甲骨文：“一树梨花压海棠”

Core Viewpoint - Oracle has transformed from a traditional database company to a major player in AI, positioning itself as a potential winner in the future TikTok equity transaction [5][6]. Group 1: Oracle's Market Position and Ambitions - Oracle's stock price rose by 3.41% on September 15, following its inclusion in the "Top Ten Giants" of the U.S. stock market by Motley Fool, alongside companies like Nvidia and Microsoft [5]. - CEO Safra Catz stated that Oracle aims to become the largest cloud application and infrastructure company globally [5]. - Oracle is set to host TikTok's U.S. user data, which will enhance its cloud computing market position [5]. Group 2: Financial Performance and Projections - In the first quarter of fiscal year 2026, Oracle reported total revenue of $14.9 billion, an 11% year-over-year increase, while net profit decreased by 4% [10]. - The company's remaining performance obligations (RPO) reached $455 billion, a staggering 359% increase year-over-year, significantly exceeding market expectations [10][11]. - Oracle's cloud infrastructure revenue is projected to grow by 77% this fiscal year, reaching $18 billion, with ambitious revenue targets for the next four years [10]. Group 3: Strategic Partnerships and Investments - OpenAI is expected to purchase up to $300 billion worth of computing power from Oracle over the next five years as part of the "Star Gate" AI infrastructure investment plan [11][12]. - The "Star Gate" initiative aims to invest $500 billion in building data centers in the U.S. over four years, with Oracle providing high-performance chips [12]. Group 4: Challenges and Market Reactions - Despite the optimistic projections, Oracle's stock price fell over 10% in the following days, indicating market skepticism about the sustainability of its growth [14]. - Concerns have been raised regarding Oracle's ability to convert its projected revenues into actual cash flow, especially given the high capital expenditures and negative free cash flow [22][23]. - Analysts have noted that Oracle's profitability may be impacted as its cloud business, which has lower margins compared to its traditional database services, grows [24].