华尔街见闻·2025-09-11 09:57Core Viewpoint - Oracle is transforming from a traditional database company to a core player in the AI infrastructure wave, with explosive growth prospects driven by significant demand for AI computing power from giants like OpenAI [1][2]. Financial Performance - In the recently released Q1 financial report, Oracle boldly predicts its revenue will double in the next three years, positioning itself as the "new Nvidia" in the eyes of investors [2]. - The company's remaining performance obligations (RPO) surged over twofold in three months, reaching $455 billion, with expectations to exceed $500 billion soon due to ongoing negotiations for additional multi-billion dollar contracts [2]. - Oracle anticipates its cloud infrastructure revenue will hit $114 billion by fiscal year 2029, a significant increase from just over $10 billion as of May this year [2]. Stock Market Reaction - Following this news, Oracle's stock price has risen 45% year-to-date and surged 35% on a single day, nearly doubling its price within the year, with a market capitalization approaching $950 billion [3]. Competitive Landscape - Despite the optimistic outlook, making long-term predictions in a rapidly changing technology landscape like AI may not be wise, as competitors like Microsoft, Google, and Amazon do not separately report AI-related revenues [6]. - Oracle's unique position is attributed to its leadership under Chairman Larry Ellison, who is known for his boldness in the tech industry [6][7]. Revenue Conversion Challenges - The key challenge for Oracle lies in converting its RPO into actual revenue, which depends on the company's ability to build the necessary infrastructure to fulfill these contracts, including power, permits, and critical equipment like Nvidia GPUs [10]. - Analysts believe Oracle possesses significant advantages, including top-notch technical expertise, ample funding, and deep support from Nvidia, enabling it to capitalize on the growing demand in AI training and inference [11]. AI Market Dynamics - Oracle's growth is closely tied to the AI inference segment, which is expected to see a substantial increase as the focus shifts from training better models to deploying them to millions of new users [12][13]. - The company's ambitious targets come with challenges, as its forward P/E ratio is around 48, and its future is tightly linked to the sustainability of AI demand, unlike diversified competitors like Microsoft [13].