刚刚股价又崩了，市值蒸发6690亿元！硅谷巨头深度捆绑英伟达和OpenAI，代价可能是3000亿美元巨债

Core Insights - Oracle's remaining performance obligations (RPO) surged 438% year-over-year to $523 billion, driven by orders from major players like OpenAI and Nvidia [1][7] - The company reported a free cash flow deficit of $13.2 billion, raising concerns about its financial health [1][7] - Oracle's stock price fell nearly 15% following the earnings report, resulting in a market capitalization loss of approximately $95 billion [1][6] Financial Performance - For Q2 of FY2026, Oracle's total revenue was $16.06 billion, which fell short of expectations [6] - Cloud revenue reached $8 billion, a 34% year-over-year increase, but also did not meet analyst forecasts [6] - AI-driven cloud infrastructure revenue grew 68% year-over-year to $4.1 billion [6] Debt and Credit Risk - Morgan Stanley predicts Oracle's adjusted debt could exceed $300 billion by 2028 [1][7] - The company's five-year credit default swap (CDS) has risen to its highest level since 2009, indicating increased credit risk [4][13] - CDS trading volume surged to approximately $9.2 billion over ten weeks, compared to $410 million in the same period last year [4][13] Market Impact - Oracle's stock decline has negatively affected the Philadelphia Semiconductor Index, which dropped 1.93%, with major semiconductor companies like Nvidia and AMD seeing declines of over 3% [1][3] - Despite a 16% year-to-date increase, Oracle's stock has fallen about 41% from its September peak [3][6] Strategic Partnerships and Risks - Oracle's partnership with OpenAI involves a five-year agreement for $300 billion in computing resources, raising concerns about OpenAI's ability to fulfill its financial commitments [8][11] - The company faces significant capital expenditure requirements, estimated at $50 billion for FY2026, which could lead to substantial asset impairment risks if client commitments falter [8][12]