一方面，公司当期收入和短期指引双双不及预期；另一方面，其剩余履约价值（RPO，即积压订单）一夜之间暴增至"令人瞠目结舌"的4550亿美元。 如此大幅的增长，几乎全部由四份多亿美元合同推动，其中国内外分析普遍认为最大份额与OpenAI的长期云服务合同直接相关。 与此同时，最新消息让这笔神秘的巨额RPO浮出水面：9月10日，据报道，OpenAI已签署合同， 将于2027年开始从甲骨文购买价值3000亿美元的计算能力， 这意味着OpenAI每年平均需要向甲骨文支付约600亿美元。 甲骨文最新发布的财报让市场陷入一种矛盾的狂热。 对于投资者而言，看懂这组数据背后的真正含义至关重要。 摩根大通在10日的研报中表示，市场可能忽略了几个核心问题：这份史诗级订单的客户是否过于集中（尤其是对OpenAI的依赖）？绝大部分收入是否遥遥无 期？这些AI订单的利润率究竟如何？以及，为了支撑这些订单，甲骨文是否有足够的资金进行天文数字般的基础设施建设？ 根据摩根士丹利10日的研报，持续攀升的资本开支、恶化的自由现金流，以及高企的债务水平，令公司信用评级面临下行压力。即使管理层再度重申"轻资 产"策略，资本市场对于其大规模数据中心建设的 ...

Core Viewpoint - Oracle's first fiscal quarter highlights a significant increase in Remaining Performance Obligations (RPO) to $455 billion, primarily driven by a five-year contract with OpenAI worth up to $300 billion for computing power [1][3][4] Group 1: RPO Growth and AI Contracts - The RPO surged by approximately $317 billion in a single quarter, representing a year-over-year increase of 359%, largely attributed to contracts with major clients including OpenAI [4][5] - OpenAI's contract entails an average annual payment of $60 billion over five years, raising concerns about its financial viability given its current annualized revenue of around $10 billion [5][6] - Analysts from Morgan Stanley and JPMorgan highlight that about 90% of the new RPO is long-term, with only 10% expected to be recognized as revenue in the next 12 months, indicating delayed revenue recognition [5][6] Group 2: Financial Performance and Guidance - Oracle's total revenue growth for the first fiscal quarter was 11%, below the market expectation of 13%, with cloud services and license support revenue growth also falling short of consensus [6][7] - The company provided a revenue growth guidance of 12-14% for the second fiscal quarter, which is lower than the market's expectation of 15% [6][7] - Free cash flow for the first fiscal quarter was negative $362 million, significantly below the expected $1.271 billion, due to high capital expenditures for cloud infrastructure [6][7] Group 3: Profitability and Growth Trade-offs - Oracle is engaged in a trade-off between profit and growth, with many new orders related to AI model training, which typically have lower profit margins [7][8] - Despite the anticipated increase in revenue expectations, earnings per share (EPS) projections are expected to remain largely unchanged, while free cash flow expectations may be downgraded [7][8] - Oracle's operating profit growth guidance for fiscal year 2026 is set at "mid-teens," slightly above the current market expectation of around 12% [7][8] Group 4: Analyst Ratings and Price Target - JPMorgan maintains a neutral rating on Oracle but raises the target price from $210 to $270, citing impressive achievements in OCI business and long-term potential in AI [8][9] - The firm emphasizes that while AI-related data points may dominate short-term discussions, investors should focus on fundamental issues such as profitability and cash flow [9][10]

智通财经APP获悉，周二美股盘后，"英伟达亲儿子"CoreWeave(CRWV.US)因持续扩张而出现更严重的 亏损，且其第三季度营业利润指引低于预期，该股盘后一度下跌11%。财报显示，CoreWeave第二季度 营收同比增长2倍，至12.1亿美元，好于市场预期的10.8亿美元;调整后净亏损扩大至1.308亿美元，而上 年同期为500万美元，分析师此前预测亏损9630万美元。 上季度，该公司资本支出为29亿美元，较第一季度高出10多亿美元，旨在满足数据中心容量的需求。第 三季度资本支出预计为29亿美元至34亿美元。 全球最大的几家科技公司继续大力押注人工智能。本财报季早些时候，微软公布了创纪录的资本支出， 并计划进一步增加支出。同样，Meta Platforms(META.US)和Alphabet(GOOGL.US)也都提高了本年度的 支出目标，后者表示本财年计划投资850亿美元，这一数额大致相当于通用动力(GD.US)的市值。 CoreWeave表示，截至第二季度末，积压营收达到了301亿美元。首席财务官Nitin Agrawal在电话会议上 表示，今年迄今为止，这一数字已翻了一番。 大部分需求来自使用人工 ...

CoreWeave将在谷歌和OpenAI协议中提供计算能力。（路透） ...