Core Viewpoint - The recent sell-off in the AI sector is not due to a sudden contraction in AI demand, but rather a rational re-evaluation of the industry's pricing and profitability dynamics following disappointing earnings reports from major companies like Oracle and Broadcom [6][8][17]. Group 1: Market Reactions - Oracle's stock price plummeted after its earnings report, contributing to a broader decline in the AI sector, with Broadcom's shares falling 11.43% in a single day [1][3]. - The sell-off extended to various AI-related stocks, with notable declines in companies like Astera Labs and Core Weave, which saw drops exceeding 10% [3]. - Concerns about an "AI bubble burst" have spread throughout the market, reflecting heightened anxiety among investors [4]. Group 2: Earnings Insights - Broadcom reported that AI-related orders have surpassed $73 billion for the next 18 months, indicating strong ongoing demand [6]. - Oracle's RPO (Remaining Performance Obligations) reached $523 billion for Q2 of fiscal year 2026, a 15% quarter-over-quarter increase, driven by significant contracts from major players like Meta and NVIDIA [6]. - Oracle's current remaining performance obligations (cRPO) stood at approximately $53.1 billion, a 40% year-over-year increase, suggesting a robust short-term order flow [6]. Group 3: Market Dynamics - The market is shifting from a focus on growth scale to a more critical assessment of profitability quality, investment return cycles, and order fulfillment certainty [8][9]. - Broadcom's transition from high-margin chip sales to system-level sales has raised concerns about future profit margins, as the company indicated a potential decline in gross margins [9]. - The sell-off reflects a broader trend of capital moving away from crowded AI midstream sectors towards more stable assets with clearer cash flows [11]. Group 4: Future Outlook - The AI sector is transitioning from a "compute breakthrough phase" to a "system delivery phase," where efficient delivery of reliable AI systems becomes paramount [12][13]. - Companies with diverse customer bases and clear order fulfillment paths are likely to attract more investment, while those relying on large orders from single clients may face increased valuation pressure [13]. - The differentiation within the AI sector will become more pronounced, with companies that possess core technologies and stable profitability likely to thrive [17].

作者 | 哥吉拉 数据支持 | 勾股大数 据（www.gogudata.com） 甲骨文绩后股价暴跌引发美股对AI板块大跌的市场情绪还没平复，周五晚的博通带来更大的惊魂夜。 因为部分数据没能让狂热的市场预期满意，博通绩后单日重挫11.43%，一举击溃市场信心。 雪上加霜的是，除了甲骨文和博通的业绩利空冲击，彭博也同时报道了甲骨文将部分为Open AI开发的数据中心的竣工时间从2027年 推迟至2028年的消息。 还有一家网红AI基建公司Fermi被爆重要客户取消租约导致股价盘中崩盘暴跌46%，引发更大恐慌。 联合冲击下，一股极为强烈的抛售潮迅速蔓延，光模块、交换机、电力、存储等一众AI产业链股跟随跳水，多只此前热门概念股如 Astera Labs、Core Weave、Coherent 等跌幅都超过了10%，最终美股纳指大跌1.91%。 一时间，"AI泡沫崩盘"的担忧在市场蔓延。 对于这一次越发强烈的AI抛售潮，我们应该更关注什么？ 暴跌真相 01 如何认真去研判甲骨文和博通的财报数据，其实可以发现AI行业的基本面还很稳固。 此次AI板块的全线大跌，核心逻辑绝非AI需求的突然收缩。 博通财报显示，未来18个月 ...