X @郭明錤 (Ming-Chi Kuo)

Market Position & Competition - Oracle accounted for roughly 12% of global GB200 NVL72 shipments in 2025, trailing Microsoft (~30%), Google (~16%), and Dell (~14%) [1] - Oracle's GB200 NVL72 deliveries arrived later, around late second quarter 2025, compared to initial small-batch shipments starting in first quarter 2025 [1] GPU Rental Business Analysis (June-August 2025) - Oracle generated approximately $900 million from Nvidia chip rentals, with a gross profit of $125 million [1] - Oracle experienced losses on rentals of small quantities of both newer and older Nvidia GPUs [1] - During June-August 2025, Oracle was in the early stages of receiving and deploying GB200 NVL72 systems, resulting in limited Blackwell compute capacity and a focus on prior-generation Hopper rentals [2] Profitability Factors - Early GB200 NVL72 deployments are unlikely to be profitable due to increased AI server costs, front-loaded infrastructure retrofit expenses, and limited initial compute/service scale [3] - Losses largely reflect the early-phase costs of the Hopper-to-Blackwell transition, particularly when considering "small quantities of both newer and older Nvidia chips" [5] Key Takeaways from The Information Report - The "small quantities" mentioned in the report are attributed to the recent arrival and preparation of Blackwell/GB200 NVL72 for service, limiting available compute capacity [4]