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2025-09-13

$英特尔(INTC)$ 被装了快上去，最近部署那么多机房，你CPU卖疯了

2025-10-24

$英特尔(INTC)$ 还有6交易日叠加一个利好有望挑战50大关卡本月

2025-11-21

$甲骨文(ORCL)$ 甲骨文的投资逻辑。接了OPENAI3000亿美元大订单，没有钱做基础建设，换成你来做CEO你会怎么做？不是一样举债来完成吗？又不是刻意没单子盲目举债去做，所以举债无可厚非，至于回报率就交给季报，所以无故做空不合理。举债肯定是会降低毛利率，问题是挣的钱也多了不是？

2025-09-19

$英特尔(INTC)$ 没有拿到筹码的机构唱空，大家别轻易交出筹码

2025-11-21

$甲骨文(ORCL)$ 甲骨文得罪谁了？这么做空

2025-10-21

$甲骨文(ORCL)$ 高位你们敢买，低位你们反而不敢重仓买，三根大阴线从三天前最高点到底部差不多20%那请问筹码谁拿走了，价值投资，看好未来5年，只要AI不破灭，就离不开甲骨文

2025-09-23

$甲骨文(ORCL)$ 利好这么多资本为什么随意看空甲骨文呢

2025-10-13

$英特尔(INTC)$ 民用芯片稀土可以获批，管制又不是不给，影响微乎其微，对于台积电利空，所以竞争对手就是利好看多，加上MAGA本土制造业再造辉煌，各大佬都来拍川普最好的方式就是花点钱投喂INTC，股价拉起来了川普有面子也会开心。18A首先给自家产品量产上，3个月内良品率就会不断攀升，拿下其他大佬的芯片订单不在话下，18A Q4最晚2026Q1就会有体现，18A稳了，14A就该轮流上台了，AI还在建设周期需要大量的X86 CPU，也是重点是利好！加上近期涨价利润上浮明显Q4一定是黑马，本月有望挑战45甚至50！

2025-10-14

美银证券目光短浅鉴定完毕

半导体股多数下跌，英特尔跌超6%，美银下调其评级

2025-09-25

$英特尔(INTC)$ 今晚目标12%加油

2025-08-25

$超微电脑(SMCI)$ 我就问下有什么可跌的，该修复了

2025-10-08

该特朗普上场了！

苏姿丰回应AMD与英特尔合作传闻，态度模棱两可，引人联想

2025-10-06

$英特尔(INTC)$ 快上车普天同庆，大算力离不开INT C X86 CPU

2025-09-23

$甲骨文(ORCL)$ 反应过度、高官减持那么一点点股票就暴跌5%、反应过度了

2025-08-25

$英特尔(INTC)$ 你们这么砸盘川普脸上无光[流泪]

2025-08-12

你当年离开编剧界，我是激烈反对的[开心]

2025-08-07

川建国估计想要股票，CEO没答应，利益冲突哈哈哈

美国总统特朗普表示，英特尔首席执行官存在严重的利益冲突，必须立即辞职

2025-12-19

说说你对这篇新闻的看法...

盘前异动｜加密货币概念股集体走强，BitMine涨超7%；耐克暴跌10%！Q2净利暴跌32%

2025-12-12

甲骨文采取让客户自带显卡的方式等措施，使得甲骨文不用大笔举债购买显卡然后再租赁，甲骨文高管的意思负债将远低于投行预测的1000亿，目前只是因为接了META等大公司暴增1000多亿的RPO需要先期垫资建设面临资金压力，分散确都是信用可靠的大公司而非像OPENAI这样的初创公司，履约能力不用担心

甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！

2025-12-12

这篇文章引用的数据和时效性有很大问题！比如OPENAI已经发公告了解除红色警戒，还有债务1000亿那是投行预测到2027年的时候，目前不多，而且甲骨文高管也在财报中说明了，采取让客户自带显卡的方式（OPENAI 和英伟达AMD博通等都有深度投资合作容易获取算力显卡），这样甲骨文就不用举债担心租赁显卡而产生慢收益高负债的局面。

甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！

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href=\"https://laohu8.com/S/MSTR\">Strategy</a>、<a href=\"https://laohu8.com/S/CRCL\">Circle</a>、<a href=\"https://laohu8.com/S/CLSK\">CleanSpark</a>涨超3%，<a href=\"https://laohu8.com/S/HOOD\">Robinhood</a>涨超2%；</p><p><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>持仓概念走高，<a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a>涨超6%，<a href=\"https://laohu8.com/S/NBIS\">NEBIUS</a>、<a href=\"https://laohu8.com/S/APLD\">Applied Digital</a> 涨超4%，<a href=\"https://laohu8.com/S/RXRX\">Recursion</a>涨近4%；</p><p>太空概念股普涨，<a href=\"https://laohu8.com/S/LUNR\">Intuitive Machines</a>涨近8%，<a href=\"https://laohu8.com/S/DXYZ\">Destiny Tech100</a>、<a href=\"https://laohu8.com/S/SATS\">回声星通信</a>、<a href=\"https://laohu8.com/S/ASTSW\">AST SpaceMobile</a>涨超3%；</p><p><a href=\"https://laohu8.com/S/ORCL\">甲骨文</a>涨近6%，TikTok美国方案曝光，甲骨文等3家投资者入股成立新公司；此外，与OpenAI在密歇根州数据中心电力供应获批；</p><p><a href=\"https://laohu8.com/S/NKE\">耐克</a>跌超10%，2026财年第二季度净利暴跌32%，大中华区失速、关税重创毛利；</p><p><a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>涨超5%，据报道称该公司已在广州市获得L3级自动驾驶道路测试牌照，并启动常态化的L3道路测试；</p><p><a href=\"https://laohu8.com/S/PDD\">拼多多</a>涨超3%，公司宣布升级治理架构，赵佳臻出任联席董事长，下一个三年争取再造一个拼多多；</p><p><a href=\"https://laohu8.com/S/LUNR\">Intuitive Machines</a>涨超8%，KeyBanc给予其股票“增持”评级，目标价20美元；</p><p><a href=\"https://laohu8.com/S/BB\">黑莓</a>跌超5%，第三季度营收同比下滑，上调2026财年营收预期下限。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>盘前异动｜加密货币概念股集体走强，BitMine涨超7%；耐克暴跌10%！Q2净利暴跌32%</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n盘前异动｜加密货币概念股集体走强，BitMine涨超7%；耐克暴跌10%！Q2净利暴跌32%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-12-19 17:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>12月19日，美股三大股指期货齐涨，截止发稿，道指期货涨0.05%，纳指期货涨0.47%，标普500指数期货涨0.3%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/739e1c8db26941a215e125d287ef9c8d\" title=\"\" tg-width=\"414\" tg-height=\"192\"/></p><p>芯片股普涨，<a href=\"https://laohu8.com/S/MU\">美光科技</a>涨超2%，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>、<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/AVGO\">博通</a>、<a href=\"https://laohu8.com/S/INTC\">英特尔</a>、<a href=\"https://laohu8.com/S/MRVL\">迈威尔科技</a>均涨超1%；</p><p>加密货币概念股走强，<a href=\"https://laohu8.com/S/BMNR\">BitMine</a>涨超7%，<a href=\"https://laohu8.com/S/HUT\">Hut 8</a>涨超5%，<a href=\"https://laohu8.com/S/COIN\">Coinbase</a>、<a href=\"https://laohu8.com/S/MSTR\">Strategy</a>、<a href=\"https://laohu8.com/S/CRCL\">Circle</a>、<a href=\"https://laohu8.com/S/CLSK\">CleanSpark</a>涨超3%，<a href=\"https://laohu8.com/S/HOOD\">Robinhood</a>涨超2%；</p><p><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>持仓概念走高，<a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a>涨超6%，<a href=\"https://laohu8.com/S/NBIS\">NEBIUS</a>、<a href=\"https://laohu8.com/S/APLD\">Applied Digital</a> 涨超4%，<a href=\"https://laohu8.com/S/RXRX\">Recursion</a>涨近4%；</p><p>太空概念股普涨，<a href=\"https://laohu8.com/S/LUNR\">Intuitive Machines</a>涨近8%，<a href=\"https://laohu8.com/S/DXYZ\">Destiny Tech100</a>、<a href=\"https://laohu8.com/S/SATS\">回声星通信</a>、<a href=\"https://laohu8.com/S/ASTSW\">AST SpaceMobile</a>涨超3%；</p><p><a href=\"https://laohu8.com/S/ORCL\">甲骨文</a>涨近6%，TikTok美国方案曝光，甲骨文等3家投资者入股成立新公司；此外，与OpenAI在密歇根州数据中心电力供应获批；</p><p><a href=\"https://laohu8.com/S/NKE\">耐克</a>跌超10%，2026财年第二季度净利暴跌32%，大中华区失速、关税重创毛利；</p><p><a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>涨超5%，据报道称该公司已在广州市获得L3级自动驾驶道路测试牌照，并启动常态化的L3道路测试；</p><p><a href=\"https://laohu8.com/S/PDD\">拼多多</a>涨超3%，公司宣布升级治理架构，赵佳臻出任联席董事长，下一个三年争取再造一个拼多多；</p><p><a href=\"https://laohu8.com/S/LUNR\">Intuitive Machines</a>涨超8%，KeyBanc给予其股票“增持”评级，目标价20美元；</p><p><a href=\"https://laohu8.com/S/BB\">黑莓</a>跌超5%，第三季度营收同比下滑，上调2026财年营收预期下限。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d1fe578ee46cbe0d24c33435ff25ae5","relate_stocks":{"CRWV":"CoreWeave, Inc.","NKE":"耐克","BMNR":"BitMine Immersion Technologies Inc.","ORCL":"甲骨文"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166534027","content_text":"12月19日，美股三大股指期货齐涨，截止发稿，道指期货涨0.05%，纳指期货涨0.47%，标普500指数期货涨0.3%。芯片股普涨，美光科技涨超2%，英伟达、AMD、博通、英特尔、迈威尔科技均涨超1%；加密货币概念股走强，BitMine涨超7%，Hut 8涨超5%，Coinbase、Strategy、Circle、CleanSpark涨超3%，Robinhood涨超2%；英伟达持仓概念走高，CoreWeave涨超6%，NEBIUS、Applied Digital 涨超4%，Recursion涨近4%；太空概念股普涨，Intuitive Machines涨近8%，Destiny Tech100、回声星通信、AST SpaceMobile涨超3%；甲骨文涨近6%，TikTok美国方案曝光，甲骨文等3家投资者入股成立新公司；此外，与OpenAI在密歇根州数据中心电力供应获批；耐克跌超10%，2026财年第二季度净利暴跌32%，大中华区失速、关税重创毛利；小鹏汽车涨超5%，据报道称该公司已在广州市获得L3级自动驾驶道路测试牌照，并启动常态化的L3道路测试；拼多多涨超3%，公司宣布升级治理架构，赵佳臻出任联席董事长，下一个三年争取再造一个拼多多；Intuitive Machines涨超8%，KeyBanc给予其股票“增持”评级，目标价20美元；黑莓跌超5%，第三季度营收同比下滑，上调2026财年营收预期下限。","news_type":1,"symbols_score_info":{"NKE":2,"CRWV":2,"ORCL":2,"BMNR":2}},"isVote":1,"tweetType":1,"viewCount":82,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":510072650764344,"gmtCreate":1765542306339,"gmtModify":1765542309490,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"title":"","htmlText":"甲骨文采取让客户自带显卡的方式等措施，使得甲骨文不用大笔举债购买显卡然后再租赁，甲骨文高管的意思负债将远低于投行预测的1000亿，目前只是因为接了META等大公司暴增1000多亿的RPO需要先期垫资建设面临资金压力，分散确都是信用可靠的大公司而非像OPENAI这样的初创公司，履约能力不用担心","listText":"甲骨文采取让客户自带显卡的方式等措施，使得甲骨文不用大笔举债购买显卡然后再租赁，甲骨文高管的意思负债将远低于投行预测的1000亿，目前只是因为接了META等大公司暴增1000多亿的RPO需要先期垫资建设面临资金压力，分散确都是信用可靠的大公司而非像OPENAI这样的初创公司，履约能力不用担心","text":"甲骨文采取让客户自带显卡的方式等措施，使得甲骨文不用大笔举债购买显卡然后再租赁，甲骨文高管的意思负债将远低于投行预测的1000亿，目前只是因为接了META等大公司暴增1000多亿的RPO需要先期垫资建设面临资金压力，分散确都是信用可靠的大公司而非像OPENAI这样的初创公司，履约能力不用担心","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/510072650764344","repostId":"2590520582","repostType":2,"repost":{"id":"2590520582","kind":"news","pubTimestamp":1765512186,"share":"https://www.laohu8.com/m/news/2590520582?lang=zh_CN&edition=full","pubTime":"2025-12-12 12:03","market":"us","language":"zh","title":"甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！","url":"https://stock-news.laohu8.com/highlight/detail?id=2590520582","media":"北美商业见闻","summary":"甲骨文120亿美元的资本支出高于预期，其100亿美元的自由现金流亏损也远超预期的60亿美元流出。甲骨文公司还大幅上调了全年资本支出预期，从350亿美元增至500亿美元。该公司目前预计本财年将产生500亿美元的资本支出。甲骨文的资产负债表上有超过160亿美元的经营租赁负债，此外还有约1000亿美元的租赁承诺尚未生效。","content":"<html><body><article><p>来源：北美商业见闻</p><p>周四，几乎是<a href=\"https://laohu8.com/S/ORCL\">甲骨文</a>（ORCL）年内最黑暗的一天。</p><p>股价盘中跌幅一度高达16%，最终收盘下跌10.83%，报198.85美元/股，总市值5713亿美元，较前一交易日缩水近700亿美元。</p><p>此前这家科技巨头公布的财报显示，其盈利超出预期，但营收却低于华尔街预期，实际营收为160.6亿美元，低于分析师预期的162.1亿美元。云业务销售额较上一季度增长34%，但也低于预期。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251212134806603v163ganczzey13w\"/><p>值得注意的是，甲骨文公司还承诺明年将比此前预测增加约150亿美元的支出，这引发了人们对大型科技公司激进资本支出的新担忧。</p><p>甲骨文暴跌拖累了其他几只高增长的人工智能股票，多只股票盘中大跌，但最终跌幅收窄，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>收跌1.55%、<a href=\"https://laohu8.com/S/PLTR\">Palantir</a>收跌0.2%、<a href=\"https://laohu8.com/S/AVGO\">博通</a>收跌1.6%。</p><p>同时，这也导致甲骨文创始人、现任董事长兼首席技术官拉里·埃里森的净资产缩水249亿美元。现年81岁的埃里森在彭博社全球富豪榜上的排名从第二位跌至第三位。</p><img src=\"https://mmbiz.qpic.cn/sz_mmbiz_png/ywRS6L3TEvp0f15ERj1wpWZHwziaFOW3khNrL4e8Enh1ngtT0U7U7R4wWrx0WMTnYUmmhYJOqibUfKQp6Rr4jtJg/640?wx_fmt=png&amp;from=appmsg\"/><p>对于埃里森来说，这可谓是戏剧性的大逆转。9月10日，甲骨文公司股价飙升36%，埃里森的净资产一度增加了890亿美元，超越埃隆·马斯克成为世界首富。</p><p>然而，此后甲骨文股价快速下跌，埃里森只过了一天世界首富的瘾，就被马斯克反超。</p><p>依赖OpenAI成最大变数</p><p>甲骨文的困境，业内将其归咎于对OpenAI合作的过分依赖，并指出甲骨文或许也面临着OpenAI的“红色警报”时刻。</p><p>早在9月份，甲骨文告诉投资者，其剩余履约义务（RPO，即已签署客户合同的未来收入价值）已飙升近360%，达到4550亿美元。但其中超过一半的收入都来自其为OpenAI提供的服务。</p><p>有消息称，OpenAI至少有3000亿美元的投资承诺是作为星际之门项目的一部分而支付的。由于与英伟达、<a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a> 、<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/600455\">博通</a>以及甲骨文等公司达成交易，OpenAI的成本预计将达到1.4万亿美元，这引发了人们日益增长的担忧。此外，来自<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>Gemini模型的竞争也日益加剧，这让投资者更加谨慎。</p><p>访问以下网址，订阅最新新闻电邮：</p><p>https://nbwpress.com/subscribe.html</p><p>“显然，过去几个月来，市场对OpenAI的看法发生了逆转，”<a href=\"https://laohu8.com/S/0HB5.UK\">法国巴黎银行</a>分析师斯特凡·斯洛温斯基表示。“OpenAI生态系统显然因此受到了影响。”</p><p>斯洛温斯基和其他华尔街分析师一致认为，OpenAI可能无法支付其广泛的人工智能基础设施建设承诺，这是甲骨文面临的最大风险。</p><p>OpenAI首席执行官山姆·奥特曼上周宣布进入“红色警报”状态，因为这家初创公司面临着来自<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>日益激烈的竞争。</p><p>“甲骨文目前处境艰难，他们必须为OpenAI这位大客户扩建数据中心容量，为此需要借很多钱，但OpenAI能否支付这笔费用却存在很大的不确定性，”DA Davidson分析师吉尔·卢里亚表示。他称OpenAI的合同“纯属幻想”，并表示OpenAI目前“几乎不可能”有3000亿美元可以花在与甲骨文的交易上。</p><p>因此，真正令甲骨文人工智能业务蒙上阴影的是其与OpenAI之间相互依赖的关系。</p><p>如果真是这样，那么甲骨文最终可能不得不修改其到2030年实现营收翻两番的目标，这将进一步打击投资者的信心。</p><p>资本支出预期大幅上调</p><p>甲骨文公司本周公布的第二季度业绩进一步加剧了投资者的担忧。</p><p>甲骨文120亿美元的资本支出高于预期，其100亿美元的<span>自由现金流</span>亏损也远超预期的60亿美元流出。甲骨文公司还大幅上调了全年资本支出预期，从350亿美元增至500亿美元。</p><p><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>认为，这份财报可能预示着投资者将再次对人工智能投资持怀疑态度。</p><p>该银行的分析师周四写道：“云业务增长处于预期下限，毛利率和营业利润率面临越来越大的压力，这可能会进一步削弱投资者对甲骨文公司有效执行其庞大且不断增长的GPUaaS业务的能力的信心，导致其股价缺乏明显的催化剂。”</p><p>对于许多投资者而言，像甲骨文这样的公司在今年投入巨资将自身打造为人工智能基础设施领域的领导者之后，最终却未能达到分析师的预期，这无疑令人担忧。</p><p>“甲骨文公司自身也面临着越来越严格的审查，审查的焦点在于其以债务驱动的数据中心建设以及在人工智能支出前景不明朗的情况下，其业务集中度风险，”Emarketer分析师雅各布·伯恩表示。“此次营收未达预期，可能会加剧本已谨慎的投资者对其OpenAI交易和激进的人工智能支出计划的担忧。”</p><p>资金缺口巨大</p><p>根据彭博社汇编的数据，甲骨文目前净债务（包括租赁义务）约为1050亿美元，使其在投资级借款人中<span>负债</span>水平较高。</p><p>新任联席首席执行官克莱·马古尔克和迈克·西西利亚在接替甲骨文公司长期掌门人萨弗拉·卡茨后，首次主持财报电话会议。</p><p>马古尔克表示，很难确切回答甲骨文公司需要筹集多少资金来支持其人工智能计划：这取决于该公司是否必须从英伟达和AMD购买芯片，还是能够找到更便宜的方案，例如租赁芯片或让客户提供自己的设备。可以预见的是，这些其他方案可能需要甲骨文公司牺牲部分利润。</p><p>马古瑞克认为，甲骨文公司用于人工智能建设所需的资金将少于一些分析师预测的1000多亿美元，甚至可能“大幅少于”这笔资金。</p><p>实际上，在甲骨文就其庞大增长计划所需的资金提供更清晰的说明之前，投资者始终怀疑它实际上允许OpenAI依赖其<span>资产负债表</span>。通过让甲骨文承担搭建和运营数据中心这些繁琐且成本高昂的工作，OpenAI就无需筹集那么多资金。</p><p>甲骨文在人工智能领域的大举投入需要其投入难以估量的资金。该公司目前预计本财年将产生500亿美元的资本支出。</p><p>人工智能数据中心交易旨在通过合同期收回资本支出，租赁付款在数据中心<a href=\"https://laohu8.com/S/01630\">建成</a>后才开始。令人欣喜的是，甲骨文计划在芯片部署方面保持灵活性（从而降低芯片过时的风险）；而且，该公司直到建设后期才支付设备款项，最大限度地缩短了不盈利的时期。</p><p>尽管如此，这并未消除投资者对OpenAI风险敞口的担忧。据报道，两家公司之间价值3000亿美元的合同仅分五年支付，而甲骨文的房地产租赁合同通常至少是这个期限的两倍。</p><p>如果OpenAI退出，甲骨文可能不得不向数据中心业主支付高额租金——而且需要填补的资金缺口还很大，具体取决于其已部署的数据中心数量以及届时对人工智能服务的需求量。甲骨文的资产负债表上有超过160亿美元的经营租赁负债，此外还有约1000亿美元的租赁承诺尚未生效。这意味着它未来每年需要支付数十亿美元的租赁费用。</p><p>识别下方二维码</p><p>精准掌握北美商业动态</p><p>北京时间22点准时投递</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-12 12:03 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251212135615a4440c31&s=b><strong>北美商业见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>来源：北美商业见闻周四，几乎是甲骨文（ORCL）年内最黑暗的一天。股价盘中跌幅一度高达16%，最终收盘下跌10.83%，报198.85美元/股，总市值5713亿美元，较前一交易日缩水近700亿美元。此前这家科技巨头公布的财报显示，其盈利超出预期，但营收却低于华尔街预期，实际营收为160.6亿美元，低于分析师预期的162.1亿美元。云业务销售额较上一季度增长34%，但也低于预期。值得注意的是，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251212135615a4440c31&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" 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ACC A","BK4588":"碎股","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251212135615a4440c31&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2590520582","content_text":"来源：北美商业见闻周四，几乎是甲骨文（ORCL）年内最黑暗的一天。股价盘中跌幅一度高达16%，最终收盘下跌10.83%，报198.85美元/股，总市值5713亿美元，较前一交易日缩水近700亿美元。此前这家科技巨头公布的财报显示，其盈利超出预期，但营收却低于华尔街预期，实际营收为160.6亿美元，低于分析师预期的162.1亿美元。云业务销售额较上一季度增长34%，但也低于预期。值得注意的是，甲骨文公司还承诺明年将比此前预测增加约150亿美元的支出，这引发了人们对大型科技公司激进资本支出的新担忧。甲骨文暴跌拖累了其他几只高增长的人工智能股票，多只股票盘中大跌，但最终跌幅收窄，英伟达收跌1.55%、Palantir收跌0.2%、博通收跌1.6%。同时，这也导致甲骨文创始人、现任董事长兼首席技术官拉里·埃里森的净资产缩水249亿美元。现年81岁的埃里森在彭博社全球富豪榜上的排名从第二位跌至第三位。对于埃里森来说，这可谓是戏剧性的大逆转。9月10日，甲骨文公司股价飙升36%，埃里森的净资产一度增加了890亿美元，超越埃隆·马斯克成为世界首富。然而，此后甲骨文股价快速下跌，埃里森只过了一天世界首富的瘾，就被马斯克反超。依赖OpenAI成最大变数甲骨文的困境，业内将其归咎于对OpenAI合作的过分依赖，并指出甲骨文或许也面临着OpenAI的“红色警报”时刻。早在9月份，甲骨文告诉投资者，其剩余履约义务（RPO，即已签署客户合同的未来收入价值）已飙升近360%，达到4550亿美元。但其中超过一半的收入都来自其为OpenAI提供的服务。有消息称，OpenAI至少有3000亿美元的投资承诺是作为星际之门项目的一部分而支付的。由于与英伟达、CoreWeave 、AMD、博通以及甲骨文等公司达成交易，OpenAI的成本预计将达到1.4万亿美元，这引发了人们日益增长的担忧。此外，来自谷歌Gemini模型的竞争也日益加剧，这让投资者更加谨慎。访问以下网址，订阅最新新闻电邮：https://nbwpress.com/subscribe.html“显然，过去几个月来，市场对OpenAI的看法发生了逆转，”法国巴黎银行分析师斯特凡·斯洛温斯基表示。“OpenAI生态系统显然因此受到了影响。”斯洛温斯基和其他华尔街分析师一致认为，OpenAI可能无法支付其广泛的人工智能基础设施建设承诺，这是甲骨文面临的最大风险。OpenAI首席执行官山姆·奥特曼上周宣布进入“红色警报”状态，因为这家初创公司面临着来自谷歌日益激烈的竞争。“甲骨文目前处境艰难，他们必须为OpenAI这位大客户扩建数据中心容量，为此需要借很多钱，但OpenAI能否支付这笔费用却存在很大的不确定性，”DA Davidson分析师吉尔·卢里亚表示。他称OpenAI的合同“纯属幻想”，并表示OpenAI目前“几乎不可能”有3000亿美元可以花在与甲骨文的交易上。因此，真正令甲骨文人工智能业务蒙上阴影的是其与OpenAI之间相互依赖的关系。如果真是这样，那么甲骨文最终可能不得不修改其到2030年实现营收翻两番的目标，这将进一步打击投资者的信心。资本支出预期大幅上调甲骨文公司本周公布的第二季度业绩进一步加剧了投资者的担忧。甲骨文120亿美元的资本支出高于预期，其100亿美元的自由现金流亏损也远超预期的60亿美元流出。甲骨文公司还大幅上调了全年资本支出预期，从350亿美元增至500亿美元。摩根士丹利认为，这份财报可能预示着投资者将再次对人工智能投资持怀疑态度。该银行的分析师周四写道：“云业务增长处于预期下限，毛利率和营业利润率面临越来越大的压力，这可能会进一步削弱投资者对甲骨文公司有效执行其庞大且不断增长的GPUaaS业务的能力的信心，导致其股价缺乏明显的催化剂。”对于许多投资者而言，像甲骨文这样的公司在今年投入巨资将自身打造为人工智能基础设施领域的领导者之后，最终却未能达到分析师的预期，这无疑令人担忧。“甲骨文公司自身也面临着越来越严格的审查，审查的焦点在于其以债务驱动的数据中心建设以及在人工智能支出前景不明朗的情况下，其业务集中度风险，”Emarketer分析师雅各布·伯恩表示。“此次营收未达预期，可能会加剧本已谨慎的投资者对其OpenAI交易和激进的人工智能支出计划的担忧。”资金缺口巨大根据彭博社汇编的数据，甲骨文目前净债务（包括租赁义务）约为1050亿美元，使其在投资级借款人中负债水平较高。新任联席首席执行官克莱·马古尔克和迈克·西西利亚在接替甲骨文公司长期掌门人萨弗拉·卡茨后，首次主持财报电话会议。马古尔克表示，很难确切回答甲骨文公司需要筹集多少资金来支持其人工智能计划：这取决于该公司是否必须从英伟达和AMD购买芯片，还是能够找到更便宜的方案，例如租赁芯片或让客户提供自己的设备。可以预见的是，这些其他方案可能需要甲骨文公司牺牲部分利润。马古瑞克认为，甲骨文公司用于人工智能建设所需的资金将少于一些分析师预测的1000多亿美元，甚至可能“大幅少于”这笔资金。实际上，在甲骨文就其庞大增长计划所需的资金提供更清晰的说明之前，投资者始终怀疑它实际上允许OpenAI依赖其资产负债表。通过让甲骨文承担搭建和运营数据中心这些繁琐且成本高昂的工作，OpenAI就无需筹集那么多资金。甲骨文在人工智能领域的大举投入需要其投入难以估量的资金。该公司目前预计本财年将产生500亿美元的资本支出。人工智能数据中心交易旨在通过合同期收回资本支出，租赁付款在数据中心建成后才开始。令人欣喜的是，甲骨文计划在芯片部署方面保持灵活性（从而降低芯片过时的风险）；而且，该公司直到建设后期才支付设备款项，最大限度地缩短了不盈利的时期。尽管如此，这并未消除投资者对OpenAI风险敞口的担忧。据报道，两家公司之间价值3000亿美元的合同仅分五年支付，而甲骨文的房地产租赁合同通常至少是这个期限的两倍。如果OpenAI退出，甲骨文可能不得不向数据中心业主支付高额租金——而且需要填补的资金缺口还很大，具体取决于其已部署的数据中心数量以及届时对人工智能服务的需求量。甲骨文的资产负债表上有超过160亿美元的经营租赁负债，此外还有约1000亿美元的租赁承诺尚未生效。这意味着它未来每年需要支付数十亿美元的租赁费用。识别下方二维码精准掌握北美商业动态北京时间22点准时投递","news_type":1,"symbols_score_info":{"ORCL":1.98}},"isVote":1,"tweetType":1,"viewCount":134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":510071647359816,"gmtCreate":1765542084728,"gmtModify":1765542088014,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"title":"","htmlText":"这篇文章引用的数据和时效性有很大问题！比如OPENAI已经发公告了解除红色警戒，还有债务1000亿那是投行预测到2027年的时候，目前不多，而且甲骨文高管也在财报中说明了，采取让客户自带显卡的方式（OPENAI 和英伟达AMD博通等都有深度投资合作容易获取算力显卡），这样甲骨文就不用举债担心租赁显卡而产生慢收益高负债的局面。","listText":"这篇文章引用的数据和时效性有很大问题！比如OPENAI已经发公告了解除红色警戒，还有债务1000亿那是投行预测到2027年的时候，目前不多，而且甲骨文高管也在财报中说明了，采取让客户自带显卡的方式（OPENAI 和英伟达AMD博通等都有深度投资合作容易获取算力显卡），这样甲骨文就不用举债担心租赁显卡而产生慢收益高负债的局面。","text":"这篇文章引用的数据和时效性有很大问题！比如OPENAI已经发公告了解除红色警戒，还有债务1000亿那是投行预测到2027年的时候，目前不多，而且甲骨文高管也在财报中说明了，采取让客户自带显卡的方式（OPENAI 和英伟达AMD博通等都有深度投资合作容易获取算力显卡），这样甲骨文就不用举债担心租赁显卡而产生慢收益高负债的局面。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/510071647359816","repostId":"2590520582","repostType":2,"repost":{"id":"2590520582","kind":"news","pubTimestamp":1765512186,"share":"https://www.laohu8.com/m/news/2590520582?lang=zh_CN&edition=full","pubTime":"2025-12-12 12:03","market":"us","language":"zh","title":"甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！","url":"https://stock-news.laohu8.com/highlight/detail?id=2590520582","media":"北美商业见闻","summary":"甲骨文120亿美元的资本支出高于预期，其100亿美元的自由现金流亏损也远超预期的60亿美元流出。甲骨文公司还大幅上调了全年资本支出预期，从350亿美元增至500亿美元。该公司目前预计本财年将产生500亿美元的资本支出。甲骨文的资产负债表上有超过160亿美元的经营租赁负债，此外还有约1000亿美元的租赁承诺尚未生效。","content":"<html><body><article><p>来源：北美商业见闻</p><p>周四，几乎是<a href=\"https://laohu8.com/S/ORCL\">甲骨文</a>（ORCL）年内最黑暗的一天。</p><p>股价盘中跌幅一度高达16%，最终收盘下跌10.83%，报198.85美元/股，总市值5713亿美元，较前一交易日缩水近700亿美元。</p><p>此前这家科技巨头公布的财报显示，其盈利超出预期，但营收却低于华尔街预期，实际营收为160.6亿美元，低于分析师预期的162.1亿美元。云业务销售额较上一季度增长34%，但也低于预期。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251212134806603v163ganczzey13w\"/><p>值得注意的是，甲骨文公司还承诺明年将比此前预测增加约150亿美元的支出，这引发了人们对大型科技公司激进资本支出的新担忧。</p><p>甲骨文暴跌拖累了其他几只高增长的人工智能股票，多只股票盘中大跌，但最终跌幅收窄，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>收跌1.55%、<a href=\"https://laohu8.com/S/PLTR\">Palantir</a>收跌0.2%、<a href=\"https://laohu8.com/S/AVGO\">博通</a>收跌1.6%。</p><p>同时，这也导致甲骨文创始人、现任董事长兼首席技术官拉里·埃里森的净资产缩水249亿美元。现年81岁的埃里森在彭博社全球富豪榜上的排名从第二位跌至第三位。</p><img src=\"https://mmbiz.qpic.cn/sz_mmbiz_png/ywRS6L3TEvp0f15ERj1wpWZHwziaFOW3khNrL4e8Enh1ngtT0U7U7R4wWrx0WMTnYUmmhYJOqibUfKQp6Rr4jtJg/640?wx_fmt=png&amp;from=appmsg\"/><p>对于埃里森来说，这可谓是戏剧性的大逆转。9月10日，甲骨文公司股价飙升36%，埃里森的净资产一度增加了890亿美元，超越埃隆·马斯克成为世界首富。</p><p>然而，此后甲骨文股价快速下跌，埃里森只过了一天世界首富的瘾，就被马斯克反超。</p><p>依赖OpenAI成最大变数</p><p>甲骨文的困境，业内将其归咎于对OpenAI合作的过分依赖，并指出甲骨文或许也面临着OpenAI的“红色警报”时刻。</p><p>早在9月份，甲骨文告诉投资者，其剩余履约义务（RPO，即已签署客户合同的未来收入价值）已飙升近360%，达到4550亿美元。但其中超过一半的收入都来自其为OpenAI提供的服务。</p><p>有消息称，OpenAI至少有3000亿美元的投资承诺是作为星际之门项目的一部分而支付的。由于与英伟达、<a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a> 、<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/600455\">博通</a>以及甲骨文等公司达成交易，OpenAI的成本预计将达到1.4万亿美元，这引发了人们日益增长的担忧。此外，来自<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>Gemini模型的竞争也日益加剧，这让投资者更加谨慎。</p><p>访问以下网址，订阅最新新闻电邮：</p><p>https://nbwpress.com/subscribe.html</p><p>“显然，过去几个月来，市场对OpenAI的看法发生了逆转，”<a href=\"https://laohu8.com/S/0HB5.UK\">法国巴黎银行</a>分析师斯特凡·斯洛温斯基表示。“OpenAI生态系统显然因此受到了影响。”</p><p>斯洛温斯基和其他华尔街分析师一致认为，OpenAI可能无法支付其广泛的人工智能基础设施建设承诺，这是甲骨文面临的最大风险。</p><p>OpenAI首席执行官山姆·奥特曼上周宣布进入“红色警报”状态，因为这家初创公司面临着来自<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>日益激烈的竞争。</p><p>“甲骨文目前处境艰难，他们必须为OpenAI这位大客户扩建数据中心容量，为此需要借很多钱，但OpenAI能否支付这笔费用却存在很大的不确定性，”DA Davidson分析师吉尔·卢里亚表示。他称OpenAI的合同“纯属幻想”，并表示OpenAI目前“几乎不可能”有3000亿美元可以花在与甲骨文的交易上。</p><p>因此，真正令甲骨文人工智能业务蒙上阴影的是其与OpenAI之间相互依赖的关系。</p><p>如果真是这样，那么甲骨文最终可能不得不修改其到2030年实现营收翻两番的目标，这将进一步打击投资者的信心。</p><p>资本支出预期大幅上调</p><p>甲骨文公司本周公布的第二季度业绩进一步加剧了投资者的担忧。</p><p>甲骨文120亿美元的资本支出高于预期，其100亿美元的<span>自由现金流</span>亏损也远超预期的60亿美元流出。甲骨文公司还大幅上调了全年资本支出预期，从350亿美元增至500亿美元。</p><p><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>认为，这份财报可能预示着投资者将再次对人工智能投资持怀疑态度。</p><p>该银行的分析师周四写道：“云业务增长处于预期下限，毛利率和营业利润率面临越来越大的压力，这可能会进一步削弱投资者对甲骨文公司有效执行其庞大且不断增长的GPUaaS业务的能力的信心，导致其股价缺乏明显的催化剂。”</p><p>对于许多投资者而言，像甲骨文这样的公司在今年投入巨资将自身打造为人工智能基础设施领域的领导者之后，最终却未能达到分析师的预期，这无疑令人担忧。</p><p>“甲骨文公司自身也面临着越来越严格的审查，审查的焦点在于其以债务驱动的数据中心建设以及在人工智能支出前景不明朗的情况下，其业务集中度风险，”Emarketer分析师雅各布·伯恩表示。“此次营收未达预期，可能会加剧本已谨慎的投资者对其OpenAI交易和激进的人工智能支出计划的担忧。”</p><p>资金缺口巨大</p><p>根据彭博社汇编的数据，甲骨文目前净债务（包括租赁义务）约为1050亿美元，使其在投资级借款人中<span>负债</span>水平较高。</p><p>新任联席首席执行官克莱·马古尔克和迈克·西西利亚在接替甲骨文公司长期掌门人萨弗拉·卡茨后，首次主持财报电话会议。</p><p>马古尔克表示，很难确切回答甲骨文公司需要筹集多少资金来支持其人工智能计划：这取决于该公司是否必须从英伟达和AMD购买芯片，还是能够找到更便宜的方案，例如租赁芯片或让客户提供自己的设备。可以预见的是，这些其他方案可能需要甲骨文公司牺牲部分利润。</p><p>马古瑞克认为，甲骨文公司用于人工智能建设所需的资金将少于一些分析师预测的1000多亿美元，甚至可能“大幅少于”这笔资金。</p><p>实际上，在甲骨文就其庞大增长计划所需的资金提供更清晰的说明之前，投资者始终怀疑它实际上允许OpenAI依赖其<span>资产负债表</span>。通过让甲骨文承担搭建和运营数据中心这些繁琐且成本高昂的工作，OpenAI就无需筹集那么多资金。</p><p>甲骨文在人工智能领域的大举投入需要其投入难以估量的资金。该公司目前预计本财年将产生500亿美元的资本支出。</p><p>人工智能数据中心交易旨在通过合同期收回资本支出，租赁付款在数据中心<a href=\"https://laohu8.com/S/01630\">建成</a>后才开始。令人欣喜的是，甲骨文计划在芯片部署方面保持灵活性（从而降低芯片过时的风险）；而且，该公司直到建设后期才支付设备款项，最大限度地缩短了不盈利的时期。</p><p>尽管如此，这并未消除投资者对OpenAI风险敞口的担忧。据报道，两家公司之间价值3000亿美元的合同仅分五年支付，而甲骨文的房地产租赁合同通常至少是这个期限的两倍。</p><p>如果OpenAI退出，甲骨文可能不得不向数据中心业主支付高额租金——而且需要填补的资金缺口还很大，具体取决于其已部署的数据中心数量以及届时对人工智能服务的需求量。甲骨文的资产负债表上有超过160亿美元的经营租赁负债，此外还有约1000亿美元的租赁承诺尚未生效。这意味着它未来每年需要支付数十亿美元的租赁费用。</p><p>识别下方二维码</p><p>精准掌握北美商业动态</p><p>北京时间22点准时投递</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-12 12:03 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251212135615a4440c31&s=b><strong>北美商业见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>来源：北美商业见闻周四，几乎是甲骨文（ORCL）年内最黑暗的一天。股价盘中跌幅一度高达16%，最终收盘下跌10.83%，报198.85美元/股，总市值5713亿美元，较前一交易日缩水近700亿美元。此前这家科技巨头公布的财报显示，其盈利超出预期，但营收却低于华尔街预期，实际营收为160.6亿美元，低于分析师预期的162.1亿美元。云业务销售额较上一季度增长34%，但也低于预期。值得注意的是，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251212135615a4440c31&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" 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ACC A","BK4588":"碎股","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251212135615a4440c31&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2590520582","content_text":"来源：北美商业见闻周四，几乎是甲骨文（ORCL）年内最黑暗的一天。股价盘中跌幅一度高达16%，最终收盘下跌10.83%，报198.85美元/股，总市值5713亿美元，较前一交易日缩水近700亿美元。此前这家科技巨头公布的财报显示，其盈利超出预期，但营收却低于华尔街预期，实际营收为160.6亿美元，低于分析师预期的162.1亿美元。云业务销售额较上一季度增长34%，但也低于预期。值得注意的是，甲骨文公司还承诺明年将比此前预测增加约150亿美元的支出，这引发了人们对大型科技公司激进资本支出的新担忧。甲骨文暴跌拖累了其他几只高增长的人工智能股票，多只股票盘中大跌，但最终跌幅收窄，英伟达收跌1.55%、Palantir收跌0.2%、博通收跌1.6%。同时，这也导致甲骨文创始人、现任董事长兼首席技术官拉里·埃里森的净资产缩水249亿美元。现年81岁的埃里森在彭博社全球富豪榜上的排名从第二位跌至第三位。对于埃里森来说，这可谓是戏剧性的大逆转。9月10日，甲骨文公司股价飙升36%，埃里森的净资产一度增加了890亿美元，超越埃隆·马斯克成为世界首富。然而，此后甲骨文股价快速下跌，埃里森只过了一天世界首富的瘾，就被马斯克反超。依赖OpenAI成最大变数甲骨文的困境，业内将其归咎于对OpenAI合作的过分依赖，并指出甲骨文或许也面临着OpenAI的“红色警报”时刻。早在9月份，甲骨文告诉投资者，其剩余履约义务（RPO，即已签署客户合同的未来收入价值）已飙升近360%，达到4550亿美元。但其中超过一半的收入都来自其为OpenAI提供的服务。有消息称，OpenAI至少有3000亿美元的投资承诺是作为星际之门项目的一部分而支付的。由于与英伟达、CoreWeave 、AMD、博通以及甲骨文等公司达成交易，OpenAI的成本预计将达到1.4万亿美元，这引发了人们日益增长的担忧。此外，来自谷歌Gemini模型的竞争也日益加剧，这让投资者更加谨慎。访问以下网址，订阅最新新闻电邮：https://nbwpress.com/subscribe.html“显然，过去几个月来，市场对OpenAI的看法发生了逆转，”法国巴黎银行分析师斯特凡·斯洛温斯基表示。“OpenAI生态系统显然因此受到了影响。”斯洛温斯基和其他华尔街分析师一致认为，OpenAI可能无法支付其广泛的人工智能基础设施建设承诺，这是甲骨文面临的最大风险。OpenAI首席执行官山姆·奥特曼上周宣布进入“红色警报”状态，因为这家初创公司面临着来自谷歌日益激烈的竞争。“甲骨文目前处境艰难，他们必须为OpenAI这位大客户扩建数据中心容量，为此需要借很多钱，但OpenAI能否支付这笔费用却存在很大的不确定性，”DA Davidson分析师吉尔·卢里亚表示。他称OpenAI的合同“纯属幻想”，并表示OpenAI目前“几乎不可能”有3000亿美元可以花在与甲骨文的交易上。因此，真正令甲骨文人工智能业务蒙上阴影的是其与OpenAI之间相互依赖的关系。如果真是这样，那么甲骨文最终可能不得不修改其到2030年实现营收翻两番的目标，这将进一步打击投资者的信心。资本支出预期大幅上调甲骨文公司本周公布的第二季度业绩进一步加剧了投资者的担忧。甲骨文120亿美元的资本支出高于预期，其100亿美元的自由现金流亏损也远超预期的60亿美元流出。甲骨文公司还大幅上调了全年资本支出预期，从350亿美元增至500亿美元。摩根士丹利认为，这份财报可能预示着投资者将再次对人工智能投资持怀疑态度。该银行的分析师周四写道：“云业务增长处于预期下限，毛利率和营业利润率面临越来越大的压力，这可能会进一步削弱投资者对甲骨文公司有效执行其庞大且不断增长的GPUaaS业务的能力的信心，导致其股价缺乏明显的催化剂。”对于许多投资者而言，像甲骨文这样的公司在今年投入巨资将自身打造为人工智能基础设施领域的领导者之后，最终却未能达到分析师的预期，这无疑令人担忧。“甲骨文公司自身也面临着越来越严格的审查，审查的焦点在于其以债务驱动的数据中心建设以及在人工智能支出前景不明朗的情况下，其业务集中度风险，”Emarketer分析师雅各布·伯恩表示。“此次营收未达预期，可能会加剧本已谨慎的投资者对其OpenAI交易和激进的人工智能支出计划的担忧。”资金缺口巨大根据彭博社汇编的数据，甲骨文目前净债务（包括租赁义务）约为1050亿美元，使其在投资级借款人中负债水平较高。新任联席首席执行官克莱·马古尔克和迈克·西西利亚在接替甲骨文公司长期掌门人萨弗拉·卡茨后，首次主持财报电话会议。马古尔克表示，很难确切回答甲骨文公司需要筹集多少资金来支持其人工智能计划：这取决于该公司是否必须从英伟达和AMD购买芯片，还是能够找到更便宜的方案，例如租赁芯片或让客户提供自己的设备。可以预见的是，这些其他方案可能需要甲骨文公司牺牲部分利润。马古瑞克认为，甲骨文公司用于人工智能建设所需的资金将少于一些分析师预测的1000多亿美元，甚至可能“大幅少于”这笔资金。实际上，在甲骨文就其庞大增长计划所需的资金提供更清晰的说明之前，投资者始终怀疑它实际上允许OpenAI依赖其资产负债表。通过让甲骨文承担搭建和运营数据中心这些繁琐且成本高昂的工作，OpenAI就无需筹集那么多资金。甲骨文在人工智能领域的大举投入需要其投入难以估量的资金。该公司目前预计本财年将产生500亿美元的资本支出。人工智能数据中心交易旨在通过合同期收回资本支出，租赁付款在数据中心建成后才开始。令人欣喜的是，甲骨文计划在芯片部署方面保持灵活性（从而降低芯片过时的风险）；而且，该公司直到建设后期才支付设备款项，最大限度地缩短了不盈利的时期。尽管如此，这并未消除投资者对OpenAI风险敞口的担忧。据报道，两家公司之间价值3000亿美元的合同仅分五年支付，而甲骨文的房地产租赁合同通常至少是这个期限的两倍。如果OpenAI退出，甲骨文可能不得不向数据中心业主支付高额租金——而且需要填补的资金缺口还很大，具体取决于其已部署的数据中心数量以及届时对人工智能服务的需求量。甲骨文的资产负债表上有超过160亿美元的经营租赁负债，此外还有约1000亿美元的租赁承诺尚未生效。这意味着它未来每年需要支付数十亿美元的租赁费用。识别下方二维码精准掌握北美商业动态北京时间22点准时投递","news_type":1,"symbols_score_info":{"ORCL":1.98}},"isVote":1,"tweetType":1,"viewCount":206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":509928144347136,"gmtCreate":1765479284755,"gmtModify":1765479287382,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"title":"","htmlText":"错杀，等情绪交替修复","listText":"错杀，等情绪交替修复","text":"错杀，等情绪交替修复","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/509928144347136","repostId":"1151948776","repostType":2,"repost":{"id":"1151948776","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1765433386,"share":"https://www.laohu8.com/m/news/1151948776?lang=zh_CN&edition=full","pubTime":"2025-12-11 14:09","market":"us","language":"zh","title":"订单储备5230亿却遭抛售，甲骨文34%云增长为何不被买账？","url":"https://stock-news.laohu8.com/highlight/detail?id=1151948776","media":"老虎资讯综合","summary":"财报发布后，甲骨文股价随即下跌，而不及预期的第三季度业绩指引，进一步加剧了股价的跌幅。财报发布后的夜盘交易中，甲骨文股价跌幅曾扩大至13%。此前，受订单储备规模突破3000亿美元的利好消息提振，公司股价一度飙升36%。受此消息冲击，甲骨文股价此后累计下跌33%。近期，甲骨文公司债券价格持续走低，而用于对冲违约风险的信用违约互换价格则不断攀升。","content":"<html><head></head><body><p> <a href=\"https://laohu8.com/S/ORCL\">甲骨文</a> 股价大幅下挫。此前，该公司发布的第二季度财报显示，调整后每股收益远超市场预期，但业绩指引却未达预估水平。</p><p>财报发布后，甲骨文股价随即下跌，而不及预期的第三季度业绩指引，进一步加剧了股价的跌幅。财报发布后的夜盘交易中，甲骨文股价跌幅曾扩大至13%。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/13eb01d7b3b972dd1a5a1e75124ed8ac\" tg-width=\"1020\" tg-height=\"676\"/></p><h3 id=\"id_1117221369\">Q2业绩分化：盈利超预期仰仗资产出售 营收指引双双失准</h3><p>财报数据显示，甲骨文第二季度调整后每股收益达2.26美元，远高于华尔街分析师普遍预期的1.64美元，较去年同期的1.47美元亦有显著增长。这一超预期表现，很大程度上得益于甲骨文以27亿美元价格，将其持有的安晟培（Ampere）芯片公司股份出售给软银集团，这一笔交易为公司摊薄后每股收益贡献了0.91美元的税前增量。</p><p>该季度甲骨文总营收达到160.6亿美元，同比增长14%，但略低于市场预期的161.9亿美元。</p><h3 id=\"id_3696135005\">云业务撑起半壁江山 高投入拖累利润率与现金流</h3><p>甲骨文多年期订单储备规模攀升至5230亿美元，较上一季度增加680亿美元。这一指标是衡量甲骨文向云服务企业转型进度的核心参考。过去十年，甲骨文传统企业软件业务增长缓慢，但始终保持高利润率水平。五年前，甲骨文开始效仿微软（MSFT）的云业务战略：一方面推动客户向云原生软件迁移，另一方面大力建设可对外租赁的数据中心基础设施，以此与亚马逊云科技展开竞争。</p><p>目前，云业务营收已占据甲骨文总营收的近半壁江山，<strong>该季度云业务收入逼近80亿美元，同比增长34%</strong>。其中，云服务器租赁业务营收同比激增68%。反观甲骨文的其他业务板块，即传统打包软件业务，该季度营收同比下滑1%。</p><p>甲骨文向客户的核心推介点在于，客户可依托甲骨文领先的数据库软件中存储的自有数据，开展人工智能相关业务。甲骨文创始人兼董事长Larry Ellison表示：“基于公共数据训练人工智能模型，是有史以来规模最大、增长最快的业务领域。而基于私有数据进行推理的人工智能模型业务，未来规模将更为庞大，商业价值也会更高。全球大部分高价值私有数据，都存储在甲骨文的数据库之中。”</p><p>不过，云业务的利润率低于传统软件业务，这也拖累了公司整体的调整后营业利润率。该指标从去年同期的43.4%，下降至本季度的41.9%。与此同时，云业务的扩张也将甲骨文的资本开支推向新高——过去12个月，公司资本开支累计达350亿美元，这直接导致公司自由现金流录得130亿美元的亏损。</p><h3 id=\"id_1351153052\">OpenAI大单效应消退 转型融资压力加剧股价波动</h3><p>自三个月前发布上一份财报以来，甲骨文股价走势可谓一波三折。此前，受订单储备规模突破3000亿美元的利好消息提振，公司股价一度飙升36%。但随后市场便发现，这一巨额增长实则由甲骨文与人工智能初创企业OpenAI签订的单一订单驱动。值得注意的是，OpenAI目前仍处于亏损状态，不仅无力支付3000亿美元的订单金额，其融资前景亦不明朗。受此消息冲击，甲骨文股价此后累计下跌33%。</p><p>受与OpenAI的合作订单及相关“星门计划”的推动，甲骨文向云基础设施服务商转型的步伐正在加快。“星门计划”拟斥资5000亿美元在美国新建数据中心，甲骨文是该计划的核心参与方之一，首批新建数据中心已于今年9月正式投入运营。</p><p>在转型云基础设施服务商的过程中，甲骨文的资产负债表与现金流结构正发生显著变化。公司于今年9月新增180亿美元债务，且未来为履行云业务客户订单，还需筹措更多资金。近期，甲骨文公司债券价格持续走低，而用于对冲违约风险的信用违约互换价格则不断攀升。尽管这一趋势在12月曾有所缓解，但在本次财报发布后，甲骨文信用违约互换价格再度开启上涨走势。</p><p>当被问及公司在基础设施扩建方面所需的融资规模时，甲骨文首席执行官Clay Magouyrk回应称，实际所需资金将低于部分华尔街分析师预估的1000亿美元。他强调：“我们致力于维持投资级的债务评级。”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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14:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p> <a href=\"https://laohu8.com/S/ORCL\">甲骨文</a> 股价大幅下挫。此前，该公司发布的第二季度财报显示，调整后每股收益远超市场预期，但业绩指引却未达预估水平。</p><p>财报发布后，甲骨文股价随即下跌，而不及预期的第三季度业绩指引，进一步加剧了股价的跌幅。财报发布后的夜盘交易中，甲骨文股价跌幅曾扩大至13%。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/13eb01d7b3b972dd1a5a1e75124ed8ac\" tg-width=\"1020\" tg-height=\"676\"/></p><h3 id=\"id_1117221369\">Q2业绩分化：盈利超预期仰仗资产出售 营收指引双双失准</h3><p>财报数据显示，甲骨文第二季度调整后每股收益达2.26美元，远高于华尔街分析师普遍预期的1.64美元，较去年同期的1.47美元亦有显著增长。这一超预期表现，很大程度上得益于甲骨文以27亿美元价格，将其持有的安晟培（Ampere）芯片公司股份出售给软银集团，这一笔交易为公司摊薄后每股收益贡献了0.91美元的税前增量。</p><p>该季度甲骨文总营收达到160.6亿美元，同比增长14%，但略低于市场预期的161.9亿美元。</p><h3 id=\"id_3696135005\">云业务撑起半壁江山 高投入拖累利润率与现金流</h3><p>甲骨文多年期订单储备规模攀升至5230亿美元，较上一季度增加680亿美元。这一指标是衡量甲骨文向云服务企业转型进度的核心参考。过去十年，甲骨文传统企业软件业务增长缓慢，但始终保持高利润率水平。五年前，甲骨文开始效仿微软（MSFT）的云业务战略：一方面推动客户向云原生软件迁移，另一方面大力建设可对外租赁的数据中心基础设施，以此与亚马逊云科技展开竞争。</p><p>目前，云业务营收已占据甲骨文总营收的近半壁江山，<strong>该季度云业务收入逼近80亿美元，同比增长34%</strong>。其中，云服务器租赁业务营收同比激增68%。反观甲骨文的其他业务板块，即传统打包软件业务，该季度营收同比下滑1%。</p><p>甲骨文向客户的核心推介点在于，客户可依托甲骨文领先的数据库软件中存储的自有数据，开展人工智能相关业务。甲骨文创始人兼董事长Larry Ellison表示：“基于公共数据训练人工智能模型，是有史以来规模最大、增长最快的业务领域。而基于私有数据进行推理的人工智能模型业务，未来规模将更为庞大，商业价值也会更高。全球大部分高价值私有数据，都存储在甲骨文的数据库之中。”</p><p>不过，云业务的利润率低于传统软件业务，这也拖累了公司整体的调整后营业利润率。该指标从去年同期的43.4%，下降至本季度的41.9%。与此同时，云业务的扩张也将甲骨文的资本开支推向新高——过去12个月，公司资本开支累计达350亿美元，这直接导致公司自由现金流录得130亿美元的亏损。</p><h3 id=\"id_1351153052\">OpenAI大单效应消退 转型融资压力加剧股价波动</h3><p>自三个月前发布上一份财报以来，甲骨文股价走势可谓一波三折。此前，受订单储备规模突破3000亿美元的利好消息提振，公司股价一度飙升36%。但随后市场便发现，这一巨额增长实则由甲骨文与人工智能初创企业OpenAI签订的单一订单驱动。值得注意的是，OpenAI目前仍处于亏损状态，不仅无力支付3000亿美元的订单金额，其融资前景亦不明朗。受此消息冲击，甲骨文股价此后累计下跌33%。</p><p>受与OpenAI的合作订单及相关“星门计划”的推动，甲骨文向云基础设施服务商转型的步伐正在加快。“星门计划”拟斥资5000亿美元在美国新建数据中心，甲骨文是该计划的核心参与方之一，首批新建数据中心已于今年9月正式投入运营。</p><p>在转型云基础设施服务商的过程中，甲骨文的资产负债表与现金流结构正发生显著变化。公司于今年9月新增180亿美元债务，且未来为履行云业务客户订单，还需筹措更多资金。近期，甲骨文公司债券价格持续走低，而用于对冲违约风险的信用违约互换价格则不断攀升。尽管这一趋势在12月曾有所缓解，但在本次财报发布后，甲骨文信用违约互换价格再度开启上涨走势。</p><p>当被问及公司在基础设施扩建方面所需的融资规模时，甲骨文首席执行官Clay Magouyrk回应称，实际所需资金将低于部分华尔街分析师预估的1000亿美元。他强调：“我们致力于维持投资级的债务评级。”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7f4afa2b01089dca2de3558f352a0acc","relate_stocks":{"ORCL":"甲骨文"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151948776","content_text":"甲骨文 股价大幅下挫。此前，该公司发布的第二季度财报显示，调整后每股收益远超市场预期，但业绩指引却未达预估水平。财报发布后，甲骨文股价随即下跌，而不及预期的第三季度业绩指引，进一步加剧了股价的跌幅。财报发布后的夜盘交易中，甲骨文股价跌幅曾扩大至13%。Q2业绩分化：盈利超预期仰仗资产出售 营收指引双双失准财报数据显示，甲骨文第二季度调整后每股收益达2.26美元，远高于华尔街分析师普遍预期的1.64美元，较去年同期的1.47美元亦有显著增长。这一超预期表现，很大程度上得益于甲骨文以27亿美元价格，将其持有的安晟培（Ampere）芯片公司股份出售给软银集团，这一笔交易为公司摊薄后每股收益贡献了0.91美元的税前增量。该季度甲骨文总营收达到160.6亿美元，同比增长14%，但略低于市场预期的161.9亿美元。云业务撑起半壁江山 高投入拖累利润率与现金流甲骨文多年期订单储备规模攀升至5230亿美元，较上一季度增加680亿美元。这一指标是衡量甲骨文向云服务企业转型进度的核心参考。过去十年，甲骨文传统企业软件业务增长缓慢，但始终保持高利润率水平。五年前，甲骨文开始效仿微软（MSFT）的云业务战略：一方面推动客户向云原生软件迁移，另一方面大力建设可对外租赁的数据中心基础设施，以此与亚马逊云科技展开竞争。目前，云业务营收已占据甲骨文总营收的近半壁江山，该季度云业务收入逼近80亿美元，同比增长34%。其中，云服务器租赁业务营收同比激增68%。反观甲骨文的其他业务板块，即传统打包软件业务，该季度营收同比下滑1%。甲骨文向客户的核心推介点在于，客户可依托甲骨文领先的数据库软件中存储的自有数据，开展人工智能相关业务。甲骨文创始人兼董事长Larry Ellison表示：“基于公共数据训练人工智能模型，是有史以来规模最大、增长最快的业务领域。而基于私有数据进行推理的人工智能模型业务，未来规模将更为庞大，商业价值也会更高。全球大部分高价值私有数据，都存储在甲骨文的数据库之中。”不过，云业务的利润率低于传统软件业务，这也拖累了公司整体的调整后营业利润率。该指标从去年同期的43.4%，下降至本季度的41.9%。与此同时，云业务的扩张也将甲骨文的资本开支推向新高——过去12个月，公司资本开支累计达350亿美元，这直接导致公司自由现金流录得130亿美元的亏损。OpenAI大单效应消退 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高位你们敢买，低位你们反而不敢重仓买，三根大阴线从三天前最高点到底部差不多20%那请问筹码谁拿走了，价值投资，看好未来5年，只要AI不破灭，就离不开甲骨文","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/491386266075984","isVote":1,"tweetType":1,"viewCount":4895,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":490216145887560,"gmtCreate":1760709168634,"gmtModify":1760709170989,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"htmlText":"该上车的上车该下车的下车基本面没有什么问题","listText":"该上车的上车该下车的下车基本面没有什么问题","text":"该上车的上车该下车的下车基本面没有什么问题","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/490216145887560","repostId":"1157852882","repostType":2,"repost":{"id":"1157852882","kind":"news","weMediaInfo":{"introduction":"个股异动一手消息解读","home_visible":1,"media_name":"异动解读","id":"1092702339","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"pubTimestamp":1760708077,"share":"https://www.laohu8.com/m/news/1157852882?lang=zh_CN&edition=full","pubTime":"2025-10-17 21:34","market":"us","language":"zh","title":"甲骨文盘中大跌8%，投资者质疑AI云业务盈利能力","url":"https://stock-news.laohu8.com/highlight/detail?id=1157852882","media":"异动解读","summary":"分析师对甲骨文的前景看法不一。","content":"<html><head></head><body><p>周五， <a href=\"https://laohu8.com/S/ORCL\">甲骨文</a> 低开低走，盘中跌幅扩大至8%。在周四举行的AI World大会上，甲骨文宣布了一系列令人瞩目的业务目标。公司预计到2030财年云基础设施收入将达到1660亿美元，占总收入的近75%。联席CEO克莱·马古伊克还表示，公司在过去30天内已签订了价值650亿美元的新云基础设施合同。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3c1fb4057138f4ac3415b9d79ddb0eb1\" tg-width=\"560\" tg-height=\"240\"/></p><p>然而，有报道质疑甲骨文AI云业务的盈利能力。<strong>据The Information报道，该公司过去五个季度GPU租赁业务的毛利率仅为16%左右。</strong>对此，马古伊克回应称，考虑到整个客户合同周期，AI基础设施业务的调整后毛利率预计将达到30%至40%。</p><p>分析师对甲骨文的前景看法不一。巴克莱将公司目标价上调至400美元，而部分华尔街分析师则对甲骨文实现如此快速增长的能力表示怀疑。投资者似乎更倾向于后一种观点，导致股价下跌。</p><p>尽管甲骨文在AI和云计算领域扩张势头强劲，但投资者显然担心这种快速增长可能会影响公司的盈利能力。未来几个季度的财务表现将是验证甲骨文战略的关键。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>甲骨文盘中大跌8%，投资者质疑AI云业务盈利能力</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n甲骨文盘中大跌8%，投资者质疑AI云业务盈利能力\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1092702339\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">异动解读 </p>\n<p class=\"h-time\">2025-10-17 21:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>周五， <a href=\"https://laohu8.com/S/ORCL\">甲骨文</a> 低开低走，盘中跌幅扩大至8%。在周四举行的AI World大会上，甲骨文宣布了一系列令人瞩目的业务目标。公司预计到2030财年云基础设施收入将达到1660亿美元，占总收入的近75%。联席CEO克莱·马古伊克还表示，公司在过去30天内已签订了价值650亿美元的新云基础设施合同。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3c1fb4057138f4ac3415b9d79ddb0eb1\" tg-width=\"560\" tg-height=\"240\"/></p><p>然而，有报道质疑甲骨文AI云业务的盈利能力。<strong>据The Information报道，该公司过去五个季度GPU租赁业务的毛利率仅为16%左右。</strong>对此，马古伊克回应称，考虑到整个客户合同周期，AI基础设施业务的调整后毛利率预计将达到30%至40%。</p><p>分析师对甲骨文的前景看法不一。巴克莱将公司目标价上调至400美元，而部分华尔街分析师则对甲骨文实现如此快速增长的能力表示怀疑。投资者似乎更倾向于后一种观点，导致股价下跌。</p><p>尽管甲骨文在AI和云计算领域扩张势头强劲，但投资者显然担心这种快速增长可能会影响公司的盈利能力。未来几个季度的财务表现将是验证甲骨文战略的关键。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2c35c8a27605936ee42c5dc8842ec36a","relate_stocks":{"ORCL":"甲骨文"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157852882","content_text":"周五， 甲骨文 低开低走，盘中跌幅扩大至8%。在周四举行的AI World大会上，甲骨文宣布了一系列令人瞩目的业务目标。公司预计到2030财年云基础设施收入将达到1660亿美元，占总收入的近75%。联席CEO克莱·马古伊克还表示，公司在过去30天内已签订了价值650亿美元的新云基础设施合同。然而，有报道质疑甲骨文AI云业务的盈利能力。据The Information报道，该公司过去五个季度GPU租赁业务的毛利率仅为16%左右。对此，马古伊克回应称，考虑到整个客户合同周期，AI基础设施业务的调整后毛利率预计将达到30%至40%。分析师对甲骨文的前景看法不一。巴克莱将公司目标价上调至400美元，而部分华尔街分析师则对甲骨文实现如此快速增长的能力表示怀疑。投资者似乎更倾向于后一种观点，导致股价下跌。尽管甲骨文在AI和云计算领域扩张势头强劲，但投资者显然担心这种快速增长可能会影响公司的盈利能力。未来几个季度的财务表现将是验证甲骨文战略的关键。","news_type":1,"symbols_score_info":{"ORCL":1}},"isVote":1,"tweetType":1,"viewCount":1044,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":489206701769552,"gmtCreate":1760462876351,"gmtModify":1760462878356,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a> GPU+CPU，AI电脑INTC将大卖！下面就是个大P C厂家签约消息了接着来一浪，目标50","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a> GPU+CPU，AI电脑INTC将大卖！下面就是个大P C厂家签约消息了接着来一浪，目标50","text":"$英特尔(INTC)$ GPU+CPU，AI电脑INTC将大卖！下面就是个大P C厂家签约消息了接着来一浪，目标50","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/489206701769552","isVote":1,"tweetType":1,"viewCount":1289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":489194704736544,"gmtCreate":1760459232344,"gmtModify":1760459234296,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a> 美银证券管理出来走两步？你敢对抗川普的MAGA？35是底，你可能搞错了","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a> 美银证券管理出来走两步？你敢对抗川普的MAGA？35是底，你可能搞错了","text":"$英特尔(INTC)$ 美银证券管理出来走两步？你敢对抗川普的MAGA？35是底，你可能搞错了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/489194704736544","isVote":1,"tweetType":1,"viewCount":814,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":489160305115672,"gmtCreate":1760450837772,"gmtModify":1760450840099,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"htmlText":"美银证券目光短浅鉴定完毕","listText":"美银证券目光短浅鉴定完毕","text":"美银证券目光短浅鉴定完毕","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/489160305115672","repostId":"1132737370","repostType":2,"repost":{"id":"1132737370","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1760450418,"share":"https://www.laohu8.com/m/news/1132737370?lang=zh_CN&edition=full","pubTime":"2025-10-14 22:00","market":"us","language":"zh","title":"半导体股多数下跌，英特尔跌超6%，美银下调其评级","url":"https://stock-news.laohu8.com/highlight/detail?id=1132737370","media":"老虎资讯综合","summary":"英特尔的竞争前景依然严峻。","content":"<html><head></head><body><p>周二，半导体股多数下跌。 <a href=\"https://laohu8.com/S/INTC\">英特尔</a> 跌超6%，消息面上，美银证券将英特尔评级从“中性”下调至“跑输大市”，同时维持原有预测与目标价34美元不变。该行指，近期英特尔市值暴增800亿美元已过度反映其改善的资产负债表与(外部)晶圆代工潜力。与此同时，英特尔的竞争前景依然严峻：缺乏明确的AI产品组合及战略、伺服器CPU缺乏竞争力，且相较过去更难剥离亏损的制造业务。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c2fc7d04fe9f68713bd585caa065a1e\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p>同时，英伟达、博通、迈威尔科技跌超4%，台积电、美光跌超3%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed0ad8eee48d42b9504c204c9e261dd9\" tg-width=\"560\" tg-height=\"240\"/></p><p>AMD、ARM维持涨势。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b1af5153e4eb9ead15d89994fc430f88\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>半导体股多数下跌，英特尔跌超6%，美银下调其评级</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; 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class=\"title\">\n半导体股多数下跌，英特尔跌超6%，美银下调其评级\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-10-14 22:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>周二，半导体股多数下跌。 <a href=\"https://laohu8.com/S/INTC\">英特尔</a> 跌超6%，消息面上，美银证券将英特尔评级从“中性”下调至“跑输大市”，同时维持原有预测与目标价34美元不变。该行指，近期英特尔市值暴增800亿美元已过度反映其改善的资产负债表与(外部)晶圆代工潜力。与此同时，英特尔的竞争前景依然严峻：缺乏明确的AI产品组合及战略、伺服器CPU缺乏竞争力，且相较过去更难剥离亏损的制造业务。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c2fc7d04fe9f68713bd585caa065a1e\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p>同时，英伟达、博通、迈威尔科技跌超4%，台积电、美光跌超3%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed0ad8eee48d42b9504c204c9e261dd9\" tg-width=\"560\" tg-height=\"240\"/></p><p>AMD、ARM维持涨势。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b1af5153e4eb9ead15d89994fc430f88\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"INTC":"英特尔","TSM":"台积电","AMD":"美国超微公司","NVDA":"英伟达"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132737370","content_text":"周二，半导体股多数下跌。 英特尔 跌超6%，消息面上，美银证券将英特尔评级从“中性”下调至“跑输大市”，同时维持原有预测与目标价34美元不变。该行指，近期英特尔市值暴增800亿美元已过度反映其改善的资产负债表与(外部)晶圆代工潜力。与此同时，英特尔的竞争前景依然严峻：缺乏明确的AI产品组合及战略、伺服器CPU缺乏竞争力，且相较过去更难剥离亏损的制造业务。同时，英伟达、博通、迈威尔科技跌超4%，台积电、美光跌超3%。AMD、ARM维持涨势。","news_type":1,"symbols_score_info":{"AMD":1.1,"TSM":1.1,"INTC":1.1,"NVDA":1.1}},"isVote":1,"tweetType":1,"viewCount":768,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":488755841839144,"gmtCreate":1760352477083,"gmtModify":1760352480415,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a><v-v data-views=\"1\"></v-v> 民用芯片稀土可以获批，管制又不是不给，影响微乎其微，对于台积电利空，所以竞争对手就是利好看多，加上MAGA本土制造业再造辉煌，各大佬都来拍川普最好的方式就是花点钱投喂INTC，股价拉起来了川普有面子也会开心。18A首先给自家产品量产上，3个月内良品率就会不断攀升，拿下其他大佬的芯片订单不在话下，18A Q4最晚2026Q1就会有体现，18A稳了，14A就该轮流上台了，AI还在建设周期需要大量的X86 CPU，也是重点是利好！加上近期涨价利润上浮明显Q4一定是黑马，本月有望挑战45甚至50！","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a><v-v data-views=\"1\"></v-v> 民用芯片稀土可以获批，管制又不是不给，影响微乎其微，对于台积电利空，所以竞争对手就是利好看多，加上MAGA本土制造业再造辉煌，各大佬都来拍川普最好的方式就是花点钱投喂INTC，股价拉起来了川普有面子也会开心。18A首先给自家产品量产上，3个月内良品率就会不断攀升，拿下其他大佬的芯片订单不在话下，18A Q4最晚2026Q1就会有体现，18A稳了，14A就该轮流上台了，AI还在建设周期需要大量的X86 CPU，也是重点是利好！加上近期涨价利润上浮明显Q4一定是黑马，本月有望挑战45甚至50！","text":"$英特尔(INTC)$ 民用芯片稀土可以获批，管制又不是不给，影响微乎其微，对于台积电利空，所以竞争对手就是利好看多，加上MAGA本土制造业再造辉煌，各大佬都来拍川普最好的方式就是花点钱投喂INTC，股价拉起来了川普有面子也会开心。18A首先给自家产品量产上，3个月内良品率就会不断攀升，拿下其他大佬的芯片订单不在话下，18A Q4最晚2026Q1就会有体现，18A稳了，14A就该轮流上台了，AI还在建设周期需要大量的X86 CPU，也是重点是利好！加上近期涨价利润上浮明显Q4一定是黑马，本月有望挑战45甚至50！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/488755841839144","isVote":1,"tweetType":1,"viewCount":2338,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4092177932484180","authorId":"4092177932484180","name":"雁门关向东二万五千里","avatar":"https://static.tigerbbs.com/07291789f4dae4cc64e158f365e7e31b","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"4092177932484180","idStr":"4092177932484180"},"content":"压一个再批，看谁急？","text":"压一个再批，看谁急？","html":"压一个再批，看谁急？"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":487469378196168,"gmtCreate":1760039672393,"gmtModify":1760039674621,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"htmlText":"汇丰是反向指标，就没准过","listText":"汇丰是反向指标，就没准过","text":"汇丰是反向指标，就没准过","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/487469378196168","repostId":"2574189880","repostType":2,"repost":{"id":"2574189880","kind":"news","pubTimestamp":1759981720,"share":"https://www.laohu8.com/m/news/2574189880?lang=zh_CN&edition=full","pubTime":"2025-10-09 11:48","market":"us","language":"zh","title":"汇丰下调英特尔评级至“减持”，指其近期55%股价涨幅“不可持续”","url":"https://stock-news.laohu8.com/highlight/detail?id=2574189880","media":"智通财经","summary":"智通财经APP获悉，$汇丰$银行发布最新研报，将$英特尔$的股票评级由“持有”下调至“减持”，并指出其近期股价重估“不可持续”。该行分析师弗兰克·李在报告中指出，英特尔股价自8月首次宣布三笔重大交易以来已累计上涨55%，但支撑这一涨幅的交易逻辑存在隐患。值得注意的是，弗兰克·李将英特尔目标价从21.25美元上调至24美元，但评级下调反映了其长期担忧。","content":"<html><body><p>智通财经APP获悉，<a href=\"https://laohu8.com/S/HSBC\">汇丰</a>银行发布最新研报，将<a href=\"https://laohu8.com/S/INTC\">英特尔</a>(INTC.US)的股票评级由“持有”下调至“减持”，并指出其近期股价重估“不可持续”。该行分析师弗兰克·李在报告中指出，英特尔股价自8月首次宣布三笔重大交易以来已累计上涨55%，但支撑这一涨幅的交易逻辑存在隐患。</p><p>具体来看，这三笔交易包括：软银20亿美元战略投资、美国政府111亿美元注资并获得9.9%股权、<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>50亿美元投资对应约4%股权。尽管这些交易的定价均较市价折让，但弗兰克·李强调，英特尔的可持续复苏仍取决于其自身晶圆厂的运营表现，而当前股价重估已显过度。</p><p>值得注意的是，弗兰克·李将英特尔目标价从21.25美元上调至24美元，但评级下调反映了其长期担忧。他特别指出，被市场视为关键突破口的<a href=\"https://laohu8.com/S/TSM\">台积电</a>(TSM.US)合作前景不容乐观——台积电对与英特尔代工业务达成技术共享协议兴趣缺失，主要因其已在美国投入超1000亿美元建设多个绿地项目，并将生产及建设重心转移至美国本土。</p><p>从业务层面分析，英特尔晶圆代工部门仍是拖累公司财务的最大包袱。弗兰克·李直言，该业务是拖累公司财务表现的最大因素，且执行力持续低迷。具体技术路径上，英特尔已取消面向外部客户的18A工艺，而14A工艺因缺乏外部客户订单支持，其商业可行性亦受到质疑。在此背景下，与台积电达成技术合作虽可能重塑代工业务格局，但鉴于台积电的战略布局已深度绑定美国市场，此类合作短期内难以落地。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>汇丰下调英特尔评级至“减持”，指其近期55%股价涨幅“不可持续”</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n汇丰下调英特尔评级至“减持”，指其近期55%股价涨幅“不可持续”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-09 11:48 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1352966.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，汇丰银行发布最新研报，将英特尔(INTC.US)的股票评级由“持有”下调至“减持”，并指出其近期股价重估“不可持续”。该行分析师弗兰克·李在报告中指出，英特尔股价自8月首次宣布三笔重大交易以来已累计上涨55%，但支撑这一涨幅的交易逻辑存在隐患。具体来看，这三笔交易包括：软银20亿美元战略投资、美国政府111亿美元注资并获得9.9%股权、英伟达50亿美元投资对应约4%股权。尽管...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1352966.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSBC":"汇丰","INTC":"英特尔"},"source_url":"http://www.zhitongcaijing.com/content/detail/1352966.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2574189880","content_text":"智通财经APP获悉，汇丰银行发布最新研报，将英特尔(INTC.US)的股票评级由“持有”下调至“减持”，并指出其近期股价重估“不可持续”。该行分析师弗兰克·李在报告中指出，英特尔股价自8月首次宣布三笔重大交易以来已累计上涨55%，但支撑这一涨幅的交易逻辑存在隐患。具体来看，这三笔交易包括：软银20亿美元战略投资、美国政府111亿美元注资并获得9.9%股权、英伟达50亿美元投资对应约4%股权。尽管这些交易的定价均较市价折让，但弗兰克·李强调，英特尔的可持续复苏仍取决于其自身晶圆厂的运营表现，而当前股价重估已显过度。值得注意的是，弗兰克·李将英特尔目标价从21.25美元上调至24美元，但评级下调反映了其长期担忧。他特别指出，被市场视为关键突破口的台积电(TSM.US)合作前景不容乐观——台积电对与英特尔代工业务达成技术共享协议兴趣缺失，主要因其已在美国投入超1000亿美元建设多个绿地项目，并将生产及建设重心转移至美国本土。从业务层面分析，英特尔晶圆代工部门仍是拖累公司财务的最大包袱。弗兰克·李直言，该业务是拖累公司财务表现的最大因素，且执行力持续低迷。具体技术路径上，英特尔已取消面向外部客户的18A工艺，而14A工艺因缺乏外部客户订单支持，其商业可行性亦受到质疑。在此背景下，与台积电达成技术合作虽可能重塑代工业务格局，但鉴于台积电的战略布局已深度绑定美国市场，此类合作短期内难以落地。","news_type":1,"symbols_score_info":{"INTC":1.5,"HSBC":1.5}},"isVote":1,"tweetType":1,"viewCount":800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":487016860721344,"gmtCreate":1759929342741,"gmtModify":1759929944935,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"htmlText":"该特朗普上场了！","listText":"该特朗普上场了！","text":"该特朗普上场了！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/487016860721344","repostId":"1167440160","repostType":2,"repost":{"id":"1167440160","kind":"news","pubTimestamp":1759928629,"share":"https://www.laohu8.com/m/news/1167440160?lang=zh_CN&edition=full","pubTime":"2025-10-08 21:03","market":"us","language":"zh","title":"苏姿丰回应AMD与英特尔合作传闻，态度模棱两可，引人联想","url":"https://stock-news.laohu8.com/highlight/detail?id=1167440160","media":"IT之家","summary":"未来的合作并非完全不可能。","content":"<html><head></head><body><p>科技媒体 Wccftech 昨日（10 月 7 日）发布博文，称针对 <a href=\"https://laohu8.com/S/AMD\">美国超微公司</a> 可能投资 <a href=\"https://laohu8.com/S/INTC\">英特尔</a> 并采用其芯片代工服务的传闻，<strong>AMD 首席执行官苏姿丰在接受彭博社采访时做出回应，但回答依然模棱两可。</strong></p><p style=\"text-align: justify;\">她并未直接否认合作的可能性，但同时强调公司与台积电拥有深度合作的稳固供应链，并重申优先在美国本土进行生产的战略。该媒体认为这种微妙的态度暗示，尽管双方是宿敌，但在当前复杂的产业环境下，未来的合作并非完全不可能。</p><p style=\"text-align: justify;\">当被问及是否会考虑使用英特尔的芯片制造服务时，苏姿丰的回答如下：</p><blockquote><p>众所周知，我们精心管理供应链，并不断拓展供应链“朋友圈”，并加强和现有合作伙伴的联系。而且在整个供应链中，我们与台积电始终保持着深度合作。</p></blockquote><p style=\"text-align: justify;\">但随后她话锋一转，重申了在美国本土生产的战略重要性，<strong>称公司“绝对优先考虑在美国建厂”，构建“美国 AI 技术栈”至关重要，希望竭尽可能地在美国本土完成。</strong></p><p style=\"text-align: justify;\">该媒体指出 AMD 与英特尔合作的最大障碍在于两者是市场上的直接竞争对手。无论是在个人电脑消费市场还是在数据中心领域，双方都存在激烈的竞争关系。因此，在产品层面进行深度协作只会增加业务的复杂性，并可能削弱各自的竞争优势。</p><p style=\"text-align: justify;\">此外，AMD 已与台积电构建了长期且高度优化的供应链体系，贸然引入新的主要供应商将带来巨大的整合挑战，这也是 AMD 在此事上犹豫不决的重要原因。</p><p style=\"text-align: justify;\">尽管障碍重重，但合作的可能性依然存在。一个关键驱动因素是英特尔的技术进展，例如其备受期待的 18A 工艺节点。如果英特尔的制程技术能够展现出足够强大的竞争力，AMD 可能会为了分散供应链风险而选择“双源采购”策略。</p></body></html>","source":"ithome","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>苏姿丰回应AMD与英特尔合作传闻，态度模棱两可，引人联想</title>\n<style 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href=\"https://www.ithome.com/0/888/007.htm\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/40beecaaaf225437e56e863eaf333b7b","relate_stocks":{"AMD":"美国超微公司","INTC":"英特尔"},"source_url":"https://www.ithome.com/0/888/007.htm","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167440160","content_text":"科技媒体 Wccftech 昨日（10 月 7 日）发布博文，称针对 美国超微公司 可能投资 英特尔 并采用其芯片代工服务的传闻，AMD 首席执行官苏姿丰在接受彭博社采访时做出回应，但回答依然模棱两可。她并未直接否认合作的可能性，但同时强调公司与台积电拥有深度合作的稳固供应链，并重申优先在美国本土进行生产的战略。该媒体认为这种微妙的态度暗示，尽管双方是宿敌，但在当前复杂的产业环境下，未来的合作并非完全不可能。当被问及是否会考虑使用英特尔的芯片制造服务时，苏姿丰的回答如下：众所周知，我们精心管理供应链，并不断拓展供应链“朋友圈”，并加强和现有合作伙伴的联系。而且在整个供应链中，我们与台积电始终保持着深度合作。但随后她话锋一转，重申了在美国本土生产的战略重要性，称公司“绝对优先考虑在美国建厂”，构建“美国 AI 技术栈”至关重要，希望竭尽可能地在美国本土完成。该媒体指出 AMD 与英特尔合作的最大障碍在于两者是市场上的直接竞争对手。无论是在个人电脑消费市场还是在数据中心领域，双方都存在激烈的竞争关系。因此，在产品层面进行深度协作只会增加业务的复杂性，并可能削弱各自的竞争优势。此外，AMD 已与台积电构建了长期且高度优化的供应链体系，贸然引入新的主要供应商将带来巨大的整合挑战，这也是 AMD 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22:00","market":"us","language":"zh","title":"半导体股多数下跌，英特尔跌超6%，美银下调其评级","url":"https://stock-news.laohu8.com/highlight/detail?id=1132737370","media":"老虎资讯综合","summary":"英特尔的竞争前景依然严峻。","content":"<html><head></head><body><p>周二，半导体股多数下跌。 <a href=\"https://laohu8.com/S/INTC\">英特尔</a> 跌超6%，消息面上，美银证券将英特尔评级从“中性”下调至“跑输大市”，同时维持原有预测与目标价34美元不变。该行指，近期英特尔市值暴增800亿美元已过度反映其改善的资产负债表与(外部)晶圆代工潜力。与此同时，英特尔的竞争前景依然严峻：缺乏明确的AI产品组合及战略、伺服器CPU缺乏竞争力，且相较过去更难剥离亏损的制造业务。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c2fc7d04fe9f68713bd585caa065a1e\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p>同时，英伟达、博通、迈威尔科技跌超4%，台积电、美光跌超3%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed0ad8eee48d42b9504c204c9e261dd9\" tg-width=\"560\" tg-height=\"240\"/></p><p>AMD、ARM维持涨势。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b1af5153e4eb9ead15d89994fc430f88\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>半导体股多数下跌，英特尔跌超6%，美银下调其评级</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n半导体股多数下跌，英特尔跌超6%，美银下调其评级\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-10-14 22:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>周二，半导体股多数下跌。 <a href=\"https://laohu8.com/S/INTC\">英特尔</a> 跌超6%，消息面上，美银证券将英特尔评级从“中性”下调至“跑输大市”，同时维持原有预测与目标价34美元不变。该行指，近期英特尔市值暴增800亿美元已过度反映其改善的资产负债表与(外部)晶圆代工潜力。与此同时，英特尔的竞争前景依然严峻：缺乏明确的AI产品组合及战略、伺服器CPU缺乏竞争力，且相较过去更难剥离亏损的制造业务。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c2fc7d04fe9f68713bd585caa065a1e\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p>同时，英伟达、博通、迈威尔科技跌超4%，台积电、美光跌超3%。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed0ad8eee48d42b9504c204c9e261dd9\" tg-width=\"560\" tg-height=\"240\"/></p><p>AMD、ARM维持涨势。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b1af5153e4eb9ead15d89994fc430f88\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"INTC":"英特尔","TSM":"台积电","AMD":"美国超微公司","NVDA":"英伟达"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132737370","content_text":"周二，半导体股多数下跌。 英特尔 跌超6%，消息面上，美银证券将英特尔评级从“中性”下调至“跑输大市”，同时维持原有预测与目标价34美元不变。该行指，近期英特尔市值暴增800亿美元已过度反映其改善的资产负债表与(外部)晶圆代工潜力。与此同时，英特尔的竞争前景依然严峻：缺乏明确的AI产品组合及战略、伺服器CPU缺乏竞争力，且相较过去更难剥离亏损的制造业务。同时，英伟达、博通、迈威尔科技跌超4%，台积电、美光跌超3%。AMD、ARM维持涨势。","news_type":1,"symbols_score_info":{"AMD":1.1,"TSM":1.1,"INTC":1.1,"NVDA":1.1}},"isVote":1,"tweetType":1,"viewCount":768,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":482429269856488,"gmtCreate":1758809776686,"gmtModify":1758809778324,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a> 今晚目标12%加油","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a> 今晚目标12%加油","text":"$英特尔(INTC)$ 今晚目标12%加油","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/482429269856488","isVote":1,"tweetType":1,"viewCount":776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":471446717112632,"gmtCreate":1756130118081,"gmtModify":1756130119332,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SMCI\">$超微电脑(SMCI)$&nbsp;</a> 我就问下有什么可跌的，该修复了","listText":"<a href=\"https://laohu8.com/S/SMCI\">$超微电脑(SMCI)$&nbsp;</a> 我就问下有什么可跌的，该修复了","text":"$超微电脑(SMCI)$ 我就问下有什么可跌的，该修复了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/471446717112632","isVote":1,"tweetType":1,"viewCount":589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":487016860721344,"gmtCreate":1759929342741,"gmtModify":1759929944935,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"htmlText":"该特朗普上场了！","listText":"该特朗普上场了！","text":"该特朗普上场了！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/487016860721344","repostId":"1167440160","repostType":2,"repost":{"id":"1167440160","kind":"news","pubTimestamp":1759928629,"share":"https://www.laohu8.com/m/news/1167440160?lang=zh_CN&edition=full","pubTime":"2025-10-08 21:03","market":"us","language":"zh","title":"苏姿丰回应AMD与英特尔合作传闻，态度模棱两可，引人联想","url":"https://stock-news.laohu8.com/highlight/detail?id=1167440160","media":"IT之家","summary":"未来的合作并非完全不可能。","content":"<html><head></head><body><p>科技媒体 Wccftech 昨日（10 月 7 日）发布博文，称针对 <a href=\"https://laohu8.com/S/AMD\">美国超微公司</a> 可能投资 <a href=\"https://laohu8.com/S/INTC\">英特尔</a> 并采用其芯片代工服务的传闻，<strong>AMD 首席执行官苏姿丰在接受彭博社采访时做出回应，但回答依然模棱两可。</strong></p><p style=\"text-align: justify;\">她并未直接否认合作的可能性，但同时强调公司与台积电拥有深度合作的稳固供应链，并重申优先在美国本土进行生产的战略。该媒体认为这种微妙的态度暗示，尽管双方是宿敌，但在当前复杂的产业环境下，未来的合作并非完全不可能。</p><p style=\"text-align: justify;\">当被问及是否会考虑使用英特尔的芯片制造服务时，苏姿丰的回答如下：</p><blockquote><p>众所周知，我们精心管理供应链，并不断拓展供应链“朋友圈”，并加强和现有合作伙伴的联系。而且在整个供应链中，我们与台积电始终保持着深度合作。</p></blockquote><p style=\"text-align: justify;\">但随后她话锋一转，重申了在美国本土生产的战略重要性，<strong>称公司“绝对优先考虑在美国建厂”，构建“美国 AI 技术栈”至关重要，希望竭尽可能地在美国本土完成。</strong></p><p style=\"text-align: justify;\">该媒体指出 AMD 与英特尔合作的最大障碍在于两者是市场上的直接竞争对手。无论是在个人电脑消费市场还是在数据中心领域，双方都存在激烈的竞争关系。因此，在产品层面进行深度协作只会增加业务的复杂性，并可能削弱各自的竞争优势。</p><p style=\"text-align: justify;\">此外，AMD 已与台积电构建了长期且高度优化的供应链体系，贸然引入新的主要供应商将带来巨大的整合挑战，这也是 AMD 在此事上犹豫不决的重要原因。</p><p style=\"text-align: justify;\">尽管障碍重重，但合作的可能性依然存在。一个关键驱动因素是英特尔的技术进展，例如其备受期待的 18A 工艺节点。如果英特尔的制程技术能够展现出足够强大的竞争力，AMD 可能会为了分散供应链风险而选择“双源采购”策略。</p></body></html>","source":"ithome","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>苏姿丰回应AMD与英特尔合作传闻，态度模棱两可，引人联想</title>\n<style 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href=\"https://www.ithome.com/0/888/007.htm\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/40beecaaaf225437e56e863eaf333b7b","relate_stocks":{"AMD":"美国超微公司","INTC":"英特尔"},"source_url":"https://www.ithome.com/0/888/007.htm","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167440160","content_text":"科技媒体 Wccftech 昨日（10 月 7 日）发布博文，称针对 美国超微公司 可能投资 英特尔 并采用其芯片代工服务的传闻，AMD 首席执行官苏姿丰在接受彭博社采访时做出回应，但回答依然模棱两可。她并未直接否认合作的可能性，但同时强调公司与台积电拥有深度合作的稳固供应链，并重申优先在美国本土进行生产的战略。该媒体认为这种微妙的态度暗示，尽管双方是宿敌，但在当前复杂的产业环境下，未来的合作并非完全不可能。当被问及是否会考虑使用英特尔的芯片制造服务时，苏姿丰的回答如下：众所周知，我们精心管理供应链，并不断拓展供应链“朋友圈”，并加强和现有合作伙伴的联系。而且在整个供应链中，我们与台积电始终保持着深度合作。但随后她话锋一转，重申了在美国本土生产的战略重要性，称公司“绝对优先考虑在美国建厂”，构建“美国 AI 技术栈”至关重要，希望竭尽可能地在美国本土完成。该媒体指出 AMD 与英特尔合作的最大障碍在于两者是市场上的直接竞争对手。无论是在个人电脑消费市场还是在数据中心领域，双方都存在激烈的竞争关系。因此，在产品层面进行深度协作只会增加业务的复杂性，并可能削弱各自的竞争优势。此外，AMD 已与台积电构建了长期且高度优化的供应链体系，贸然引入新的主要供应商将带来巨大的整合挑战，这也是 AMD 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反应过度、高官减持那么一点点股票就暴跌5%、反应过度了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/481738814005360","isVote":1,"tweetType":1,"viewCount":929,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":471441995907584,"gmtCreate":1756129736132,"gmtModify":1756129737439,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a> 你们这么砸盘川普脸上无光[流泪]&nbsp;&nbsp;","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$&nbsp;</a> 你们这么砸盘川普脸上无光[流泪]&nbsp;&nbsp;","text":"$英特尔(INTC)$ 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19:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>8月7日（周四），英特尔盘前短线急速下跌超3%，美国总统特朗普表示，英特尔首席执行官存在严重的利益冲突，必须立即辞职。这个问题没有其他解决办法。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6fd5cc40a05289d035710dc9ffb11869\" tg-width=\"215\" tg-height=\"111\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c74be4c2a08964ef2daf32217f693b44","relate_stocks":{"INTC":"英特尔"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173597457","content_text":"8月7日（周四），英特尔盘前短线急速下跌超3%，美国总统特朗普表示，英特尔首席执行官存在严重的利益冲突，必须立即辞职。这个问题没有其他解决办法。","news_type":1,"symbols_score_info":{"INTC":1.1}},"isVote":1,"tweetType":1,"viewCount":509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":512441889869952,"gmtCreate":1766134954383,"gmtModify":1766134956809,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"title":"","htmlText":"说说你对这篇新闻的看法...","listText":"说说你对这篇新闻的看法...","text":"说说你对这篇新闻的看法...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/512441889869952","repostId":"1166534027","repostType":2,"repost":{"id":"1166534027","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1766134847,"share":"https://www.laohu8.com/m/news/1166534027?lang=zh_CN&edition=full","pubTime":"2025-12-19 17:00","market":"us","language":"zh","title":"盘前异动｜加密货币概念股集体走强，BitMine涨超7%；耐克暴跌10%！Q2净利暴跌32%","url":"https://stock-news.laohu8.com/highlight/detail?id=1166534027","media":"老虎资讯综合","summary":"12月19日，$甲骨文(ORCL)$盘前涨近6%！TikTok美国方案曝光，甲骨文等3家投资者入股成立新公司；此外，与OpenAI在密歇根州数据中心电力供应获批。","content":"<html><head></head><body><p>12月19日，美股三大股指期货齐涨，截止发稿，道指期货涨0.05%，纳指期货涨0.47%，标普500指数期货涨0.3%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/739e1c8db26941a215e125d287ef9c8d\" title=\"\" tg-width=\"414\" tg-height=\"192\"/></p><p>芯片股普涨，<a href=\"https://laohu8.com/S/MU\">美光科技</a>涨超2%，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>、<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/AVGO\">博通</a>、<a href=\"https://laohu8.com/S/INTC\">英特尔</a>、<a href=\"https://laohu8.com/S/MRVL\">迈威尔科技</a>均涨超1%；</p><p>加密货币概念股走强，<a href=\"https://laohu8.com/S/BMNR\">BitMine</a>涨超7%，<a href=\"https://laohu8.com/S/HUT\">Hut 8</a>涨超5%，<a href=\"https://laohu8.com/S/COIN\">Coinbase</a>、<a href=\"https://laohu8.com/S/MSTR\">Strategy</a>、<a href=\"https://laohu8.com/S/CRCL\">Circle</a>、<a href=\"https://laohu8.com/S/CLSK\">CleanSpark</a>涨超3%，<a href=\"https://laohu8.com/S/HOOD\">Robinhood</a>涨超2%；</p><p><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>持仓概念走高，<a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a>涨超6%，<a href=\"https://laohu8.com/S/NBIS\">NEBIUS</a>、<a href=\"https://laohu8.com/S/APLD\">Applied Digital</a> 涨超4%，<a href=\"https://laohu8.com/S/RXRX\">Recursion</a>涨近4%；</p><p>太空概念股普涨，<a href=\"https://laohu8.com/S/LUNR\">Intuitive Machines</a>涨近8%，<a href=\"https://laohu8.com/S/DXYZ\">Destiny Tech100</a>、<a href=\"https://laohu8.com/S/SATS\">回声星通信</a>、<a href=\"https://laohu8.com/S/ASTSW\">AST SpaceMobile</a>涨超3%；</p><p><a href=\"https://laohu8.com/S/ORCL\">甲骨文</a>涨近6%，TikTok美国方案曝光，甲骨文等3家投资者入股成立新公司；此外，与OpenAI在密歇根州数据中心电力供应获批；</p><p><a href=\"https://laohu8.com/S/NKE\">耐克</a>跌超10%，2026财年第二季度净利暴跌32%，大中华区失速、关税重创毛利；</p><p><a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>涨超5%，据报道称该公司已在广州市获得L3级自动驾驶道路测试牌照，并启动常态化的L3道路测试；</p><p><a href=\"https://laohu8.com/S/PDD\">拼多多</a>涨超3%，公司宣布升级治理架构，赵佳臻出任联席董事长，下一个三年争取再造一个拼多多；</p><p><a href=\"https://laohu8.com/S/LUNR\">Intuitive Machines</a>涨超8%，KeyBanc给予其股票“增持”评级，目标价20美元；</p><p><a href=\"https://laohu8.com/S/BB\">黑莓</a>跌超5%，第三季度营收同比下滑，上调2026财年营收预期下限。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>盘前异动｜加密货币概念股集体走强，BitMine涨超7%；耐克暴跌10%！Q2净利暴跌32%</title>\n<style 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17:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>12月19日，美股三大股指期货齐涨，截止发稿，道指期货涨0.05%，纳指期货涨0.47%，标普500指数期货涨0.3%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/739e1c8db26941a215e125d287ef9c8d\" title=\"\" tg-width=\"414\" tg-height=\"192\"/></p><p>芯片股普涨，<a href=\"https://laohu8.com/S/MU\">美光科技</a>涨超2%，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>、<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/AVGO\">博通</a>、<a href=\"https://laohu8.com/S/INTC\">英特尔</a>、<a href=\"https://laohu8.com/S/MRVL\">迈威尔科技</a>均涨超1%；</p><p>加密货币概念股走强，<a href=\"https://laohu8.com/S/BMNR\">BitMine</a>涨超7%，<a href=\"https://laohu8.com/S/HUT\">Hut 8</a>涨超5%，<a href=\"https://laohu8.com/S/COIN\">Coinbase</a>、<a href=\"https://laohu8.com/S/MSTR\">Strategy</a>、<a href=\"https://laohu8.com/S/CRCL\">Circle</a>、<a href=\"https://laohu8.com/S/CLSK\">CleanSpark</a>涨超3%，<a href=\"https://laohu8.com/S/HOOD\">Robinhood</a>涨超2%；</p><p><a href=\"https://laohu8.com/S/NVDA\">英伟达</a>持仓概念走高，<a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a>涨超6%，<a href=\"https://laohu8.com/S/NBIS\">NEBIUS</a>、<a href=\"https://laohu8.com/S/APLD\">Applied Digital</a> 涨超4%，<a href=\"https://laohu8.com/S/RXRX\">Recursion</a>涨近4%；</p><p>太空概念股普涨，<a href=\"https://laohu8.com/S/LUNR\">Intuitive Machines</a>涨近8%，<a href=\"https://laohu8.com/S/DXYZ\">Destiny Tech100</a>、<a href=\"https://laohu8.com/S/SATS\">回声星通信</a>、<a href=\"https://laohu8.com/S/ASTSW\">AST SpaceMobile</a>涨超3%；</p><p><a href=\"https://laohu8.com/S/ORCL\">甲骨文</a>涨近6%，TikTok美国方案曝光，甲骨文等3家投资者入股成立新公司；此外，与OpenAI在密歇根州数据中心电力供应获批；</p><p><a href=\"https://laohu8.com/S/NKE\">耐克</a>跌超10%，2026财年第二季度净利暴跌32%，大中华区失速、关税重创毛利；</p><p><a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>涨超5%，据报道称该公司已在广州市获得L3级自动驾驶道路测试牌照，并启动常态化的L3道路测试；</p><p><a href=\"https://laohu8.com/S/PDD\">拼多多</a>涨超3%，公司宣布升级治理架构，赵佳臻出任联席董事长，下一个三年争取再造一个拼多多；</p><p><a href=\"https://laohu8.com/S/LUNR\">Intuitive Machines</a>涨超8%，KeyBanc给予其股票“增持”评级，目标价20美元；</p><p><a href=\"https://laohu8.com/S/BB\">黑莓</a>跌超5%，第三季度营收同比下滑，上调2026财年营收预期下限。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d1fe578ee46cbe0d24c33435ff25ae5","relate_stocks":{"CRWV":"CoreWeave, Inc.","NKE":"耐克","BMNR":"BitMine Immersion Technologies Inc.","ORCL":"甲骨文"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166534027","content_text":"12月19日，美股三大股指期货齐涨，截止发稿，道指期货涨0.05%，纳指期货涨0.47%，标普500指数期货涨0.3%。芯片股普涨，美光科技涨超2%，英伟达、AMD、博通、英特尔、迈威尔科技均涨超1%；加密货币概念股走强，BitMine涨超7%，Hut 8涨超5%，Coinbase、Strategy、Circle、CleanSpark涨超3%，Robinhood涨超2%；英伟达持仓概念走高，CoreWeave涨超6%，NEBIUS、Applied Digital 涨超4%，Recursion涨近4%；太空概念股普涨，Intuitive Machines涨近8%，Destiny Tech100、回声星通信、AST SpaceMobile涨超3%；甲骨文涨近6%，TikTok美国方案曝光，甲骨文等3家投资者入股成立新公司；此外，与OpenAI在密歇根州数据中心电力供应获批；耐克跌超10%，2026财年第二季度净利暴跌32%，大中华区失速、关税重创毛利；小鹏汽车涨超5%，据报道称该公司已在广州市获得L3级自动驾驶道路测试牌照，并启动常态化的L3道路测试；拼多多涨超3%，公司宣布升级治理架构，赵佳臻出任联席董事长，下一个三年争取再造一个拼多多；Intuitive Machines涨超8%，KeyBanc给予其股票“增持”评级，目标价20美元；黑莓跌超5%，第三季度营收同比下滑，上调2026财年营收预期下限。","news_type":1,"symbols_score_info":{"NKE":2,"CRWV":2,"ORCL":2,"BMNR":2}},"isVote":1,"tweetType":1,"viewCount":82,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":510072650764344,"gmtCreate":1765542306339,"gmtModify":1765542309490,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"title":"","htmlText":"甲骨文采取让客户自带显卡的方式等措施，使得甲骨文不用大笔举债购买显卡然后再租赁，甲骨文高管的意思负债将远低于投行预测的1000亿，目前只是因为接了META等大公司暴增1000多亿的RPO需要先期垫资建设面临资金压力，分散确都是信用可靠的大公司而非像OPENAI这样的初创公司，履约能力不用担心","listText":"甲骨文采取让客户自带显卡的方式等措施，使得甲骨文不用大笔举债购买显卡然后再租赁，甲骨文高管的意思负债将远低于投行预测的1000亿，目前只是因为接了META等大公司暴增1000多亿的RPO需要先期垫资建设面临资金压力，分散确都是信用可靠的大公司而非像OPENAI这样的初创公司，履约能力不用担心","text":"甲骨文采取让客户自带显卡的方式等措施，使得甲骨文不用大笔举债购买显卡然后再租赁，甲骨文高管的意思负债将远低于投行预测的1000亿，目前只是因为接了META等大公司暴增1000多亿的RPO需要先期垫资建设面临资金压力，分散确都是信用可靠的大公司而非像OPENAI这样的初创公司，履约能力不用担心","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/510072650764344","repostId":"2590520582","repostType":2,"repost":{"id":"2590520582","kind":"news","pubTimestamp":1765512186,"share":"https://www.laohu8.com/m/news/2590520582?lang=zh_CN&edition=full","pubTime":"2025-12-12 12:03","market":"us","language":"zh","title":"甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！","url":"https://stock-news.laohu8.com/highlight/detail?id=2590520582","media":"北美商业见闻","summary":"甲骨文120亿美元的资本支出高于预期，其100亿美元的自由现金流亏损也远超预期的60亿美元流出。甲骨文公司还大幅上调了全年资本支出预期，从350亿美元增至500亿美元。该公司目前预计本财年将产生500亿美元的资本支出。甲骨文的资产负债表上有超过160亿美元的经营租赁负债，此外还有约1000亿美元的租赁承诺尚未生效。","content":"<html><body><article><p>来源：北美商业见闻</p><p>周四，几乎是<a href=\"https://laohu8.com/S/ORCL\">甲骨文</a>（ORCL）年内最黑暗的一天。</p><p>股价盘中跌幅一度高达16%，最终收盘下跌10.83%，报198.85美元/股，总市值5713亿美元，较前一交易日缩水近700亿美元。</p><p>此前这家科技巨头公布的财报显示，其盈利超出预期，但营收却低于华尔街预期，实际营收为160.6亿美元，低于分析师预期的162.1亿美元。云业务销售额较上一季度增长34%，但也低于预期。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251212134806603v163ganczzey13w\"/><p>值得注意的是，甲骨文公司还承诺明年将比此前预测增加约150亿美元的支出，这引发了人们对大型科技公司激进资本支出的新担忧。</p><p>甲骨文暴跌拖累了其他几只高增长的人工智能股票，多只股票盘中大跌，但最终跌幅收窄，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>收跌1.55%、<a href=\"https://laohu8.com/S/PLTR\">Palantir</a>收跌0.2%、<a href=\"https://laohu8.com/S/AVGO\">博通</a>收跌1.6%。</p><p>同时，这也导致甲骨文创始人、现任董事长兼首席技术官拉里·埃里森的净资产缩水249亿美元。现年81岁的埃里森在彭博社全球富豪榜上的排名从第二位跌至第三位。</p><img src=\"https://mmbiz.qpic.cn/sz_mmbiz_png/ywRS6L3TEvp0f15ERj1wpWZHwziaFOW3khNrL4e8Enh1ngtT0U7U7R4wWrx0WMTnYUmmhYJOqibUfKQp6Rr4jtJg/640?wx_fmt=png&amp;from=appmsg\"/><p>对于埃里森来说，这可谓是戏剧性的大逆转。9月10日，甲骨文公司股价飙升36%，埃里森的净资产一度增加了890亿美元，超越埃隆·马斯克成为世界首富。</p><p>然而，此后甲骨文股价快速下跌，埃里森只过了一天世界首富的瘾，就被马斯克反超。</p><p>依赖OpenAI成最大变数</p><p>甲骨文的困境，业内将其归咎于对OpenAI合作的过分依赖，并指出甲骨文或许也面临着OpenAI的“红色警报”时刻。</p><p>早在9月份，甲骨文告诉投资者，其剩余履约义务（RPO，即已签署客户合同的未来收入价值）已飙升近360%，达到4550亿美元。但其中超过一半的收入都来自其为OpenAI提供的服务。</p><p>有消息称，OpenAI至少有3000亿美元的投资承诺是作为星际之门项目的一部分而支付的。由于与英伟达、<a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a> 、<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/600455\">博通</a>以及甲骨文等公司达成交易，OpenAI的成本预计将达到1.4万亿美元，这引发了人们日益增长的担忧。此外，来自<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>Gemini模型的竞争也日益加剧，这让投资者更加谨慎。</p><p>访问以下网址，订阅最新新闻电邮：</p><p>https://nbwpress.com/subscribe.html</p><p>“显然，过去几个月来，市场对OpenAI的看法发生了逆转，”<a href=\"https://laohu8.com/S/0HB5.UK\">法国巴黎银行</a>分析师斯特凡·斯洛温斯基表示。“OpenAI生态系统显然因此受到了影响。”</p><p>斯洛温斯基和其他华尔街分析师一致认为，OpenAI可能无法支付其广泛的人工智能基础设施建设承诺，这是甲骨文面临的最大风险。</p><p>OpenAI首席执行官山姆·奥特曼上周宣布进入“红色警报”状态，因为这家初创公司面临着来自<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>日益激烈的竞争。</p><p>“甲骨文目前处境艰难，他们必须为OpenAI这位大客户扩建数据中心容量，为此需要借很多钱，但OpenAI能否支付这笔费用却存在很大的不确定性，”DA Davidson分析师吉尔·卢里亚表示。他称OpenAI的合同“纯属幻想”，并表示OpenAI目前“几乎不可能”有3000亿美元可以花在与甲骨文的交易上。</p><p>因此，真正令甲骨文人工智能业务蒙上阴影的是其与OpenAI之间相互依赖的关系。</p><p>如果真是这样，那么甲骨文最终可能不得不修改其到2030年实现营收翻两番的目标，这将进一步打击投资者的信心。</p><p>资本支出预期大幅上调</p><p>甲骨文公司本周公布的第二季度业绩进一步加剧了投资者的担忧。</p><p>甲骨文120亿美元的资本支出高于预期，其100亿美元的<span>自由现金流</span>亏损也远超预期的60亿美元流出。甲骨文公司还大幅上调了全年资本支出预期，从350亿美元增至500亿美元。</p><p><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>认为，这份财报可能预示着投资者将再次对人工智能投资持怀疑态度。</p><p>该银行的分析师周四写道：“云业务增长处于预期下限，毛利率和营业利润率面临越来越大的压力，这可能会进一步削弱投资者对甲骨文公司有效执行其庞大且不断增长的GPUaaS业务的能力的信心，导致其股价缺乏明显的催化剂。”</p><p>对于许多投资者而言，像甲骨文这样的公司在今年投入巨资将自身打造为人工智能基础设施领域的领导者之后，最终却未能达到分析师的预期，这无疑令人担忧。</p><p>“甲骨文公司自身也面临着越来越严格的审查，审查的焦点在于其以债务驱动的数据中心建设以及在人工智能支出前景不明朗的情况下，其业务集中度风险，”Emarketer分析师雅各布·伯恩表示。“此次营收未达预期，可能会加剧本已谨慎的投资者对其OpenAI交易和激进的人工智能支出计划的担忧。”</p><p>资金缺口巨大</p><p>根据彭博社汇编的数据，甲骨文目前净债务（包括租赁义务）约为1050亿美元，使其在投资级借款人中<span>负债</span>水平较高。</p><p>新任联席首席执行官克莱·马古尔克和迈克·西西利亚在接替甲骨文公司长期掌门人萨弗拉·卡茨后，首次主持财报电话会议。</p><p>马古尔克表示，很难确切回答甲骨文公司需要筹集多少资金来支持其人工智能计划：这取决于该公司是否必须从英伟达和AMD购买芯片，还是能够找到更便宜的方案，例如租赁芯片或让客户提供自己的设备。可以预见的是，这些其他方案可能需要甲骨文公司牺牲部分利润。</p><p>马古瑞克认为，甲骨文公司用于人工智能建设所需的资金将少于一些分析师预测的1000多亿美元，甚至可能“大幅少于”这笔资金。</p><p>实际上，在甲骨文就其庞大增长计划所需的资金提供更清晰的说明之前，投资者始终怀疑它实际上允许OpenAI依赖其<span>资产负债表</span>。通过让甲骨文承担搭建和运营数据中心这些繁琐且成本高昂的工作，OpenAI就无需筹集那么多资金。</p><p>甲骨文在人工智能领域的大举投入需要其投入难以估量的资金。该公司目前预计本财年将产生500亿美元的资本支出。</p><p>人工智能数据中心交易旨在通过合同期收回资本支出，租赁付款在数据中心<a href=\"https://laohu8.com/S/01630\">建成</a>后才开始。令人欣喜的是，甲骨文计划在芯片部署方面保持灵活性（从而降低芯片过时的风险）；而且，该公司直到建设后期才支付设备款项，最大限度地缩短了不盈利的时期。</p><p>尽管如此，这并未消除投资者对OpenAI风险敞口的担忧。据报道，两家公司之间价值3000亿美元的合同仅分五年支付，而甲骨文的房地产租赁合同通常至少是这个期限的两倍。</p><p>如果OpenAI退出，甲骨文可能不得不向数据中心业主支付高额租金——而且需要填补的资金缺口还很大，具体取决于其已部署的数据中心数量以及届时对人工智能服务的需求量。甲骨文的资产负债表上有超过160亿美元的经营租赁负债，此外还有约1000亿美元的租赁承诺尚未生效。这意味着它未来每年需要支付数十亿美元的租赁费用。</p><p>识别下方二维码</p><p>精准掌握北美商业动态</p><p>北京时间22点准时投递</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-12 12:03 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251212135615a4440c31&s=b><strong>北美商业见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>来源：北美商业见闻周四，几乎是甲骨文（ORCL）年内最黑暗的一天。股价盘中跌幅一度高达16%，最终收盘下跌10.83%，报198.85美元/股，总市值5713亿美元，较前一交易日缩水近700亿美元。此前这家科技巨头公布的财报显示，其盈利超出预期，但营收却低于华尔街预期，实际营收为160.6亿美元，低于分析师预期的162.1亿美元。云业务销售额较上一季度增长34%，但也低于预期。值得注意的是，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251212135615a4440c31&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" 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SGD-H"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251212135615a4440c31&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2590520582","content_text":"来源：北美商业见闻周四，几乎是甲骨文（ORCL）年内最黑暗的一天。股价盘中跌幅一度高达16%，最终收盘下跌10.83%，报198.85美元/股，总市值5713亿美元，较前一交易日缩水近700亿美元。此前这家科技巨头公布的财报显示，其盈利超出预期，但营收却低于华尔街预期，实际营收为160.6亿美元，低于分析师预期的162.1亿美元。云业务销售额较上一季度增长34%，但也低于预期。值得注意的是，甲骨文公司还承诺明年将比此前预测增加约150亿美元的支出，这引发了人们对大型科技公司激进资本支出的新担忧。甲骨文暴跌拖累了其他几只高增长的人工智能股票，多只股票盘中大跌，但最终跌幅收窄，英伟达收跌1.55%、Palantir收跌0.2%、博通收跌1.6%。同时，这也导致甲骨文创始人、现任董事长兼首席技术官拉里·埃里森的净资产缩水249亿美元。现年81岁的埃里森在彭博社全球富豪榜上的排名从第二位跌至第三位。对于埃里森来说，这可谓是戏剧性的大逆转。9月10日，甲骨文公司股价飙升36%，埃里森的净资产一度增加了890亿美元，超越埃隆·马斯克成为世界首富。然而，此后甲骨文股价快速下跌，埃里森只过了一天世界首富的瘾，就被马斯克反超。依赖OpenAI成最大变数甲骨文的困境，业内将其归咎于对OpenAI合作的过分依赖，并指出甲骨文或许也面临着OpenAI的“红色警报”时刻。早在9月份，甲骨文告诉投资者，其剩余履约义务（RPO，即已签署客户合同的未来收入价值）已飙升近360%，达到4550亿美元。但其中超过一半的收入都来自其为OpenAI提供的服务。有消息称，OpenAI至少有3000亿美元的投资承诺是作为星际之门项目的一部分而支付的。由于与英伟达、CoreWeave 、AMD、博通以及甲骨文等公司达成交易，OpenAI的成本预计将达到1.4万亿美元，这引发了人们日益增长的担忧。此外，来自谷歌Gemini模型的竞争也日益加剧，这让投资者更加谨慎。访问以下网址，订阅最新新闻电邮：https://nbwpress.com/subscribe.html“显然，过去几个月来，市场对OpenAI的看法发生了逆转，”法国巴黎银行分析师斯特凡·斯洛温斯基表示。“OpenAI生态系统显然因此受到了影响。”斯洛温斯基和其他华尔街分析师一致认为，OpenAI可能无法支付其广泛的人工智能基础设施建设承诺，这是甲骨文面临的最大风险。OpenAI首席执行官山姆·奥特曼上周宣布进入“红色警报”状态，因为这家初创公司面临着来自谷歌日益激烈的竞争。“甲骨文目前处境艰难，他们必须为OpenAI这位大客户扩建数据中心容量，为此需要借很多钱，但OpenAI能否支付这笔费用却存在很大的不确定性，”DA Davidson分析师吉尔·卢里亚表示。他称OpenAI的合同“纯属幻想”，并表示OpenAI目前“几乎不可能”有3000亿美元可以花在与甲骨文的交易上。因此，真正令甲骨文人工智能业务蒙上阴影的是其与OpenAI之间相互依赖的关系。如果真是这样，那么甲骨文最终可能不得不修改其到2030年实现营收翻两番的目标，这将进一步打击投资者的信心。资本支出预期大幅上调甲骨文公司本周公布的第二季度业绩进一步加剧了投资者的担忧。甲骨文120亿美元的资本支出高于预期，其100亿美元的自由现金流亏损也远超预期的60亿美元流出。甲骨文公司还大幅上调了全年资本支出预期，从350亿美元增至500亿美元。摩根士丹利认为，这份财报可能预示着投资者将再次对人工智能投资持怀疑态度。该银行的分析师周四写道：“云业务增长处于预期下限，毛利率和营业利润率面临越来越大的压力，这可能会进一步削弱投资者对甲骨文公司有效执行其庞大且不断增长的GPUaaS业务的能力的信心，导致其股价缺乏明显的催化剂。”对于许多投资者而言，像甲骨文这样的公司在今年投入巨资将自身打造为人工智能基础设施领域的领导者之后，最终却未能达到分析师的预期，这无疑令人担忧。“甲骨文公司自身也面临着越来越严格的审查，审查的焦点在于其以债务驱动的数据中心建设以及在人工智能支出前景不明朗的情况下，其业务集中度风险，”Emarketer分析师雅各布·伯恩表示。“此次营收未达预期，可能会加剧本已谨慎的投资者对其OpenAI交易和激进的人工智能支出计划的担忧。”资金缺口巨大根据彭博社汇编的数据，甲骨文目前净债务（包括租赁义务）约为1050亿美元，使其在投资级借款人中负债水平较高。新任联席首席执行官克莱·马古尔克和迈克·西西利亚在接替甲骨文公司长期掌门人萨弗拉·卡茨后，首次主持财报电话会议。马古尔克表示，很难确切回答甲骨文公司需要筹集多少资金来支持其人工智能计划：这取决于该公司是否必须从英伟达和AMD购买芯片，还是能够找到更便宜的方案，例如租赁芯片或让客户提供自己的设备。可以预见的是，这些其他方案可能需要甲骨文公司牺牲部分利润。马古瑞克认为，甲骨文公司用于人工智能建设所需的资金将少于一些分析师预测的1000多亿美元，甚至可能“大幅少于”这笔资金。实际上，在甲骨文就其庞大增长计划所需的资金提供更清晰的说明之前，投资者始终怀疑它实际上允许OpenAI依赖其资产负债表。通过让甲骨文承担搭建和运营数据中心这些繁琐且成本高昂的工作，OpenAI就无需筹集那么多资金。甲骨文在人工智能领域的大举投入需要其投入难以估量的资金。该公司目前预计本财年将产生500亿美元的资本支出。人工智能数据中心交易旨在通过合同期收回资本支出，租赁付款在数据中心建成后才开始。令人欣喜的是，甲骨文计划在芯片部署方面保持灵活性（从而降低芯片过时的风险）；而且，该公司直到建设后期才支付设备款项，最大限度地缩短了不盈利的时期。尽管如此，这并未消除投资者对OpenAI风险敞口的担忧。据报道，两家公司之间价值3000亿美元的合同仅分五年支付，而甲骨文的房地产租赁合同通常至少是这个期限的两倍。如果OpenAI退出，甲骨文可能不得不向数据中心业主支付高额租金——而且需要填补的资金缺口还很大，具体取决于其已部署的数据中心数量以及届时对人工智能服务的需求量。甲骨文的资产负债表上有超过160亿美元的经营租赁负债，此外还有约1000亿美元的租赁承诺尚未生效。这意味着它未来每年需要支付数十亿美元的租赁费用。识别下方二维码精准掌握北美商业动态北京时间22点准时投递","news_type":1,"symbols_score_info":{"ORCL":1.98}},"isVote":1,"tweetType":1,"viewCount":134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":510071647359816,"gmtCreate":1765542084728,"gmtModify":1765542088014,"author":{"id":"4204179768477690","authorId":"4204179768477690","name":"perxuni","avatar":"https://static.tigerbbs.com/33616ebe2d7465af2b2b7f0086039240","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4204179768477690","idStr":"4204179768477690"},"themes":[],"title":"","htmlText":"这篇文章引用的数据和时效性有很大问题！比如OPENAI已经发公告了解除红色警戒，还有债务1000亿那是投行预测到2027年的时候，目前不多，而且甲骨文高管也在财报中说明了，采取让客户自带显卡的方式（OPENAI 和英伟达AMD博通等都有深度投资合作容易获取算力显卡），这样甲骨文就不用举债担心租赁显卡而产生慢收益高负债的局面。","listText":"这篇文章引用的数据和时效性有很大问题！比如OPENAI已经发公告了解除红色警戒，还有债务1000亿那是投行预测到2027年的时候，目前不多，而且甲骨文高管也在财报中说明了，采取让客户自带显卡的方式（OPENAI 和英伟达AMD博通等都有深度投资合作容易获取算力显卡），这样甲骨文就不用举债担心租赁显卡而产生慢收益高负债的局面。","text":"这篇文章引用的数据和时效性有很大问题！比如OPENAI已经发公告了解除红色警戒，还有债务1000亿那是投行预测到2027年的时候，目前不多，而且甲骨文高管也在财报中说明了，采取让客户自带显卡的方式（OPENAI 和英伟达AMD博通等都有深度投资合作容易获取算力显卡），这样甲骨文就不用举债担心租赁显卡而产生慢收益高负债的局面。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/510071647359816","repostId":"2590520582","repostType":2,"repost":{"id":"2590520582","kind":"news","pubTimestamp":1765512186,"share":"https://www.laohu8.com/m/news/2590520582?lang=zh_CN&edition=full","pubTime":"2025-12-12 12:03","market":"us","language":"zh","title":"甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！","url":"https://stock-news.laohu8.com/highlight/detail?id=2590520582","media":"北美商业见闻","summary":"甲骨文120亿美元的资本支出高于预期，其100亿美元的自由现金流亏损也远超预期的60亿美元流出。甲骨文公司还大幅上调了全年资本支出预期，从350亿美元增至500亿美元。该公司目前预计本财年将产生500亿美元的资本支出。甲骨文的资产负债表上有超过160亿美元的经营租赁负债，此外还有约1000亿美元的租赁承诺尚未生效。","content":"<html><body><article><p>来源：北美商业见闻</p><p>周四，几乎是<a href=\"https://laohu8.com/S/ORCL\">甲骨文</a>（ORCL）年内最黑暗的一天。</p><p>股价盘中跌幅一度高达16%，最终收盘下跌10.83%，报198.85美元/股，总市值5713亿美元，较前一交易日缩水近700亿美元。</p><p>此前这家科技巨头公布的财报显示，其盈利超出预期，但营收却低于华尔街预期，实际营收为160.6亿美元，低于分析师预期的162.1亿美元。云业务销售额较上一季度增长34%，但也低于预期。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251212134806603v163ganczzey13w\"/><p>值得注意的是，甲骨文公司还承诺明年将比此前预测增加约150亿美元的支出，这引发了人们对大型科技公司激进资本支出的新担忧。</p><p>甲骨文暴跌拖累了其他几只高增长的人工智能股票，多只股票盘中大跌，但最终跌幅收窄，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>收跌1.55%、<a href=\"https://laohu8.com/S/PLTR\">Palantir</a>收跌0.2%、<a href=\"https://laohu8.com/S/AVGO\">博通</a>收跌1.6%。</p><p>同时，这也导致甲骨文创始人、现任董事长兼首席技术官拉里·埃里森的净资产缩水249亿美元。现年81岁的埃里森在彭博社全球富豪榜上的排名从第二位跌至第三位。</p><img src=\"https://mmbiz.qpic.cn/sz_mmbiz_png/ywRS6L3TEvp0f15ERj1wpWZHwziaFOW3khNrL4e8Enh1ngtT0U7U7R4wWrx0WMTnYUmmhYJOqibUfKQp6Rr4jtJg/640?wx_fmt=png&amp;from=appmsg\"/><p>对于埃里森来说，这可谓是戏剧性的大逆转。9月10日，甲骨文公司股价飙升36%，埃里森的净资产一度增加了890亿美元，超越埃隆·马斯克成为世界首富。</p><p>然而，此后甲骨文股价快速下跌，埃里森只过了一天世界首富的瘾，就被马斯克反超。</p><p>依赖OpenAI成最大变数</p><p>甲骨文的困境，业内将其归咎于对OpenAI合作的过分依赖，并指出甲骨文或许也面临着OpenAI的“红色警报”时刻。</p><p>早在9月份，甲骨文告诉投资者，其剩余履约义务（RPO，即已签署客户合同的未来收入价值）已飙升近360%，达到4550亿美元。但其中超过一半的收入都来自其为OpenAI提供的服务。</p><p>有消息称，OpenAI至少有3000亿美元的投资承诺是作为星际之门项目的一部分而支付的。由于与英伟达、<a href=\"https://laohu8.com/S/CRWV\">CoreWeave</a> 、<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/600455\">博通</a>以及甲骨文等公司达成交易，OpenAI的成本预计将达到1.4万亿美元，这引发了人们日益增长的担忧。此外，来自<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>Gemini模型的竞争也日益加剧，这让投资者更加谨慎。</p><p>访问以下网址，订阅最新新闻电邮：</p><p>https://nbwpress.com/subscribe.html</p><p>“显然，过去几个月来，市场对OpenAI的看法发生了逆转，”<a href=\"https://laohu8.com/S/0HB5.UK\">法国巴黎银行</a>分析师斯特凡·斯洛温斯基表示。“OpenAI生态系统显然因此受到了影响。”</p><p>斯洛温斯基和其他华尔街分析师一致认为，OpenAI可能无法支付其广泛的人工智能基础设施建设承诺，这是甲骨文面临的最大风险。</p><p>OpenAI首席执行官山姆·奥特曼上周宣布进入“红色警报”状态，因为这家初创公司面临着来自<a href=\"https://laohu8.com/S/GOOGL\">谷歌</a>日益激烈的竞争。</p><p>“甲骨文目前处境艰难，他们必须为OpenAI这位大客户扩建数据中心容量，为此需要借很多钱，但OpenAI能否支付这笔费用却存在很大的不确定性，”DA Davidson分析师吉尔·卢里亚表示。他称OpenAI的合同“纯属幻想”，并表示OpenAI目前“几乎不可能”有3000亿美元可以花在与甲骨文的交易上。</p><p>因此，真正令甲骨文人工智能业务蒙上阴影的是其与OpenAI之间相互依赖的关系。</p><p>如果真是这样，那么甲骨文最终可能不得不修改其到2030年实现营收翻两番的目标，这将进一步打击投资者的信心。</p><p>资本支出预期大幅上调</p><p>甲骨文公司本周公布的第二季度业绩进一步加剧了投资者的担忧。</p><p>甲骨文120亿美元的资本支出高于预期，其100亿美元的<span>自由现金流</span>亏损也远超预期的60亿美元流出。甲骨文公司还大幅上调了全年资本支出预期，从350亿美元增至500亿美元。</p><p><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>认为，这份财报可能预示着投资者将再次对人工智能投资持怀疑态度。</p><p>该银行的分析师周四写道：“云业务增长处于预期下限，毛利率和营业利润率面临越来越大的压力，这可能会进一步削弱投资者对甲骨文公司有效执行其庞大且不断增长的GPUaaS业务的能力的信心，导致其股价缺乏明显的催化剂。”</p><p>对于许多投资者而言，像甲骨文这样的公司在今年投入巨资将自身打造为人工智能基础设施领域的领导者之后，最终却未能达到分析师的预期，这无疑令人担忧。</p><p>“甲骨文公司自身也面临着越来越严格的审查，审查的焦点在于其以债务驱动的数据中心建设以及在人工智能支出前景不明朗的情况下，其业务集中度风险，”Emarketer分析师雅各布·伯恩表示。“此次营收未达预期，可能会加剧本已谨慎的投资者对其OpenAI交易和激进的人工智能支出计划的担忧。”</p><p>资金缺口巨大</p><p>根据彭博社汇编的数据，甲骨文目前净债务（包括租赁义务）约为1050亿美元，使其在投资级借款人中<span>负债</span>水平较高。</p><p>新任联席首席执行官克莱·马古尔克和迈克·西西利亚在接替甲骨文公司长期掌门人萨弗拉·卡茨后，首次主持财报电话会议。</p><p>马古尔克表示，很难确切回答甲骨文公司需要筹集多少资金来支持其人工智能计划：这取决于该公司是否必须从英伟达和AMD购买芯片，还是能够找到更便宜的方案，例如租赁芯片或让客户提供自己的设备。可以预见的是，这些其他方案可能需要甲骨文公司牺牲部分利润。</p><p>马古瑞克认为，甲骨文公司用于人工智能建设所需的资金将少于一些分析师预测的1000多亿美元，甚至可能“大幅少于”这笔资金。</p><p>实际上，在甲骨文就其庞大增长计划所需的资金提供更清晰的说明之前，投资者始终怀疑它实际上允许OpenAI依赖其<span>资产负债表</span>。通过让甲骨文承担搭建和运营数据中心这些繁琐且成本高昂的工作，OpenAI就无需筹集那么多资金。</p><p>甲骨文在人工智能领域的大举投入需要其投入难以估量的资金。该公司目前预计本财年将产生500亿美元的资本支出。</p><p>人工智能数据中心交易旨在通过合同期收回资本支出，租赁付款在数据中心<a href=\"https://laohu8.com/S/01630\">建成</a>后才开始。令人欣喜的是，甲骨文计划在芯片部署方面保持灵活性（从而降低芯片过时的风险）；而且，该公司直到建设后期才支付设备款项，最大限度地缩短了不盈利的时期。</p><p>尽管如此，这并未消除投资者对OpenAI风险敞口的担忧。据报道，两家公司之间价值3000亿美元的合同仅分五年支付，而甲骨文的房地产租赁合同通常至少是这个期限的两倍。</p><p>如果OpenAI退出，甲骨文可能不得不向数据中心业主支付高额租金——而且需要填补的资金缺口还很大，具体取决于其已部署的数据中心数量以及届时对人工智能服务的需求量。甲骨文的资产负债表上有超过160亿美元的经营租赁负债，此外还有约1000亿美元的租赁承诺尚未生效。这意味着它未来每年需要支付数十亿美元的租赁费用。</p><p>识别下方二维码</p><p>精准掌握北美商业动态</p><p>北京时间22点准时投递</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n甲骨文的至暗时刻：被铁杆客户“吸血”，3000亿美元可能要黄！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-12 12:03 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251212135615a4440c31&s=b><strong>北美商业见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>来源：北美商业见闻周四，几乎是甲骨文（ORCL）年内最黑暗的一天。股价盘中跌幅一度高达16%，最终收盘下跌10.83%，报198.85美元/股，总市值5713亿美元，较前一交易日缩水近700亿美元。此前这家科技巨头公布的财报显示，其盈利超出预期，但营收却低于华尔街预期，实际营收为160.6亿美元，低于分析师预期的162.1亿美元。云业务销售额较上一季度增长34%，但也低于预期。值得注意的是，...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251212135615a4440c31&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" 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ACC A","BK4588":"碎股","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251212135615a4440c31&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2590520582","content_text":"来源：北美商业见闻周四，几乎是甲骨文（ORCL）年内最黑暗的一天。股价盘中跌幅一度高达16%，最终收盘下跌10.83%，报198.85美元/股，总市值5713亿美元，较前一交易日缩水近700亿美元。此前这家科技巨头公布的财报显示，其盈利超出预期，但营收却低于华尔街预期，实际营收为160.6亿美元，低于分析师预期的162.1亿美元。云业务销售额较上一季度增长34%，但也低于预期。值得注意的是，甲骨文公司还承诺明年将比此前预测增加约150亿美元的支出，这引发了人们对大型科技公司激进资本支出的新担忧。甲骨文暴跌拖累了其他几只高增长的人工智能股票，多只股票盘中大跌，但最终跌幅收窄，英伟达收跌1.55%、Palantir收跌0.2%、博通收跌1.6%。同时，这也导致甲骨文创始人、现任董事长兼首席技术官拉里·埃里森的净资产缩水249亿美元。现年81岁的埃里森在彭博社全球富豪榜上的排名从第二位跌至第三位。对于埃里森来说，这可谓是戏剧性的大逆转。9月10日，甲骨文公司股价飙升36%，埃里森的净资产一度增加了890亿美元，超越埃隆·马斯克成为世界首富。然而，此后甲骨文股价快速下跌，埃里森只过了一天世界首富的瘾，就被马斯克反超。依赖OpenAI成最大变数甲骨文的困境，业内将其归咎于对OpenAI合作的过分依赖，并指出甲骨文或许也面临着OpenAI的“红色警报”时刻。早在9月份，甲骨文告诉投资者，其剩余履约义务（RPO，即已签署客户合同的未来收入价值）已飙升近360%，达到4550亿美元。但其中超过一半的收入都来自其为OpenAI提供的服务。有消息称，OpenAI至少有3000亿美元的投资承诺是作为星际之门项目的一部分而支付的。由于与英伟达、CoreWeave 、AMD、博通以及甲骨文等公司达成交易，OpenAI的成本预计将达到1.4万亿美元，这引发了人们日益增长的担忧。此外，来自谷歌Gemini模型的竞争也日益加剧，这让投资者更加谨慎。访问以下网址，订阅最新新闻电邮：https://nbwpress.com/subscribe.html“显然，过去几个月来，市场对OpenAI的看法发生了逆转，”法国巴黎银行分析师斯特凡·斯洛温斯基表示。“OpenAI生态系统显然因此受到了影响。”斯洛温斯基和其他华尔街分析师一致认为，OpenAI可能无法支付其广泛的人工智能基础设施建设承诺，这是甲骨文面临的最大风险。OpenAI首席执行官山姆·奥特曼上周宣布进入“红色警报”状态，因为这家初创公司面临着来自谷歌日益激烈的竞争。“甲骨文目前处境艰难，他们必须为OpenAI这位大客户扩建数据中心容量，为此需要借很多钱，但OpenAI能否支付这笔费用却存在很大的不确定性，”DA Davidson分析师吉尔·卢里亚表示。他称OpenAI的合同“纯属幻想”，并表示OpenAI目前“几乎不可能”有3000亿美元可以花在与甲骨文的交易上。因此，真正令甲骨文人工智能业务蒙上阴影的是其与OpenAI之间相互依赖的关系。如果真是这样，那么甲骨文最终可能不得不修改其到2030年实现营收翻两番的目标，这将进一步打击投资者的信心。资本支出预期大幅上调甲骨文公司本周公布的第二季度业绩进一步加剧了投资者的担忧。甲骨文120亿美元的资本支出高于预期，其100亿美元的自由现金流亏损也远超预期的60亿美元流出。甲骨文公司还大幅上调了全年资本支出预期，从350亿美元增至500亿美元。摩根士丹利认为，这份财报可能预示着投资者将再次对人工智能投资持怀疑态度。该银行的分析师周四写道：“云业务增长处于预期下限，毛利率和营业利润率面临越来越大的压力，这可能会进一步削弱投资者对甲骨文公司有效执行其庞大且不断增长的GPUaaS业务的能力的信心，导致其股价缺乏明显的催化剂。”对于许多投资者而言，像甲骨文这样的公司在今年投入巨资将自身打造为人工智能基础设施领域的领导者之后，最终却未能达到分析师的预期，这无疑令人担忧。“甲骨文公司自身也面临着越来越严格的审查，审查的焦点在于其以债务驱动的数据中心建设以及在人工智能支出前景不明朗的情况下，其业务集中度风险，”Emarketer分析师雅各布·伯恩表示。“此次营收未达预期，可能会加剧本已谨慎的投资者对其OpenAI交易和激进的人工智能支出计划的担忧。”资金缺口巨大根据彭博社汇编的数据，甲骨文目前净债务（包括租赁义务）约为1050亿美元，使其在投资级借款人中负债水平较高。新任联席首席执行官克莱·马古尔克和迈克·西西利亚在接替甲骨文公司长期掌门人萨弗拉·卡茨后，首次主持财报电话会议。马古尔克表示，很难确切回答甲骨文公司需要筹集多少资金来支持其人工智能计划：这取决于该公司是否必须从英伟达和AMD购买芯片，还是能够找到更便宜的方案，例如租赁芯片或让客户提供自己的设备。可以预见的是，这些其他方案可能需要甲骨文公司牺牲部分利润。马古瑞克认为，甲骨文公司用于人工智能建设所需的资金将少于一些分析师预测的1000多亿美元，甚至可能“大幅少于”这笔资金。实际上，在甲骨文就其庞大增长计划所需的资金提供更清晰的说明之前，投资者始终怀疑它实际上允许OpenAI依赖其资产负债表。通过让甲骨文承担搭建和运营数据中心这些繁琐且成本高昂的工作，OpenAI就无需筹集那么多资金。甲骨文在人工智能领域的大举投入需要其投入难以估量的资金。该公司目前预计本财年将产生500亿美元的资本支出。人工智能数据中心交易旨在通过合同期收回资本支出，租赁付款在数据中心建成后才开始。令人欣喜的是，甲骨文计划在芯片部署方面保持灵活性（从而降低芯片过时的风险）；而且，该公司直到建设后期才支付设备款项，最大限度地缩短了不盈利的时期。尽管如此，这并未消除投资者对OpenAI风险敞口的担忧。据报道，两家公司之间价值3000亿美元的合同仅分五年支付，而甲骨文的房地产租赁合同通常至少是这个期限的两倍。如果OpenAI退出，甲骨文可能不得不向数据中心业主支付高额租金——而且需要填补的资金缺口还很大，具体取决于其已部署的数据中心数量以及届时对人工智能服务的需求量。甲骨文的资产负债表上有超过160亿美元的经营租赁负债，此外还有约1000亿美元的租赁承诺尚未生效。这意味着它未来每年需要支付数十亿美元的租赁费用。识别下方二维码精准掌握北美商业动态北京时间22点准时投递","news_type":1,"symbols_score_info":{"ORCL":1.98}},"isVote":1,"tweetType":1,"viewCount":206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}