利空突袭！AI超级巨头，直线跳水！发生了什么？

Core Viewpoint - Oracle's stock experienced a significant drop due to investor concerns regarding the profitability of its AI data center business, particularly its GPU leasing segment, which has been underperforming compared to overall company margins [2][4][7]. Financial Performance - Oracle's stock fell by 6.93% on October 17, marking its worst single-day performance since January [4]. - The company's GPU leasing business reported a gross margin of only about 16% over the past five quarters, significantly lower than the overall company gross margin of approximately 70% [7]. - In the most recent quarter, Oracle generated about $900 million in revenue from NVIDIA chip leasing, with a gross profit of only $125 million, resulting in a gross margin of 14% [7]. Future Projections - Oracle has committed to achieving a gross margin of 30% to 40% for its AI infrastructure business by 2030, aiming to alleviate market concerns about declining profit margins [12]. - The company anticipates a total revenue of $2,250 billion by the 2030 fiscal year, exceeding analyst expectations of $1,980 billion [13]. Market Reactions - Analysts have expressed skepticism about Oracle's ability to sustain its stock price based solely on projected growth in AI, especially if the AI hype diminishes [8]. - Concerns have been raised regarding Oracle's capital expenditure plans and their alignment with cloud infrastructure revenue growth, which could impact the company's ability to meet customer demand for AI services [9][10]. Strategic Initiatives - Oracle's cloud business is diversified across four different lines, some of which have higher gross margins than its AI server leasing to companies like OpenAI and Meta [13]. - The company signed contracts worth $65 billion with four cloud customers in a 30-day period, indicating strong demand for its services [12].