500亿美元，甲骨文再加码AI

Core Viewpoint - Oracle plans to raise $45 billion to $50 billion by 2026 through bond and stock issuance to expand its cloud infrastructure capacity, driven by demand from major clients like AMD, Meta, NVIDIA, OpenAI, TikTok, and xAI [1] Group 1: Funding Plans - Oracle aims to raise approximately half of the funds through equity-linked securities and common stock, including mandatory convertible preferred stock, and a stock issuance plan of up to $20 billion [1] - The remaining funds will be raised through a bond issuance planned for early 2026, following a significant $18 billion debt issuance in 2025 [1] - The transactions have been approved by Oracle's board, with Goldman Sachs leading the senior unsecured bond issuance and Citigroup managing the stock and preferred securities issuance [1] Group 2: Investor Concerns - Investors are increasingly worried about the return on investment from Oracle's large-scale AI-related expenditures, particularly due to OpenAI's commitment to spend approximately $300 billion on server rentals without current profitability [2] - Oracle's stock price has dropped over 50% since its record high on September 10, resulting in a market capitalization loss of over $460 billion [3] - Concerns have been raised about Oracle's ability to finance its expansion plans, with TD Cowen estimating a capital expenditure burden of $156 billion from the OpenAI deal, leading to an increase in expected capital expenditures for 2026 to $50 billion [3][4] Group 3: Financing Challenges - TD Cowen noted that several U.S. banks have ceased lending to Oracle's data center projects, indicating a tightening of financing options for the company [4]