financial Performance - For the second fiscal quarter ending November 30, total revenue grew by 14% to $16.1 billion, aligning closely with market expectations [1] - The adjusted earnings per share were $2.26, exceeding market average expectations [1] - Cloud software application revenue increased by 11% to $3.9 billion, marking the first time cloud infrastructure revenue surpassed application revenue [1] - Cloud computing sales rose by 34% to $7.98 billion, with infrastructure revenue growing by 68% to $4.08 billion, both slightly below analyst expectations [1] Capital Expenditure and Future Projections - The company reported capital expenditures of approximately $12 billion for the quarter, up from $8.5 billion in the previous quarter, exceeding analyst expectations of $8.25 billion [2] - Oracle expects capital expenditures to reach about $50 billion for the fiscal year ending November 2026, an increase of $15 billion from previous forecasts [3] - The company confirmed its annual revenue guidance of $67 billion, with total revenue expected to grow by 19% to 22% in the current fiscal quarter [3] Market Position and Strategic Moves - Oracle is making significant progress in the competitive cloud computing market, with major clients including TikTok and Meta Platforms [2] - The company’s "remaining performance obligations" metric surged to $523 billion, more than five times the previous figure, surpassing analyst estimates of $519 billion [2] - Concerns remain regarding the costs and timelines associated with Oracle's large-scale AI infrastructure investments, as the company has taken on substantial debt [2][3] Investor Sentiment and Market Challenges - Investor sentiment has been negatively impacted by doubts about the future of OpenAI's business and competition from companies like Google [4] - Analysts are looking for management to clarify how spending plans will adjust if demand for OpenAI changes [4]