Oracle(US:ORCL) SINOLINK SECURITIES·2025-12-14 08:36Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [2]. Core Insights - The AI application activity has seen a significant rebound, particularly with Gemini showing notable growth, while domestic applications remain stable. OpenAI has released the GPT-5.2 series, focusing on optimizing agent workflows [2][7]. - Oracle reported a total revenue of $16.1 billion for Q3 2025, marking a 13% year-over-year increase, with cloud revenue reaching $8 billion, up 33% [2][13]. Summary by Sections AI Applications - OpenAI launched multiple updates, including GPT-5.2, while Google expanded its applications significantly, enhancing productivity features for enterprise users [7][12]. - The active usage of chat assistant applications has increased, with Gemini leading the growth, while other applications like Claude and ChatGPT also saw slight recoveries [9][12]. Oracle's Performance - Oracle's cloud business continues to grow, with cloud infrastructure revenue increasing by 66% year-over-year, and GPU-related revenue soaring by 177% [13][14]. - The company's remaining performance obligations (RPO) reached $523.3 billion, a staggering 433% increase year-over-year, indicating strong future revenue potential [14][17]. - Despite robust revenue growth, Oracle faces cash flow pressures, with a free cash flow of -$10 billion due to significant capital expenditures [17][18].