Oracle(US:ORCL) 财富FORTUNE·2025-09-22 13:09Core Viewpoint - Oracle's $300 billion partnership with OpenAI has raised concerns about a potential AI bubble, despite the significant boost in Oracle's stock price and optimistic financial forecasts [2][4]. Group 1: Oracle's Financial Performance - Oracle's total contract value is projected to reach $455 billion, a 359% increase year-over-year, leading to a 36% surge in stock price, marking the largest single-day increase in its history [2]. - The CEO, Larry Ellison, briefly became the world's richest person following this stock price increase, which is part of a broader 45% rise in Oracle's stock this year [2]. Group 2: Partnership with OpenAI - The $300 billion agreement with OpenAI is the largest cloud computing contract ever signed, with OpenAI committing to use Oracle's computing infrastructure [4]. - A significant portion of Oracle's remaining performance obligations, amounting to $455 billion, is tied to this agreement with OpenAI, raising concerns about reliance on a single, unproven client [4][5]. Group 3: Concerns About AI Bubble - Analysts have expressed concerns regarding the financial viability of the partnership, noting that OpenAI's annual revenue is only $12 billion, which is insufficient to support the $300 billion contract [4][9]. - A study from MIT indicates that 95% of AI pilot projects have not yielded substantial returns, intensifying fears of a disconnect between investment hype and actual outcomes [7]. Group 4: Expert Opinions - AI expert Gary Marcus labeled the Oracle-OpenAI deal as a "bubble peak," criticizing the absurdity of Oracle's market valuation driven by a non-binding agreement [8]. - Other industry voices, including Ed Zirtron, have questioned the feasibility of the contract, suggesting that both companies are misleading investors about the contract's viability [8][9].