如果您希望可以时常见面，欢迎标星收藏哦~ 来源： 内 容 编译自 CRN 。 甲骨文公司、其重组后的领导团队及合作伙伴正通过多种方式迎接人工智能时代，具体包括提高硬 件灵活性、深化多云合作关系、助力企业安全利用私有数据开展人工智能应用，以及大力发展人工 智能代理。 这家总部位于美国得克萨斯州奥斯汀市的云服务与数据库产品供应商，将秉持这一战略，力争实现 一个宏伟目标：到 2030 财年，综合营收达到 2250 亿美元。该目标是在近期于拉斯维加斯落幕的 甲骨文 AI World 大会上公布的。若能达成，这意味着其复合年增长率（CAGR）将达到 31%。 "如今，我们正面临一个千载难逢的时刻，人工智能正在改变一切。" 这家拥有近 50 年历史的公 司的新任联合首席执行官之一迈克・西西利亚（Mike Sicilia），在 AI World 大会的主题演讲中 表示，"我们在此过程中所有的集体创新成果，都将成为未来人工智能平台的基石。" 甲骨文剑指 2250 亿美元营收 甲骨文还表示，公司已实现 5000 亿美元的剩余履约义务（RPO）。这一目标是甲骨文在 9 月份 的收益电话会议上向分析师承诺的。摩根士丹利在周五发布的 ...

Core Viewpoint - The "Gateway to the Stars" project, initiated by OpenAI and Oracle, aims to establish a significant AI infrastructure in Abilene, Texas, with a total investment of several hundred billion dollars, marking a new industrial wave in the region [2][3][4]. Group 1: Project Overview - The "Gateway to the Stars" project will expand the data center in Abilene and build five additional large data centers across the U.S. in the coming years, with a total investment potentially reaching several hundred billion dollars [3][4]. - The project has already engaged 6,400 workers in Abilene, with construction activities involving significant earthworks and extensive fiber optic cable installations [3][4]. Group 2: Infrastructure Requirements - AI's demand for infrastructure is highlighted, with major tech companies like OpenAI, Alphabet, Microsoft, and Meta competing to build AI model infrastructures [4][5]. - The project aims to create a backbone network for AI models across the U.S., with a total investment target of $500 billion [4][5]. Group 3: Energy and Capacity - The "Gateway to the Stars" project will result in a total power capacity of 7 GW over the next three years, with an investment exceeding $4 billion [4][6]. - The new data centers will require substantial energy, with one 1 GW data center needing infrastructure equivalent to the total energy consumption of nearly 1 million households [4][6]. Group 4: Economic and Political Context - The project is part of a government-private partnership initiative, aiming to keep critical AI infrastructure within the U.S. and expedite regulatory processes [4][7]. - Local officials emphasize Texas's attractiveness as an AI infrastructure hub, with significant political support for the project [4][7]. Group 5: Challenges and Criticism - The project faces criticism regarding its environmental impact, including concerns about air quality, water resource consumption, and the potential strain on local power grids [7][8]. - There are ongoing discussions about whether expectations for AI are overly optimistic, with potential risks of an industry bubble [8][9].

甲骨文正从传统软件供应商转型为GPU数据中心运营商，凭借与OpenAI、Meta和xAI等客户的大规模合同订单在该市场占据主导地位。 据追风交易台消息，根据摩根士丹利分析师Keith Weiss和Jamie Reynolds 9月23日发布的报告，这一转型将重塑公司的收入结构、利润率水平和风 险动态，预计到2030财年，AI相关业务将贡献其总收入的60%。 这一判断基于甲骨文最新公布的惊人业绩指引。据摩根士丹利的分析，甲骨文预计其云基础设施（OCI）业务的收入从2026财年的约180亿美元扩 大到2030财年的1440亿美元。根据摩根士丹利的增长框架分析，实现这些目标意味着OCI将占2030财年收入的72%，较2025财年的17%大幅提 升。 尽管收入有望实现28%的年均复合增长率，但这种以GPU为核心的AI即服务（GPUaaS）模式，也给甲骨文带来了前所未有的资本开支压力和利润 率侵蚀风险。分析师维持了对该股的"均配"评级，核心观点是，尽管增长前景极为可观，但这一预期已在很大程度上被当前股价消化。 AI业务主导，重塑收入结构 甲骨文的新增长模型，核心在于其OCI业务中AI基础设施即服务（IaaS）的爆炸式增 ...

Core Insights - The article emphasizes that artificial intelligence (AI) is fundamentally reshaping Oracle and the entire computer industry, with significant implications for growth and investment opportunities [1] Financial Performance Highlights - Oracle's stock surged 36% following the release of its Q1 FY2026 earnings report, indicating strong market interest despite subsequent adjustments [1] - The company’s cloud infrastructure (OCI) revenue is projected to grow from $10.2 billion in FY2025 to $32 billion in FY2026, and is expected to exceed $144 billion by FY2030, reflecting a compound annual growth rate of nearly 70% [2] - Oracle has signed four multi-billion dollar contracts with three clients, including OpenAI, indicating a strong demand for its services [3] - The remaining performance obligations (RPO) surged 359% year-over-year to $455 billion, significantly exceeding market expectations, with projections to surpass $500 billion in the coming months [4] Competitive Advantages - Oracle's growth is attributed to three core competitive strengths: - The company recognizes that the AI sector is undergoing a fundamental transformation, with inference applications expected to become the next growth engine, surpassing model training opportunities [5] - Oracle's OCI has developed unique advantages through modular design and rapid data center deployment capabilities, allowing it to respond quickly to customer needs amid AI compute shortages [6] - The company holds a significant amount of core data globally, providing it with a "data entry" advantage in enterprise AI deployment [7] Industry Implications - The earnings report reveals broader trends in the AI industry, with three key insights for investors: - AI transformation is in its early stages, with future growth expected from the scaling of inference applications, enterprise and sovereign AI adoption, and breakthroughs in intelligent agent AI [8] - There remains a significant supply gap in computing power, with Oracle planning to invest $35 billion in capital expenditures for FY2026, indicating strong demand and potential growth in related sectors [9] - Investors are advised to adopt a "full-stack" approach, covering three layers: enabling infrastructure (compute, network, storage), intelligent services (large models, core data, cloud providers), and application-level AI services [10]

有消息称，甲骨文可能从 2027 年起与 OpenAI 签订一份价值 3000 亿美元的 5 年期协议（该金额已计入当前 RPO），管理层还预计本财年 RPO 将增至 5000 亿美元。2026 财年营收增速指引为 16%，甲骨文云基础设施（OCI）业务预计增长 77% 至 180 亿美元，未来四年目标分 别为 320 亿、730 亿、1140 亿和 1440 亿美元。 从数据看确实不错，但真正的增长爆发要等到 2028 财年才会到来。在此之前，相较于其他超大规模科技公司，甲骨文当前的高市盈率并不合 理。因此，分析师选择暂时观望，看看股价能回调到什么程度 —— 若跌至 260 美元 / 股，可能会重新考虑将评级上调至 "买入"。 甲骨文 2026 财年一季度营收和每股收益（EPS）均未达到华尔街共识预期：营收比预期少 1.17 亿美元，EPS 为 1.47 美元，比 1.48 美元的预 期低 1 美分。 然而，财报发布次日，其股价却暴涨逾 40%，最高触及 345 美元。坦白说，我从未见过市值像甲骨文这么大的公司能有如此涨幅 —— 截至撰 写本文时，其市值为 8647 亿美元，距离 "万亿俱乐部" 仅一步之遥 ...

Core Viewpoint - The acquisition of Sun Microsystems by Oracle in 2009, initially viewed as a poor decision, ultimately provided Oracle with essential system expertise that laid the foundation for its future cloud computing success [1][3][5]. Group 1: Acquisition Context - Oracle acquired Sun Microsystems for $7.4 billion, with a net value of $5.6 billion after accounting for cash and debt [1]. - At the time of acquisition, Sun was losing $100 million per month, and its core Solaris and SPARC server business was being eroded by Linux and x86 [3][4]. - Despite initial negative perceptions, Oracle's total revenue grew by 33% in the first fiscal year post-acquisition, driven primarily by software business [3]. Group 2: Long-term Impact - The acquisition provided Oracle with critical system-level expertise, which became vital for the growth of its Exadata business and future cloud initiatives [3][5]. - Oracle's cloud infrastructure orders surged, with a reported remaining performance obligation (RPO) of $455 billion, primarily driven by AI, which is over four times the amount from the previous year [4][6]. - The integration of hardware and software capabilities allowed Oracle to differentiate its cloud services, leading to significant growth in its multi-cloud database business [6]. Group 3: Strategic Shifts - Larry Ellison's leadership allowed Oracle to pivot from skepticism about cloud computing to actively building a competitive cloud infrastructure [5][6]. - Oracle's Gen 2 cloud infrastructure was launched after a complete overhaul of its initial architecture, focusing on security and performance enhancements [6]. - The company has seen a 15-fold increase in its multi-cloud database business over the past year, showcasing the success of its strategic shifts [6]. Group 4: Future Considerations - Despite the impressive growth in RPO, Oracle's overall scale and revenue remain significantly smaller compared to competitors, necessitating higher capital expenditures [7]. - The reliance on a single client, OpenAI, raises questions about the sustainability of Oracle's current growth trajectory [7]. - The acquisition of Sun Microsystems, once seen as a liability, has transformed Oracle's business model from enterprise software to cloud infrastructure services [7].

Core Insights - Larry Ellison, co-founder and CTO of Oracle, experienced a wealth increase of nearly $100 billion in a single day, marking the largest single-day wealth increase in history, primarily due to his 41% stake in Oracle [1][2] - Oracle's stock price surged 38% following the announcement of significant future revenue projections for its cloud infrastructure, particularly in AI, despite the company reporting first-quarter earnings that fell short of analyst expectations [7][8] - The company signed a landmark $300 billion cloud computing contract with OpenAI, highlighting the unprecedented demand for AI data center capabilities [7][8] Company Performance - Oracle's cloud infrastructure revenue is projected to grow from $18 billion this year to $144 billion over the next four years, with a 77% growth expected in the current fiscal year [8] - The company's total revenues for the latest quarter reached $14.93 billion, a 12% increase year-over-year, with cloud revenues growing by 28% [10] - Despite the revenue growth, Oracle's net income decreased by 4% to $2.93 billion, reflecting challenges in meeting earnings expectations [10] Stock Buybacks and Shareholder Returns - Since 2011, Oracle has spent $142 billion on stock buybacks, significantly reducing the number of outstanding shares and increasing Ellison's ownership percentage from 22% to 41% [1][3] - Ellison receives $500 million in quarterly dividends from Oracle, and he has pledged 277 million shares for loans, allowing him to access liquidity without selling shares [2] Workforce Changes - Oracle is undergoing significant layoffs, with reports indicating over 3,000 employees have been affected globally, particularly in the cloud infrastructure division [11][14] - The restructuring expenses for the latest quarter reached $402 million, a 448% increase year-over-year, indicating a major shift in the company's workforce strategy [10][12] - Employees have reported a sudden and impersonal layoff process, with many being informed of their termination during brief online meetings [13][14]

一夜之间，老牌科技公司甲骨文（Oracle）公司及其联合创始人拉里·埃里森（Larry Ellison）登上了全球媒体的头条。 尽管公布的公司最新业绩本身称不上多么"炸裂"，但因为一同公布的云计算需求数据——主要是OpenAI送上的5年3000亿美金的算力大单——足够令人震 惊，甲骨文的股价在美国时间9月10日上涨了超过35%。由于持有甲骨文41% 的股份，埃里森的身家瞬间增加了1000 亿美元，一度飙升至3930亿美元，并 因此而短暂超越伊隆・马斯克（3850 亿美元）成为全球首富。 尽管到当日收盘时，甲骨文的股价已"回吐"部分涨幅，马斯克随之重新夺回世界首富的宝座，但埃里森还是因为"世界首富到此一游"的经历而引发各国媒 体铺天盖地的报道。 现年81岁的埃里森一直以来留给外界的形象都是特立独行的科技创业者，比如他32岁之前是个不折不扣的loser，历经三个大学，也未获得大学文凭，再比 如他结了6次婚，现在的妻子（来自中国辽宁沈阳）比他小了47岁。 长期关注美国职业体育的人应该对埃里森不陌生，他投资有帆船赛、网球赛事，他的甲骨文曾长期冠名金州勇士的主场，还先后赞助过英超、F1车队 等。一如个人的底色，埃里森在 ...

Core Viewpoint - Oracle's stock price surged significantly due to its latest financial report and substantial AI contracts, with a notable increase in its Remaining Performance Obligations (RPO) [1][3][6] Financial Performance - For Q1 of fiscal year 2026, Oracle reported total revenue of $14.9 billion, a year-over-year increase of 12% [6] - Cloud revenue grew by 28% to $7.2 billion, with IaaS revenue increasing by 55% to $3.3 billion and SaaS revenue rising by 11% to $3.8 billion [6][10] - RPO surged to $455 billion, exceeding market expectations of $178 billion, driven by demand for AI computing power and multi-cloud services [3][6] AI Contracts and Market Impact - Oracle signed four contracts worth billions with three major clients, contributing to the RPO increase and indicating strong future revenue potential [4][6] - A reported $300 billion, five-year computing power procurement agreement with OpenAI may explain the RPO surge and market revaluation of Oracle's stock [7][8] Competitive Positioning - Oracle's multi-cloud strategy has led to a 1529% year-over-year increase in multi-cloud database revenue, expanding its market presence [8][10] - The company is actively collaborating with major cloud providers like Google, Microsoft, and Amazon to enhance its service offerings and customer reach [11][12] Future Outlook - Oracle anticipates Q2 fiscal year 2026 total revenue growth of 12% to 14%, with cloud business expected to grow by 32% to 36% [6][10] - The company is focused on converting RPO into actual revenue, contingent on its ability to fulfill contracts and secure necessary AI chip supplies [10] Market Reaction - Following Oracle's stock surge, related AI hardware stocks in the Chinese market also experienced significant gains, indicating a broader market enthusiasm for AI investments [14]

截至美国当地时间9月10日收盘，甲骨文股价报328.33美元/股，单日涨幅达36%，盘中一度触及345.46 美元/股的历史高位，市值逼近"万亿美元俱乐部"。 甲骨文这一轮股价凌厉上行的直接原因，是公司披露的2026财年一季度（截至8月31日）财报中，最受 瞩目的指标"剩余履约义务"(Remaining Performance Obligations, RPO)暴增至4550亿美元，远超市场普遍 预期的1780亿美元。"剩余履约义务"即甲骨文尚未确认的已签约收入。 甲骨文首席执行官萨弗拉·卡茨（Safra Catz）还透露，在上财季与三家大客户签署了四笔价值分别达到 数十亿美元的合同，预计RPO还有望在未来几个月超过5000亿美元。 受甲骨文股价飙升带动，其创始人、董事长兼首席技术官拉里·埃里森终结了马斯克持续了300多天的全 球首富地位，其财富在盘中一度超越埃隆·马斯克，短暂登顶全球首富榜单。不过当日收盘，甲骨文股 价回吐，马斯克重回榜首，根据彭博亿万富翁指数显示，埃里森总净资产达到3832亿美元。 受最新财报与AI大单落地刺激，甲骨文股价连续两日大幅拉升。 AI云"超额预订"，市场重估甲骨文 实际上，甲骨 ...