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Core Viewpoint - Oracle's cloud business faces significant profitability challenges, particularly due to high costs associated with renting NVIDIA chips, leading to lower-than-expected gross margins [3][5][10]. Financial Performance - In the last fiscal quarter, Oracle's server rental business generated $900 million in revenue with a gross profit of $125 million, resulting in a gross margin of 14%, which is significantly lower than the approximately 70% gross margin of its traditional software business [3][4]. - The cloud business revenue reached $7.2 billion, a year-on-year increase of 28%, with cloud infrastructure (OCI) revenue growing by 55% to $3.3 billion [8]. Profitability Challenges - Oracle's AI cloud business has seen gross margins fluctuate between 10% and slightly above 20%, averaging around 16%, primarily due to the high costs of NVIDIA chips [5][6]. - The deployment of NVIDIA's latest chips has further pressured profit margins, dropping from over 20% to below 15% [6]. Customer Concentration Risks - Oracle's cloud business heavily relies on a few major clients, with the top five AI cloud customers contributing approximately 80% of its revenue [6][9]. - Concerns have been raised regarding the sustainability of revenue, as most new orders are concentrated among a few AI giants like OpenAI, increasing customer concentration risk [9][11]. Market Reaction - Following the revelation of low profit margins, Oracle's stock price fell significantly, with a drop of 7.1% during intraday trading, marking the largest intraday decline since September 11 [3][4]. Future Outlook - Analysts express skepticism about Oracle's ability to maintain profitability and cash flow, with significant capital expenditures expected to delay cash flow breakeven until fiscal year 2029 [10][11]. - Despite the strong growth in revenue, concerns remain about the long-term viability of profit margins and the company's ability to efficiently build data center capacity [11].