Core Viewpoint - The article highlights the significant surge in Oracle's stock price, driven by strong financial results and a massive increase in remaining performance obligations (RPO), which has sparked enthusiasm in the AI-driven growth narrative in the market [2][6]. Financial Performance - Oracle's stock price soared over 41% at one point, closing with a gain of 38.84%, marking the largest single-day increase since 1999 [4][6]. - The company's market capitalization rose to $941.94 billion (approximately ¥67,100 billion), with a single-day increase of $263.5 billion (approximately ¥19,000 billion) [6]. - For the first fiscal quarter of 2026, Oracle reported adjusted earnings per share of $1.47, slightly below analyst expectations of $1.48, and revenue of $14.93 billion, also below the expected $15.04 billion [6]. Remaining Performance Obligations (RPO) - Oracle's RPO surged to $455 billion, a staggering year-on-year increase of 359%, which exceeded market expectations significantly [6][10]. - This explosive growth is attributed to large-scale cloud contracts with leading AI companies such as OpenAI, xAI, and Meta, positioning Oracle as a key infrastructure provider for AI model training [6][11]. Cloud Infrastructure Growth - Oracle's cloud infrastructure revenue reached $3.3 billion in the last quarter, reflecting a year-on-year growth of 55% [7]. - The company anticipates cloud infrastructure revenue to hit $18 billion in fiscal year 2026, a nearly 77% increase from $10.3 billion in fiscal year 2025, with projections for subsequent years indicating substantial growth [8]. Analyst Reactions - Following Oracle's financial report, multiple investment banks raised their target prices for the stock, with Wolfe Research increasing its target from $300 to $400, suggesting a market cap of $1.12 trillion [10]. - Analysts noted that the reported backlog data was unprecedented, with expectations for RPO around $180 billion, making Oracle's actual figure several times higher [10]. AI Market Insights - Oracle's Chairman Larry Ellison emphasized that AI is fundamentally transforming the company, with a focus on the AI inference market, which he believes will be larger than the AI training market [11][12]. - Ellison outlined Oracle's strategy to capture the AI inference market through its new "AI database," asserting that the company's AI narrative is just beginning [11][12]. Competitive Advantage - Ellison highlighted Oracle's technological edge, claiming that its data centers are faster and more cost-effective for AI model training compared to competitors [13]. - He attributed this advantage to Oracle's underlying technology, particularly its network capabilities, which enhance data transfer speeds and reduce costs [13].

近日，甲骨文(ORCL.US)召开2026年Q1业绩说明会。公司高管表示，显然，我们今年迎来了一个极为 出色的开局，因为 Oracle 已成为人工智能工作负载的首选平台。我们与 AI 领域的重量级公司签署了重 要的云合同，包括 OpenAI、xAI、Meta、NVIDIA、AMD 等。第一季度末，公司未履行履约义务(RPO) 达到 4,550 亿美元，同比大增 359%，较第四季度末增加 3,170 亿美元。我们的云 RPO 在去年的 83% 增 长基础上又实现了近 500% 的增长。整体来看，季度总收入 149 亿美元，同比增长 11%，高于去年一季 度的 8%。营业利润增长 7%，达到 62 亿美元。 公司高管称，在提供第二季度具体指引前，我想分享对 2026 财年及未来几年的总体看法。毫无疑问， 这是一个非常出色的季度，Oracle 云基础设施的需求持续增长。我预计我们将签署更多数十亿美元级别 的客户合同，RPO 可能突破 0.5 万亿美元。RPO 的大幅增长让我们得以大幅上调云基础设施业务的财 务规划。我们预计 OCI 在 2026 财年增长 77%，达到 180 亿美元，并在未来四年分别增长至 32 ...