Core Viewpoint - The recent AI hype has led to significant stock price gains for Oracle, but the current "AI fatigue" may result in challenges for the company as investors reacted negatively to its ambitious long-term performance guidance, leading to a nearly 7% drop in stock price, the worst single-day performance since January [1][2]. Financial Performance and Projections - Oracle raised its revenue forecast for cloud infrastructure from $144 billion to $166 billion for the fiscal year 2030, with total revenue expected to reach $225 billion, indicating a compound annual growth rate (CAGR) of over 31% [2]. - The company aims for a gross margin of 30% to 40% in its AI infrastructure business by 2030, responding to previous concerns about its AI business profitability [1][2]. Investor Concerns - Analysts highlighted concerns regarding Oracle's ability to fund the necessary large-scale network expansion to achieve its ambitious targets, as the company did not disclose its capital expenditure plans [4][5]. - There are worries that the revenue growth from new contracts may slow down towards the end of the decade, raising questions about the feasibility of Oracle's high targets [4][5]. Capital Expenditure and Cash Flow - Oracle's capital expenditures have recently exceeded its operating cash flow, marking the highest level since 1990, which raises concerns about its financial sustainability [4][5]. - Predictions indicate that Oracle may experience negative free cash flow for the next three fiscal years, with a cumulative cash burn of nearly $29 billion by the end of fiscal year 2028 [5][6]. Market Context and Competition - The AI sector is currently experiencing rapid developments, with major companies like OpenAI, Meta, and NVIDIA making significant announcements, which may impact Oracle's ability to meet its revenue expectations [6]. - Oracle's success in achieving its revenue goals is contingent not only on the growth of its clients, such as OpenAI, but also on its own capacity for network expansion, which is costly and complex [6].

当地时间9月17日，穆迪评级发布报告指出，甲骨文公司3000亿美元合同凸显其AI业务的非凡潜力，但 相关风险仍然重大。穆迪表示，甲骨文公司披露的近期签署的3000亿美元AI合同，不会影响其Baa2评 级或负面展望。该合同规模惊人，凸显出甲骨文人工智能基础设施业务的巨大潜力。但正如穆迪在2025 年7月评级行动中所述，相关建设风险仍然显著。 来源：市场资讯 （来源：智通财经） ...