Unicorns and Cockroaches: Blessed Fraud 独⻆兽与蟑螂：神圣骗局 Part 2 of The Heretic's Guide to AI's Stars 《异端 AI 指南》第⼆部分 NOV 26, 2025 2025 年 11 ⽉ 26 ⽇ ∙ PAID ∙付费内容 MICHAEL BURRY 迈克尔·伯⾥ 分享 Perusing the 10-Ks of the companies that are making and spending the most money is always fun. 翻阅那些烧钱最多的公司的 10-K 年报总是件趣事。 In the last stages of a proper mania, where everyone fawns lovingly over new spending, perusing 10-Ks can seem a pointless old-world endeavor, one or more steps below brushing youngsters off my lawn. Yet, it is w ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - Oracle has raised its cloud infrastructure business (OCI) revenue guidance, with a significant increase in remaining performance obligations (RPO) to $455 billion, reflecting a year-on-year growth of 359% [5] - The demand for AI-driven cloud infrastructure is robust, with Oracle's cloud RPO growth rate nearing 500% year-on-year, primarily driven by a large contract with OpenAI worth $300 billion over five years [5] - The global capital expenditure (CapEx) for cloud service providers (CSPs) is expected to continue rising, with major players like Google, Microsoft, and Meta increasing their CapEx forecasts significantly for AI infrastructure [6][7] Summary by Sections Recent Performance - The computer industry has shown strong performance with a 12-month increase of 89.5%, outperforming the CSI 300 index [3] Financial Highlights - For FY2026 Q1, Oracle reported revenue of $14.926 billion, a year-on-year increase of 12.17%, and CapEx of $8.502 billion, with a growth rate of 269.17% [4][6] - Oracle expects FY2026 CapEx to reach approximately $35 billion, a year-on-year increase of 65% [4] Market Dynamics - Sovereign AI investments are projected to exceed $1 trillion over the next five years, with significant contributions from the U.S., EU, and Saudi Arabia [8] - The transition from general-purpose to specialized AI chips is underway, with NVIDIA's new GPU designed for massive context AI processing [9] Industry Outlook - The AI computing demand is expected to maintain a high growth trajectory, benefiting the entire industry chain [10] - Key stocks to watch include AI processors, server manufacturers, core components, and data center operators, indicating a broad investment opportunity across the sector [10]