Core Viewpoint - Oracle is transforming from a traditional database company to a key player in the AI infrastructure wave, with a bold prediction of doubling its revenue in the next three years, making it a hot investment opportunity akin to "the new Nvidia" [1] Group 1: Financial Performance - Oracle's remaining performance obligations (RPO) grew over twofold in three months, reaching $455 billion, with expectations of surpassing $500 billion soon due to ongoing negotiations for additional multi-billion dollar contracts [1] - The company forecasts its cloud infrastructure revenue to reach $114 billion by fiscal year 2029, a significant increase from just over $10 billion as of May this year [1] - Following this news, Oracle's stock price surged 35% on Wednesday, marking a nearly 100% increase year-to-date and bringing the company's market capitalization close to $950 billion [1] Group 2: Competitive Landscape - Oracle's bold predictions stand out in a market where competitors like Microsoft, Google, and Amazon do not separately report AI-related revenues, reflecting a unique confidence in the sustainability of the AI trend [3][4] - The company is led by Chairman Larry Ellison, known for his boldness in the tech industry, which contributes to Oracle's distinct approach in the competitive landscape [3][4] Group 3: Challenges and Opportunities - The key challenge for Oracle lies in converting its RPO into actual revenue, which depends on the company's ability to build the necessary infrastructure to fulfill these contracts, including power, licenses, and critical equipment like Nvidia GPUs [5] - Analysts highlight Oracle's significant advantages, including top-tier technical expertise, ample funding, and deep support from Nvidia, positioning it well to capitalize on the growing demand for AI training and inference [6] - The shift in AI focus from training to inference is expected to provide Oracle with a more stable revenue source, although the company has set ambitious targets with a forward P/E ratio of approximately 48 times [6]

Core Viewpoint - Oracle's financial performance and strategic partnerships position it favorably in the growing AI and cloud computing markets, leading to a significant increase in its remaining performance obligations (RPO) and overall market valuation [3][4][5]. Financial Performance - For the first fiscal quarter of 2026, Oracle reported revenue of $14.93 billion, a year-over-year increase of 12%, but below market expectations of $15.03 billion [3]. - Non-GAAP net profit was $4.3 billion, up 8% year-over-year, with adjusted earnings per share at $1.47, slightly below the expected $1.48 [3]. - Cloud computing revenue grew 28% year-over-year to $7.186 billion, accounting for 48% of total revenue [3]. Remaining Performance Obligations (RPO) - Oracle's RPO reached $45.5 billion, a year-over-year increase of over four times and a sequential increase of over three times from $13.8 billion in the previous quarter [3][4]. - CEO Safra Catz indicated that RPO is expected to exceed $50 billion in the coming months due to significant contracts signed with major clients [4]. Strategic Partnerships and Market Position - Oracle has signed substantial contracts with AI companies such as OpenAI, xAI, and Meta, enhancing its cloud infrastructure offerings [4]. - The company has agreements with Amazon, Alphabet, and Microsoft to run its cloud services on their infrastructures, indicating strong market positioning [4]. Growth Projections - Oracle anticipates cloud infrastructure revenue to grow 77% year-over-year to $18 billion in the current fiscal year, with expectations of reaching over $100 billion in the next four years [4]. - The company raised its capital expenditure guidance from $25 billion to approximately $35 billion due to high demand [4]. AI Market Strategy - Oracle introduced a new "AI database" aimed at dominating the AI inference market, ensuring user privacy while providing access to advanced AI models [5]. - The company's stock price rose by 1.27% to $241.51, with a market capitalization of $678.36 billion, and it is projected to exceed $800 billion if the upward trend continues [5].

Core Insights - Larry Ellison, co-founder of Oracle, has reached a net worth of $393 billion, surpassing Elon Musk to become the world's richest person [1] Financial Performance - Oracle reported Q1 FY2026 revenue of $14.93 billion, a 12% year-over-year increase, but below market expectations of $15.03 billion [3] - Non-GAAP net profit was $4.3 billion, an 8% increase year-over-year, with adjusted EPS at $1.47, slightly below the expected $1.48 [3] - Cloud revenue grew by 28% to $7.186 billion, accounting for 48% of total revenue, while software revenue declined by 1% to $5.721 billion [3] Remaining Performance Obligations (RPO) - Oracle's RPO reached $455 billion, a more than fourfold year-over-year increase and over threefold quarter-over-quarter increase from $138 billion [3][4] - CEO Safra Catz indicated that RPO is expected to exceed $500 billion in the coming months [4] Cloud Infrastructure and AI Strategy - Oracle's cloud infrastructure revenue is projected to grow by 77% to $18 billion this fiscal year, with expectations of reaching over $100 billion in the next four years [4] - The company has signed significant contracts with major clients, including OpenAI, xAI, and Meta, to enhance its cloud services [4] - Oracle's new "AI database" aims to dominate the AI inference market by ensuring user privacy and supporting advanced AI models [5] Market Reaction - Oracle's stock price rose by 1.27% to $241.51, with a market capitalization of $678.36 billion, and pre-market trading on September 10 saw a surge of over 30% [5] - Analysts suggest that the increase in contract value indicates sustained demand for cloud computing driven by the AI wave, alleviating concerns about an AI bubble [5]

Core Insights - Oracle reported a significant increase in its Remaining Performance Obligations (RPO), reaching $455 billion, a year-on-year increase of 359% [1][2] - The surge in RPO indicates strong demand for AI infrastructure and a shortage of inference computing power, suggesting large-scale AI deployment [1][2] - Oracle's stock price jumped over 40% following the earnings announcement, leading to a market capitalization exceeding $930 billion [1] Financial Performance - For Q1 of FY2026, Oracle's total revenue was $14.9 billion, a 12% year-on-year increase, with non-GAAP net profit at $4.3 billion, up 8% [2] - The company signed four contracts worth billions with three different clients, contributing to the substantial RPO growth [2] - Oracle anticipates its cloud infrastructure revenue will grow by 77% year-on-year, reaching $18 billion in FY2026, with projections for future years indicating continued growth [2][3] Market Outlook - The AI inference market is currently larger than the AI training market, with Oracle positioned to leverage its leadership in enterprise databases to meet this demand [2] - The company plans to increase capital expenditures to approximately $35 billion in FY2026, focusing on revenue-generating data center equipment [3] - The AI industry is expected to see sustained growth, with hardware benefiting first, as evidenced by the strong performance of AI-related stocks in the A-share market [4] Industry Developments - The Chinese government has initiated actions to integrate AI across various sectors, indicating a shift towards large-scale and ecosystem-based AI development [5] - AI technology is expected to penetrate various applications, particularly in industrial sectors, enhancing processes and overall manufacturing standards [5][6] - Collaborations between major companies and state-owned enterprises are deepening, integrating AI into core business functions across industries such as energy, healthcare, and agriculture [6]

机器之心报道 机器之心编辑部 在周二的 AI 基础设施峰会上，英伟达宣布推出一款名为 Rubin CPX（Rubin Context GPUs） 的新 GPU，专为超过 100 万 token 的长上下文推理而设计。 对用户而言，这意味着他们在软件开发、视频生成等长上下文任务中能够获得更好的性能。 例如，在软件开发中，AI 系统必须能够对整个代码库进行推理、理解仓库级代码结构，才能更好的帮助开发者。同样地，长视频和研究类应用也要求在数百万 token 范围内保持持续的连贯性和记忆。 现在，随着 Rubin CPX 发布，这些问题都能迎刃而解。 这款新型 GPU（Rubin CPX） 将与 NVIDIA Vera CPU 和 Rubin GPU 搭配使用，共同组成全新的 NVIDIA Vera Rubin NVL144 CPX 平台。这一集成式 NVIDIA MGX 系统在单机架内可提供 8 exaflops AI 算力，其 AI 性能是 NVIDIA GB300 NVL72 系统的 7.5 倍，并配备 100TB 高速内存和 1.7 PB/s（petabytes）内存带宽。 同时，NVIDIA 还将为已有 V ...

Core Viewpoint - Broadcom has reported impressive earnings driven by strong demand for AI-related products, positioning itself as a significant competitor to Nvidia in the AI chip market [1][5]. Financial Performance - For Q3 of fiscal year 2025, Broadcom achieved revenue of $15.952 billion, a year-on-year increase of 22%, slightly exceeding the previous guidance of $15.8 billion [1]. - Adjusted net profit for the same period was $10.702 billion, reflecting a year-on-year growth of 30.15% [1]. - AI business revenue reached $5.2 billion, up 63% year-on-year, surpassing the previous quarter's guidance of $5.1 billion [1]. Market Position and Strategy - Unlike Nvidia, which focuses on general-purpose GPU chips, Broadcom specializes in designing custom ASIC chips tailored for cloud service providers, enhancing compatibility with their specific AI inference needs [2][3]. - Broadcom's CEO highlighted that the company expects AI semiconductor revenue to accelerate, projecting $6.2 billion for Q4, marking 11 consecutive quarters of growth [5]. - The XPU business accounted for 65% of Broadcom's overall AI revenue in Q3, with significant demand from three major clients [5]. Industry Trends - The competition between GPU and ASIC chips is expected to continue, with both types of chips serving different market needs in AI infrastructure [4][8]. - ASIC chips are gaining traction due to their efficiency in AI inference tasks, which are increasingly favored by cloud service providers [6][7]. - Analysts predict that by 2028, the shipment volume of AI ASICs will surpass that of GPUs, with a compound annual growth rate (CAGR) of 52% for ASICs compared to 50% for GPUs [9].

Group 1 - The company's revenue for the fiscal year 2025 is HKD 2.938 billion, representing a year-on-year growth of 10.0%, primarily driven by new data centers contributing to power capacity and ramp-up [1] - EBITDA profit margin slightly increased by approximately 3 percentage points to 72% year-on-year, with adjusted EBITDA at HKD 2.128 billion, a 15% increase, slightly below the forecast of HKD 2.2 billion due to delayed tenant occupancy in MEGA IDC Phase 1 [1] - Operating cash inflow rose by 23.5% year-on-year to HKD 2.063 billion, and the company proposed a final dividend of HKD 0.12 per share, a 7% increase year-on-year, maintaining a payout ratio of approximately 50% [1] Group 2 - The MEGA IDC Phase 1 has commenced operations, providing approximately 500,000 square feet of total floor area and 50 MW of power capacity, making it the largest data center in Hong Kong by power capacity [1] - The company anticipates revenue growth in the next two to three years will primarily come from additional 700,000 square feet of floor area and 130 MW of power capacity from future phases of MEGA IDC, as well as annual rental increases of about 3-5% from mature projects [1] - The company expects to have passed the peak of capital expenditure and interest rate cycles, with capital expenditure projected to decrease from approximately HKD 2.97 billion last year to about HKD 1.18 billion for fiscal year 2025 [2] Group 3 - The company maintains a neutral rating and target price of HKD 8.58, reflecting a valuation that adequately captures the positive fundamentals, with an EV/EBITDA of approximately 20 times for 2026, comparable to leading international data center operators [2] - The company believes that new projects will enhance power capacity, and the rising demand for AI applications in cloud computing and enterprise sectors will contribute to accelerated revenue growth in the medium to long term [2] - However, the current valuation is not significantly discounted compared to international peers, indicating limited short-term upside unless the pace of new project occupancy accelerates [2]

Core Viewpoint - The article discusses the competitive landscape of the AI inference chip market, particularly focusing on the domestic players in China and their strategies to challenge NVIDIA's dominance, especially the 4090 model, while navigating the complexities of cloud, edge, and on-device AI inference markets [2][4][16]. Group 1: AI Inference Market Dynamics - The demand for AI inference has surged due to the popularity of products like DeepSeek, leading to differing opinions on the future of edge versus cloud inference [2][3]. - There is a significant divide in opinions regarding the growth potential of edge AI inference, with some experts predicting a decline while others foresee continued growth [7][8]. - The AI inference market is characterized by a dual competition: domestic chips versus NVIDIA's 4090, and a strategic positioning battle for market share [4][16]. Group 2: Market Segmentation and Opportunities - The article outlines the definitions of cloud, edge, and on-device AI inference based on computational power, with a shift in boundaries due to advancements in large models [7]. - The traditional edge and on-device inference markets are described as saturated, with slow growth, while new applications driven by generative AI are emerging [11][14]. - The generative AI wave is expected to create new demand for edge AI chips, particularly in consumer electronics and smart hardware [14][15]. Group 3: Competitive Strategies - Domestic AI chip companies are focusing on achieving superior cost-performance ratios to compete with NVIDIA's offerings, particularly in specific application areas [4][17]. - The importance of software optimization and ecosystem partnerships is emphasized as critical for domestic companies to enhance their competitive edge [18][24]. - Companies are exploring various market segments, including the信创 market, healthcare, and energy, to find viable opportunities for AI chip deployment [22][23]. Group 4: Future Outlook - The article suggests that the competition among domestic AI chip manufacturers is just beginning, with upcoming products expected to leverage large memory and cost-performance advantages [26]. - The success of these companies will depend on their ability to establish deep partnerships with major clients and effectively navigate the evolving AI landscape [24][26].

Investment Rating - The report maintains a neutral rating for the company with a target price of HKD 8.58, corresponding to approximately 20 times the 2026 EV/EBITDA, which is similar to leading international data center operators [1][3][5]. Core Insights - The company's fiscal year 2025 performance was slightly below expectations, with revenue of HKD 2.938 billion, representing a year-on-year growth of 10.0%. This growth was primarily driven by new data centers contributing to power capacity and ramp-up [1][2]. - The adjusted EBITDA for fiscal year 2025 was HKD 2.128 billion, a 15.1% increase year-on-year, but slightly below the forecast of approximately HKD 2.2 billion due to a delay in tenant occupancy at MEGA IDC Phase 1 [1][2]. - The company expects revenue growth in the next two to three years to be driven by additional floor space and power capacity from future phases of MEGA IDC and annual rental increases of approximately 3-5% from mature projects [1][2]. Summary by Sections Financial Performance - Revenue for fiscal year 2025 was HKD 2,938 million, up 9.9% from HKD 2,674 million in fiscal year 2024 [2]. - Adjusted EBITDA increased to HKD 2,128 million, with an EBITDA margin rising to 72.4%, up 3.3 percentage points from the previous year [2]. - Operating cash flow rose by 23.5% to HKD 2,063 million [2]. Operational Developments - The first phase of MEGA IDC has commenced operations, providing approximately 500,000 square feet of total floor area and 50 MW of power capacity, making it the largest data center in Hong Kong by power capacity [1]. - The operational capacity increased by approximately 3% year-on-year to 104 MW [1]. Future Outlook - The company anticipates a decline in capital expenditures from HKD 29.7 billion last year to approximately HKD 11.8 billion in fiscal year 2025, indicating a peak in capital spending and interest rate cycles [1]. - The report suggests that the current valuation reflects the positive fundamental drivers, with limited short-term upside unless the pace of new project occupancy accelerates [1].

见闻财经日历 WSCN Economic Calendar W 华尔街见间 09月01日 - 09月07日当周重磅财经事件一览，以下均为北京时间： 本周重点关注：九三阅兵、上合峰会闭幕、美国8月非农数据、标普全球8月中国制造业PMI。 此外，美国公布8月ADP就业人口、ISM制造和非制造业指数、7月耐用品订单环比终值，美联储公布经济状况褐皮书，一项由特朗普家族支持的 去中心化金融项目正式启动，蔚来、博通、Salesforce、C3.ai、露露柠檬公布财报。 经济指标 美国8月非农就业人口变动 9月5日，美国公布8月非农就业人口变动。上月的美国非农"暴雷"，新增就业7.3万远低于预期，前两月数据大幅下修25.8万。 高盛交易员认为，美联储主席鲍威尔已为9月降息开绿灯，但8月非农就业数据将成为决定降息幅度和节奏的关键因素。如果就业增长低于10万 人，将有助于确定9月降息。鲍威尔在杰克逊霍尔央行年会上的表态，特别是对"劳动力市场下行风险"的重申，已为降息铺平道路。这一表态呼应 了他在上次FOMC新闻发布会上的关切，反映出美联储对就业市场的高度关注。 高盛对未来就业增长修正偏向负面的原因包括四个方面：出生-死亡模型可 ...