（原标题：美股异动丨甲骨文收跌近3%，启动500亿美元集资计划，高负债受关注） 美国软件公司甲骨文(Oracle)正式启动最高500亿美元的集资计划，当中包含首期高达250亿美元的债券 发行，全力冲刺云基建。甲骨文周一股价先升后跌，盘初一度涨4%，后半段转弱，最终收跌2.75%，报 160.06美元。 为抢占人工智能(AI)算力的高地，甲骨文宣布启动规模庞大的集资计划，拟透过债券和股权组合筹集最 高达500亿美元资金，以支撑其激进的云端基础设施扩张策略。首期发债将分为8个部分进行，预计规模 介乎200亿至250亿美元之间，为2026年内单次性发行，剩余资金缺口将透过股权相关工具及普通股发行 填补。 甲骨文正试图从传统的数据库软件供应商，转型为重资产的云端基础设施巨头，以与亚马逊云(AWS)和 微软Azure竞争。甲骨文的集资路径进一步清晰，市场对该公司解决资本开支资金来源的担忧暂时得到 缓解。然而，甲骨文的资产负债表也受到关注，集团目前的未偿债务已高达约950亿美元。在利率高企 的背景下，如此大规模的举债扩张，引发华尔街对公司现金流压力及财务结构脆弱性的忧虑。市场对甲 骨文的质疑声音依然存在，电影《沽注一掷》 ...

Core Viewpoint - Morgan Stanley's research report indicates that Oracle is rapidly expanding its cloud capacity, investing heavily in next-generation data centers, and deepening partnerships with key AI model developers and computing power seekers [1] Group 1: Cloud Infrastructure Expansion - Oracle's management views AI as a driving force for transformational growth, believing it will revitalize cloud revenue growth, enhance the utilization of its infrastructure assets, and strengthen its competitive positioning against large-scale peers [1] - The newly formed management team has outlined ambitious long-term goals, including achieving $166 billion in cloud infrastructure revenue by 2030, representing a compound annual growth rate of 75% over five years [1] Group 2: Financial Considerations - The strategy involves significant upfront capital expenditures and execution risks, necessitating rigorous financing and balance sheet management to ensure long-term value creation and avoid damaging credit quality [1] - The company has guided that the gross margin for AI products will reach 30% to 40%, alleviating previous concerns regarding profitability [1] Group 3: Rating Adjustment - Despite acknowledging Oracle's potential to achieve its plans, Morgan Stanley downgraded Oracle's rating from "Overweight" to "Neutral" due to the company's substantial capital requirements and limited visibility on its financing strategy [1]