X @郭明錤 (Ming-Chi Kuo)

Business Overview - The report analyzes an article by The Information regarding Oracle's Nvidia GPU rental business, focusing on the period of June-August 2025 [1] - The analysis aims to clarify the logic behind the report, without commenting on the motives or Oracle's stock price [1] Financial Performance - In June-August 2025, Oracle generated approximately $900 million from Nvidia chip server rentals, with a gross profit of $125 million [1] - Oracle experienced losses in some cases when renting out small quantities of both newer and older Nvidia chips [1] Industry Dynamics - Oracle's procurement of GB200 NVL72 accounted for approximately 12% of global shipments in 2025, ranking lower than Microsoft (~30%), Google (~16%), and Dell (~14%) [2] - Oracle's GB200 NVL72 acquisition occurred later, around the end of 2Q25, compared to the small-scale shipments that began in 1Q25 [2] - During June-August 2025, Oracle was in the process of acquiring and deploying GB200 NVL72, primarily offering Hopper GPU compute power for rental services [2] Cost Analysis - Initial deployment of GB200 NVL72 was not profitable due to increased AI server costs, infrastructure upgrades, and limited scale of compute power/services [2] - Losses were attributed to the high initial costs of transitioning from Hopper to Blackwell, specifically when considering "small quantities of both newer and older versions of Nvidia chips" [3]