融资问题解决了，甲骨文的AI故事可以重新定价了？

Core Viewpoint - Oracle has announced a comprehensive financing plan to raise $45-50 billion, which alleviates market concerns regarding funding for its AI business expansion, leading to a potential revaluation of its stock [1][3]. Group 1: Financing Plan Details - Oracle's financing plan includes a bond issuance of $20-25 billion, divided into eight parts with maturities ranging from 3 to 40 years, and it will be the only debt issuance for the year [1]. - Barclays analysts noted that if Oracle raises the full $25 billion in equity, the peak leverage ratio would decrease by 0.4 times compared to a pure debt financing approach, at the cost of up to 4% equity dilution [2]. - The equity financing structure allows for flexibility, with a potential scale of $5 billion in mandatory convertible securities, enabling Oracle to adjust the issuance pace based on market conditions [2]. Group 2: Market Reactions and Implications - Barclays indicated that the announcement provides clarity on Oracle's financing needs, which had been a major concern, especially as the company's stock had dropped 35% over the past six months due to credit worries [3]. - The clear financing path eliminates doubts about the company's financial sustainability, allowing investors to refocus on the growth potential of its AI business [3][7]. - Analysts believe that after resolving financing issues, the market will reassess Oracle's overall story, suggesting that the stock is currently undervalued given its expected growth rate exceeding 30% [7]. Group 3: Valuation and Growth Outlook - Barclays maintains an "overweight" rating on Oracle with a target price of $310, indicating an approximately 80% upside from the closing price of $160 [4]. - The firm expects that investors will prioritize improvements in leverage over dilution, leading to a positive stock response [4].