英伟达IR会和甲骨文不及预期的财报

Core Viewpoint - Oracle's Q2 FY2026 financial results were disappointing, leading to a significant drop in stock price and market capitalization, primarily due to lower-than-expected revenue and profit margins [1][2]. Financial Performance - Oracle reported Q2 revenue of $16.058 billion, a 14% year-over-year increase, but below market expectations [2]. - Cloud business revenue reached $8 billion, growing 33% year-over-year, with Infrastructure as a Service (IaaS) growing 66%, although it was below guidance [2]. - The backlog surged to $523 billion, with new Remaining Performance Obligations (RPO) of $67.7 billion [2]. Market Reaction - The market's reaction to Oracle's results was notably negative, contrasting with previous earnings reports where the backlog was positively received [2]. - Concerns were raised regarding Oracle's capital expenditures, which increased by 203% to $12 billion, resulting in negative free cash flow of $10 billion [6]. Analyst Ratings - Morgan Stanley maintained an "Equal Weight" rating with a target price of $320, citing pressure on revenue and profit margins [1]. - Citigroup rated Oracle as "Buy" with a target price of $370, indicating a long-term positive outlook despite short-term challenges [1]. - Goldman Sachs rated Oracle as "Neutral" with a target price of $220, reflecting concerns about risk and return balance [1]. AI Demand and Infrastructure - Despite the disappointing financial results, Oracle remains a leader in AI infrastructure, with GPU-related revenue surging 177% and GPU capacity deliveries increasing by 50% [6]. - The company has over 700 AI customers, including significant contracts with Meta and Nvidia, indicating robust demand for AI services [6].