Core Viewpoint - Oracle's stock has seen significant gains, increasing by 77% since its 52-week low in April, and is expected to continue its upward trajectory following the release of its latest quarterly report [1][2]. Financial Performance - Oracle reported $57.4 billion in annual revenue for fiscal 2025, reflecting a 9% increase in constant currency terms [5]. - The company anticipates revenue to reach at least $67 billion in fiscal 2026, representing a nearly 17% increase [5]. Growth Drivers - The demand for cloud infrastructure services, particularly for AI applications, is a major growth catalyst for Oracle [2][7]. - Oracle's remaining performance obligations (RPO) increased by 41% year-over-year to $138 billion, indicating strong future revenue potential [6]. - CEO Safra Catz projects that RPO will more than double in fiscal 2026, suggesting sustained growth [7]. AI and Infrastructure Projects - Oracle is a key partner in the $500 billion Stargate AI infrastructure project, which could significantly enhance its revenue pipeline [8]. - The company is experiencing high demand for cloud AI infrastructure, with one customer expressing interest in purchasing Oracle's entire cloud capacity [9]. Capacity Expansion - Oracle plans to build 30 dedicated data centers in fiscal 2026 and increase its MultiCloud data centers from 23 to 70 [10]. - The company forecasts Oracle Cloud Infrastructure (OCI) revenue to grow by 70% in fiscal 2026, following a 50% increase last year [11]. Valuation and Future Outlook - Oracle's non-GAAP net income for fiscal 2025 was $6.03 per share, an 8.5% increase from the previous year [12]. - The company expects capital expenses to reach $25 billion in fiscal 2026, which is a slower increase compared to the previous year [12]. - Oracle is projected to exceed its long-term revenue expectations, with anticipated annual bottom-line growth of over 20% through fiscal 2029 [14]. - The stock is currently trading at 31 times forward earnings, aligning with the Nasdaq-100 index's earnings multiple, indicating an attractive valuation for investors [15][16].

Core Insights - Oracle has a current market share of 3% in the cloud sector, indicating significant potential for growth and expansion in this market [1] - The author believes that Oracle's position as a cloud underdog presents a strong upside opportunity for investors [1] Company Background - Oracle is positioned within the technology sector, focusing on growth stocks with potential for above-market returns [1] - The company emphasizes innovation, scalability, and market disruptiveness as key factors for its growth strategy [1] Investment Strategy - The investment approach includes a long-short strategy on indices, utilizing macroeconomic analysis to navigate market cycles [1] - The focus is on identifying companies that can deliver substantial returns over the medium term, particularly in the technology sector [1]

从产品层面来看，Snowflake 简单易用且价值主张明确，这促使其在各类企业中快速普及。其最新产品 Cortex 因简洁性而脱颖而出，能助力客户迅速启动项目并取得实际成效，优于 Amazon(AMZN.US) Bedrock 等竞品。Snowflake 还积极拥抱人工智能技术，通过旗下 Agents 产品，使客户在数据查询等任 务上实现从数周到数小时的效率飞跃。例如，有金融顾问利用 AI 在 45 分钟内完成原本需一周的客户 请求响应。 此外，Snowflake 在数据跨部门共享方面的优势，使其在当下数据驱动决策的时代更具竞争力。其产品 体系日臻完善，从一年前存在诸多功能缺失到如今努力打造 360 度全方位平台，以减少客户对其他工具 的依赖。 根据小摩研报，Snowflake 近期财务数据表现出色。在 2025 财年，其收入预计为 36.26 亿美元，调整后 息税折旧摊销前利润EBITDA为 5.67 亿美元。2026 财年，收入有望增长至 45.15 亿美元，EBITDA 达 7.58 亿美元。而 2027 财年，收入预期进一步提升至 54.19 亿美元，EBITDA 为 9.5 亿美元。 小摩对 Sno ...

Core Viewpoint - IMEC has achieved a significant breakthrough in analog design with a 7-bit, 150 GSa/s DAC using PAM-4 modulation, targeting speeds of up to 300 Gb/s per channel, which paves the way for enhanced interconnect speeds in data centers and large-scale computing architectures [1][2]. Group 1: Technological Advancements - The DAC is built on IMEC's advanced 5nm FinFET CMOS platform, addressing the challenges of high-speed link design amid increasing data density from AI and cloud workloads [1][2]. - The new chip combines speed and energy efficiency, aiming for data rates exceeding 200 Gb/s per channel, with a long-term goal of reaching 400 Gb/s [1][2]. Group 2: Market Implications - Europe has lagged behind the US and Asian manufacturers in cutting-edge DAC and ADC development, but IMEC's announcement signals that local research and design can meet global OEM demands for large-scale data interconnects [2][3]. - The DAC's application environment is crucial, as it meets industry demands for multi-channel and 400 GbE developments, potentially serving as a foundation for future 300-400 GSa/s converters [2][3]. Group 3: Future Directions - IMEC plans to double the sampling rate to 300 GSa/s and increase bandwidth to over 100 GHz, indicating a clear direction for future development [3]. - This advancement provides a practical reference design rooted in European R&D for engineers working on analog-intensive high-speed interfaces, demonstrating that Europe can maintain a leading position in the analog IP domain [3].

Welcome to the Reducing Clock Skew in AMD Versal Devices tech module. Here is the agenda for this tech module. We will focus on describing the enhancement in AMD Versal clocking architecture​.Explaining how to use Basic Deskew in AMD Versal devices​. Explaining how to use Calibrated Deskew feature in AMD Versal SSIT devices. ​First and foremost, The AMD Versal Adaptive SoC is a fully software-programmable, heterogeneous compute platform with hardened IPs that makes you more adaptable and well positioned to ...

Key Takeaways Rigetti launched its 84-qubit Ankaa-2 system and expanded access via AWS Braket in August 2024. RGTI's Ankaa-2 offers 2.5x better performance and 98% two-qubit fidelity, boosting its commercial viability. RGTI aims to monetize quantum use via the cloud, reaching users without full system deployment.Rigetti Computing (RGTI) is sharpening its focus on commercial viability through a service-based approach, offering quantum access via cloud platforms. The company made a significant leap with the ...

Key Information - Davidson Kempner Capital Management LP disclosed a position in Spectris PLC, representing 1.18% of the relevant securities [1][3] - The position was held as of June 18, 2025, with the disclosure made on June 19, 2025 [1][14] Positions of the Discloser - The discloser holds 1,168,695 cash-settled derivatives, equivalent to 1.18% of the relevant securities [3] Dealings - The discloser increased a long position in cash-settled derivatives by purchasing 49,480 units at a price of GBP 33.0600 per unit [8] - Additionally, another purchase of 22,442 units was made at GBP 33.1200 per unit [8]

Key Takeaways IBM is gaining from hybrid cloud and AI demand, aided by acquisitions like HashiCorp and StreamSets. ORCL saw 51% IaaS revenue growth and expects cloud infrastructure revenue to rise 70% in fiscal 2026. IBM outperformed ORCL in share price gains over the past year and trades at a lower forward P/E ratio.International Business Machines Corporation (IBM) and Oracle Corporation (ORCL) are two leading players in the hybrid cloud infrastructure and database services. IBM offers cloud and data sol ...

点击注册小程序 报告摘要 事件： 北美市场下游AI推理需求旺盛，海外网络安全公司股价表现优异，其中与AI及云安全关联紧密的网络安全公 司股价涨幅较为突出。2025年4月8日至6月16日，纳斯达克指数上涨26.3%，Palo Alto Networks、 CrowdStrike、Zscaler、Rubrik、Cloudflare股价涨幅分别达到30.0%、47.8%、69.4%、73.5%、82.3%。 点评： CrowdStrike在AI网络安全领域以平台化与AI原生为核心驱动力 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 根据公司25Q1财报，Flex模型交易价值超32亿美元，下一代SIEM相关ARR增速超100%，预计2025年AI原生 XDR平台覆盖高达1160亿美元的市场规模。AI驱动 ...

Group 1 - Khaveen Investments is a global Investment Advisory Firm serving high-net-worth individuals, corporations, associations, and institutions [1] - The firm offers comprehensive services including market and security research, business valuation, and wealth management [1] - The flagship Macroquantamental Hedge Fund maintains a diversified portfolio across various asset classes, geographies, sectors, and industries [1] Group 2 - The investment approach integrates top-down and bottom-up analysis, blending global macro, fundamental, and quantitative strategies [1] - Core expertise lies in disruptive technologies such as Artificial Intelligence, Cloud Computing, 5G, Autonomous and Electric Vehicles, FinTech, Augmented and Virtual Reality, and the Internet of Things (IoT) [1]