以下文章来源于36氪财经 ，作者范亮 张帆 36氪财经 . 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 文 ｜ 范亮 编辑 ｜ 张帆 来源｜ 36氪财经（ID：krfinance） 封面来源 ｜ 视觉中国 甲骨文FY26Q1（2025年6-8月）财报发布后，其市值暴涨。驱动因素在于，其披露的剩余履约义务（RPO）已高达4550亿美元，同比增长359%。根据市场 消息，这主要来自与OpenAI签订的一份传闻中长达五年、价值3000亿美元的云计算合同。 这笔巨额的算力采购合同，又一次引燃了全球资本市场对算力产业链的信心，A股算力板块随后大幅上涨，并引发涨停潮，多家公司股价创新高。 那么，国内哪家企业最像甲骨文？ 为何是甲骨文拿下了天价订单？ 甲骨文的云业务Oracle Cloud Infrastructure（OCI）于2016年推出，相较于市场先行者入场较晚。为了实现差异化竞争， OCI从设计之初就将自身定位为"第 二代云基础设施"，明确瞄准了高性能计算（HPC）和大规模人工智能（AI）工作负载等高要求领域，其核心优势主要包括以下三点： 一是具备高性价比。 OCI在架构上进行了多项创新，其核心技术之 ...

以下文章来源于最话 FunTalk ，作者最话团队 最话 FunTalk . 不写平庸的故事 本文来自微信公众号： 最话 FunTalk ，作 者：何伊然，编辑：刘宇翔，原文标题：《甲骨文"一树 梨花压海棠"》，题图来自：视觉中国 当地时间 9 月 10 日，甲骨文跳空高开，股价涨幅一度超过 40% ，收盘市值一天增加 2240 亿美元， 创下 1992 年以来最大单日涨幅！拉里 · 埃里森个人财富也水涨船高，暴涨 890 亿美元，一度超越马 斯克，首次登顶世界首富！ 一夜之间，甲骨文就从垂垂老矣的数据库公司变成 AI 巨擘，以及成为未来 TikTok 股权交易的最大 赢家。 美东时间 9 月 15 日，甲骨文股价再度上涨 3.41% 。此前八月，它就被美国私人金融和投资咨询公 司 Motley Fool 列入 " 美股十巨头 " 之列。这 " 十巨头 " 除了此前的 " 七姐妹 " 【英伟达 （NVDA）、微软（MSFT）、苹果（AAPL）、亚马逊（AMZN）、Alphabet（GOOGL）、Meta Platforms（META）、特斯拉（TSLA）】 之外，加上了甲骨文 （ORCL） 、博通 （AVGO ...

Group 1 - Oracle has transformed from a traditional database company to a major player in AI, with its stock price rising 3.41% on September 15, 2023, and being included in the "Top Ten Giants" of the U.S. stock market by Motley Fool [1][3][4] - Oracle's CEO Safra Catz has ambitious plans for the cloud computing market, aiming to become one of the largest cloud application and infrastructure companies globally [1][8] - Oracle is expected to manage TikTok's U.S. user data, which will further solidify its position in the cloud computing market [1][2] Group 2 - Reports suggest that Oracle, in partnership with Walmart, may acquire 40% of TikTok's shares, indicating a strategic move to expand its influence [2][5] - Oracle's stock saw a significant increase, with a market cap rise of $224 billion in a single day, marking the largest single-day gain since 1992 [6][8] - The company's revenue for Q1 FY2026 was $14.9 billion, an 11% year-over-year increase, but net profit decreased by 4% [8][9] Group 3 - Oracle's remaining performance obligations (RPO) reached $455 billion, a staggering 359% increase year-over-year, indicating strong future revenue potential [9][10] - The company has signed significant cloud contracts with major AI players like OpenAI, which is expected to purchase up to $300 billion in computing power over five years [10][11] - Oracle's ambitious "Star Gate" project aims to invest $500 billion in building data centers in the U.S., with Oracle providing high-performance chips [11][12] Group 4 - Despite the optimistic outlook, Oracle's market cap has fluctuated, dropping to around $850 billion after briefly surpassing $1 trillion [4][15] - Concerns have been raised about Oracle's capital expenditures, which are projected to reach $35 billion, representing 53% of expected revenue [31][32] - The company's debt-to-equity ratio stands at 427%, significantly higher than competitors like Microsoft, raising questions about its financial stability [32][33] Group 5 - Oracle's profitability in AI infrastructure is under scrutiny, with estimates suggesting a decline in overall operating profit margins from 72% in FY2025 to 54% by FY2029 [36][37] - The company must improve its cost structure and expand its customer base to remain competitive in the AI infrastructure market [37][38] - Larry Ellison's strategic partnerships and political connections are seen as crucial for Oracle's future growth and positioning in the tech landscape [5][38]

Core Insights - Oracle has transformed from a traditional database company to a major player in AI, with its stock price rising significantly and being included in the "Top Ten Giants" of the U.S. stock market alongside other tech leaders [2][3] - The company aims to become a leader in both cloud applications and cloud infrastructure, with a strong focus on AI-driven growth [2][7] - Oracle's partnership with TikTok for data storage and potential equity stake positions it favorably in the cloud computing market [2][3] Financial Performance - In the first quarter of fiscal year 2026, Oracle reported total revenue of $14.9 billion, an 11% year-over-year increase, but net profit decreased by 4% [7] - The company's remaining performance obligations (RPO) reached $455 billion, a staggering 359% increase year-over-year, indicating strong future revenue potential [8] - Oracle's CEO projected a 77% growth in cloud infrastructure revenue for the current fiscal year, aiming for $18 billion [8] Strategic Partnerships and Investments - Oracle is reportedly part of a consortium with Walmart to acquire 40% of TikTok, which could enhance its market position [3][17] - The "Star Gate" AI infrastructure investment plan, involving a $500 billion investment to build data centers, highlights Oracle's commitment to expanding its AI capabilities [9][10] - OpenAI is expected to purchase up to $300 billion in computing power from Oracle over the next five years, significantly boosting Oracle's revenue outlook [8][11] Market Position and Challenges - Despite the optimistic outlook, Oracle's market capitalization has fluctuated, dropping to around $850 billion after briefly surpassing $1 trillion [4] - High capital expenditures and negative free cash flow raise concerns about the company's financial health and ability to sustain growth [22][23] - Analysts have expressed skepticism about Oracle's ability to convert its ambitious contracts into actual revenue, particularly given OpenAI's current financial challenges [12][13] Competitive Landscape - Oracle's cloud business has grown significantly, now accounting for nearly 50% of total revenue, but its profitability is under scrutiny as margins are lower compared to traditional database services [25] - The company's aggressive investment strategy and reliance on high-profile partnerships reflect its attempt to remain competitive in a rapidly evolving tech landscape [19][26] - Concerns about Oracle's long-term profitability and cash flow sustainability could impact its standing among the top tech giants [24][25]