甲骨文周三盘后公布第二财季业绩显示，该公司营收、云业务均不及分析师预期，季度自由现金流 （FCF）为-100亿美元，预计年度资本开支将比原来预料的多出大约150亿美元，导致该公司股价盘后 大跌超过10%。 以下是甲骨文第二财季财报要点： 每股收益：甲骨文第二财季GAAP每股收益为2.10美元，以美元计同比增长91%，以固定汇率计同比增 长86%。非GAAP每股收益为2.26美元，以美元计同比增长54%，以固定汇率计同比增长51%。 云业务数据： 云业务：甲骨文第二财季云业务营收（IaaS加SaaS）为80亿美元，以美元计同比增长34%，以固定汇率 计同比增长33% 云基础设施：第二财季云基础设施（IaaS）营收为41亿美元，以美元计同比增长68%，以固定汇率计同 比增长66% 云应用：第二财季云应用（SaaS）营收为39亿美元，以美元计同比增长11%，以固定汇率计同比增长 11%；Fusion Cloud ERP（SaaS）营收为11亿美元，以美元计同比增长18%，以固定汇率计同比增长 17%；NetSuite Cloud ERP（SaaS）营收为10亿美元，以美元计同比增长13%，以固定汇率计同比增长 13 ...

Core Viewpoint - Oracle's Q2 FY2026 earnings report showed a revenue of $16.1 billion, a 14% year-over-year increase, but the stock fell over 11% post-announcement [1] Financial Performance - Revenue for Q2 FY2026 was $16.1 billion, up 14% year-over-year - GAAP net profit reached $6.1 billion, a 57% increase year-over-year - Adjusted EPS was $2.26, reflecting a 54% year-over-year growth [1][3] - Free cash flow for Q2 was -$10 billion [3] Guidance and Projections - Oracle expects Q3 revenue growth of 19%-21% and cloud growth of 40%-44% - Annual sales forecast for FY2026 remains unchanged at $67 billion [3] Cloud Business Performance - Q2 cloud revenue was $8 billion, a 34% year-over-year increase, but below market expectations - Cloud infrastructure revenue was $4.1 billion, up 68% year-over-year - Cloud applications revenue was $3.9 billion, a 11% increase year-over-year [3] Capital Expenditure and Debt - Capital expenditure expectations were raised by $15 billion - Oracle has issued approximately $18 billion in new investment-grade bonds, with total outstanding debt exceeding $100 billion, the largest among investment-grade rated tech companies [2][3] Remaining Performance Obligations - Remaining performance obligations surged to $523 billion, exceeding market expectations [5][6] Market Concerns - Analysts express concerns over the costs and timelines associated with building AI infrastructure amid Oracle's aggressive spending strategy - The company's debt-driven data center expansion and customer concentration risks are under scrutiny [4][6] Management Commentary - Oracle's CFO stated that most capital expenditures are directed towards revenue-generating data center equipment rather than land or facilities, allowing for quicker cash conversion into revenue [6][7] - The company maintains that its backlog of orders is healthy and emphasizes the need for profitability before further expansion [7]

Core Viewpoint - Oracle's aggressive capital expenditure plan of an additional $15 billion has alarmed investors despite holding over $523 billion in remaining performance obligations (RPO) [1][3][16]. Group 1: Capital Expenditure and Market Reaction - The company announced that its capital expenditure for FY2026 would increase by $15 billion, reaching a total of $50 billion, leading to a post-market stock drop of over 10% [3][16]. - Oracle's management defended the necessity of this expenditure, stating it was driven by urgent customer demand rather than reckless expansion [1][4]. Group 2: Innovative Business Model - Oracle introduced a "Bring Your Own Chips" model, allowing clients like OpenAI to bring their own chips to data centers, which is unprecedented in the cloud industry [2][4][12]. - This model aims to alleviate cash flow pressures and reflects a shift from traditional cloud vendor practices of purchasing hardware outright [2][12]. Group 3: Financial Performance and Growth - Oracle reported a staggering RPO of $523 billion, a 433% year-over-year increase, primarily driven by contracts with major clients like Meta and NVIDIA [7][30]. - The company's cloud infrastructure (OCI) revenue surged by 66%, with GPU-related revenue skyrocketing by 177% [6][9][22]. Group 4: Management's Strategic Insights - CEO Clay Magouyrk emphasized the flexibility of Oracle's AI infrastructure, stating it can reallocate computing power among clients within hours, reducing dependency risks on major customers [19][20]. - Larry Ellison articulated a vision for AI focusing on private data reasoning, suggesting that Oracle's AI data platform can connect various databases, breaking down data silos [8][21][40]. Group 5: Future Outlook and Guidance - Oracle expects a 40% increase in RPO to be recognized as revenue in the next 12 months, with a total revenue forecast of $67 billion for FY2026 remaining unchanged [30][33]. - The company is committed to maintaining its investment-grade credit rating while exploring various financing options to support its growth [32][53].

探索市场脉动，洞悉行业趋势。申万宏源研究特别推出系列访谈—— "走近申万宏源研究 人" ，我们将聚焦所内的杰出分析师，深刻探索他们的从业经历、研究见解，向您展现分析师 的多面性，带您走进Ta背后的成长故事。 本期"走近申万宏源研究人"带您了解 计算机首席分析师—黄忠煌。 黄忠煌，申万宏源研究 计算机首席分析师 。毕业于厦门大学，毕业后加入申万宏源研究，专注于 计算机产业研究，拥有8年行业研究经验， 深度覆盖AI、云计算、华为链等方向。 获得荣誉：2 021-2023年《新财富》计算机最佳分析师第二名；2024年《新财富》计算机最佳分析 师第四名。 Q&A 对话黄忠煌 01 【 入行初心 】 您是如何进入计算机分析领域的？ 这个领域吸引您的点是什么？ 科技行业最有意思的地方在于，唯一不变的地方就是变化。 除了公开的财报信息，我认为科技公司最重要的研究是 研究公司 治理。 科技行业每隔5-10年都有 重要的变化，过去10年是云计算、国产化，这5年是大模型。技术会迭代，产品有周期，但是优秀的公 司治理，能够帮助公司在技术的蝶变中抓住机会，穿越周期并茁壮成长。申万宏源研究计算机产业研究 的要求是： 对于 深度推荐的公 ...

亚马逊此前也宣布将其在印度的投资翻一番，以增加出口，创造就业机会，并在世界人口最多的国家增 加人工智能的投资；亚马逊高管Amit Agarwal表示，公司期待继续在印度推动增长，这项投资将创造 100万个就业机会，累计出口额将增加到800亿美元，人工智能功能将覆盖1500万家小型企业。 报道还提到，印度人口约为14.5亿，被视为市场和人才及数据的广泛来源，越来越吸引人工智能创业 者。 来源：环球网 【环球网财经综合报道】微软宣布将在未来四年内投资175亿美元，用于在印度发展人工智能和云计算 基础设施，这是其有史以来在亚洲规模最大的一笔投资。微软首席执行官纳德拉表示，这笔投资旨在支 持印度打造"以AI为先"的未来。 半岛电视台近日发文称，今年，多家全球公司在南亚国家印度进行了大量投资，该国是全球第五大经济 体，预计互联网用户将超过9亿。 ...

在AI泡沫论甚嚣尘上的背景下，甲骨文隔夜发布最新财报，并交出一份营收同比增长13%、云基础设施（OCI）狂飙66%的亮眼成绩单。 然而，市场焦点完全被公司激进的资本支出计划所占据。甲骨文虽然手握5233亿美元的惊人合同订单积压（RPO），但公司宣布必须为此额外投 入150亿美元的资本开支，这一"烧钱"速度直接吓坏了投资者，导致股价盘后重挫逾10%。 面对市场关于"债务黑洞"的质疑，公司管理层在电话会上展开了一场激烈的防御战，试图证明这并非盲目扩张，而是被巨头客户们"逼"出来的真 实需求。 电话会中，包括联合创始人拉里·埃里森（Larry Ellison）在内的高管团队，花费了大量篇幅解释为何这一投入是安全的，以及甲骨文如何利用"金 融工程"避免陷入债务危机。 值得注意的是，甲骨文管理层还抛出了一套在云行业"前所未有"的防御话术：不再由云厂商全资买断硬件，而是让客户（如OpenAI）自己带芯片 进场。这不仅是为了拯救现金流，更揭示了一个行业内幕——单纯依靠出租英伟达昂贵的GPU，即便是甲骨文也难以赚取丰厚的利润。 电话会要点提炼： "不仅要建数据中心，还要让客户自带芯片"：回击千亿债务传闻 甲骨文公布财报后，市 ...

Group 1 - A new company, Anhui Dongsheng Intelligent Manufacturing Co., Ltd., has been established with a registered capital of 5 million RMB [1] - The legal representative of the company is Wang Dongwu [1] - The company's business scope includes manufacturing electronic vacuum devices, electronic components, intelligent drones, and various intelligent equipment [1] Group 2 - The company is involved in software development, including artificial intelligence applications and digital cultural creative software [1] - It offers a wide range of technology services, including technical consulting, technology transfer, and information technology consulting [1] - The company also focuses on blockchain technology-related software and services, as well as cloud computing equipment sales [1]

Core Viewpoint - Oracle Corporation reported a significant increase in spending on AI data centers and other equipment, but the conversion of these investments into cloud business revenue did not meet investor expectations, leading to a stock price drop of over 10% in after-hours trading [1] Financial Performance - For the second fiscal quarter ending November 30, total revenue grew by 14% to $16.1 billion, aligning closely with market expectations [1] - The adjusted earnings per share were $2.26, exceeding market average expectations [1] - Cloud software application revenue increased by 11% to $3.9 billion, marking the first time cloud infrastructure revenue surpassed application revenue [1] - Cloud computing sales rose by 34% to $7.98 billion, with infrastructure revenue growing by 68% to $4.08 billion, both slightly below analyst expectations [1] Capital Expenditure and Future Projections - The company reported capital expenditures of approximately $12 billion for the quarter, up from $8.5 billion in the previous quarter, exceeding analyst expectations of $8.25 billion [2] - Oracle expects capital expenditures to reach about $50 billion for the fiscal year ending November 2026, an increase of $15 billion from previous forecasts [3] - The company confirmed its annual revenue guidance of $67 billion, with total revenue expected to grow by 19% to 22% in the current fiscal quarter [3] Market Position and Strategic Moves - Oracle is making significant progress in the competitive cloud computing market, with major clients including TikTok and Meta Platforms [2] - The company’s "remaining performance obligations" metric surged to $523 billion, more than five times the previous figure, surpassing analyst estimates of $519 billion [2] - Concerns remain regarding the costs and timelines associated with Oracle's large-scale AI infrastructure investments, as the company has taken on substantial debt [2][3] Investor Sentiment and Market Challenges - Investor sentiment has been negatively impacted by doubts about the future of OpenAI's business and competition from companies like Google [4] - Analysts are looking for management to clarify how spending plans will adjust if demand for OpenAI changes [4]

甲骨文周三盘后公布2026财年第二财季业绩，营收与云业务收入均低于分析师预期，季度自由现金流为-100亿美元。公司同时上调全年资本开支指引， 预计将比此前预期多支出约150亿美元。受此影响，甲骨文股价盘后大跌超过11%。 甲骨文周三盘后公布第二财季业绩显示，该公司营收、云业务均不及分析师预期，季度自由现金流（FCF）为-100亿美元，预计年度资本开支将比原来 预料的多出大约150亿美元。该公司股价盘后大跌超过10%。 每股收益： 甲骨文第二财季GAAP每股收益为2.10美元，以美元计同比增长91%，以固定汇率计同比增长86%。非GAAP每股收益为2.26美元，以美元计同比增长 54%，以固定汇率计同比增长51%。 自由现金流： 甲骨文第二财季自由现金流（FCF）为-100亿美元。 云业务数据： 云业务： 甲骨文第二财季云业务营收（IaaS加SaaS）为80亿美元，以美元计同比增长34%，以固定汇率计同比增长33%，不及分析师预期80.4亿美元。 云基础设施： 第二财季云基础设施（IaaS）营收为41亿美元，以美元计同比增长68%，以固定汇率计同比增长66%，不及分析师预期。 以下是甲骨文第二财季财报要点： 主 ...

甲骨文周三盘后公布第二财季业绩显示，该公司营收、云业务均不及分析师预期，季度自由现金流 （FCF）为-100亿美元，预计年度资本开支将比原来预料的多出大约150亿美元。该公司股价盘后大跌 超过10%。 以下是甲骨文第二财季财报要点： 主要财务数据： 剩余履约义务：甲骨文第二财季剩余履约义务同比增长438%，达到5230亿美元，超出分析 师平均预期的5190亿美元。 营收：甲骨文第二财季总营收以美元计同比增长14%，以固定汇率计同比增长13%，达到 161亿美元，不及分析师预期的162.1亿美元。 营业利润：甲骨文第二财季GAAP营业利润为47亿美元，非GAAP营业利润为67亿美元，以 美元计同比增长10%，以固定汇率计同比增长8%。 净利润：甲骨文第二财季GAAP净利润为61亿美元。非GAAP净利润为66亿美元，以美元计 同比增长57%，以固定汇率计同比增长54%。 每股收益：甲骨文第二财季GAAP每股收益为2.10美元，以美元计同比增长91%，以固定汇 率计同比增长86%。非GAAP每股收益为2.26美元，以美元计同比增长54%，以固定汇率计 同比增长51%。 自由现金流：甲骨文第二财季自由现金流（FCF） ...