富国银行力挺甲骨文(ORCL.US)：RPO数据暗含长期金矿 2029年OpenAI合作收入将超600亿美元

智通财经2025-12-23

智通财经APP获悉，关于甲骨文(ORCL.US)的剩余履约义务及其主要与OpenAI挂钩的事实，市场存在显著争议。然而，富国银行认为这些担忧被夸大了，并且其与OpenAI的关联对甲骨文而言是长期的积极因素。分析师迈克尔·图林在给客户的研究报告中写道："虽然我们现阶段并未看到OpenAI对收入/每股收益贡献存在风险，但我们分别预测了OpenAI和非OpenAI部分，以评估其影响。""(我们估算)基于...

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2029","themeId":"465490247095af4037ebcb56981ab275","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ORCL":1.96},"content_text":"智通财经APP获悉，关于甲骨文(ORCL.US)的剩余履约义务及其主要与OpenAI挂钩的事实，市场存在显著争议。然而，富国银行认为这些担忧被夸大了，并且其与OpenAI的关联对甲骨文而言是长期的积极因素。分析师迈克尔·图林在给客户的研究报告中写道：\"虽然我们现阶段并未看到OpenAI对收入/每股收益贡献存在风险，但我们分别预测了OpenAI和非OpenAI部分，以评估其影响。\"\"(我们估算)基于公司的指引和RPO披露信息进行交叉验证，预计在2027财年至2030财年收入将分别达到100亿、390亿、650亿和780亿美元。采用甲骨文披露的35%平均毛利率和我们估算的20%净利润率，并假设股本数不变，我们预计OpenAI将占甲骨文2028财年至2030财年每股收益的约25-30%。\"对甲骨文给予\"增持\"评级和280美元目标价的图林表示，近期甲骨文股价的大幅下跌\"反应过度\"。他补充说，考虑到人工智能仍处于\"非常早期的阶段\"，甲骨文在云基础设施即服务领域存在\"获得显著市场份额\"的潜力。甲骨文于2025年12月10日发布第二季度财报，股价随后遭遇大幅下跌。这家数据库软件巨头公布的财报显示，其收入未达到分析师预期，而资本支出却超出预期。随后，关于其为OpenAI建设的数据中心可能延迟的报道，成为了压垮骆驼的最后一根稻草。尽管甲骨文发言人出面否认，称“满足合同承诺的所有站点都没有延迟，所有里程碑都按计划进行”，但这未能阻止投资者的抛售。AI领域遭受了严酷的“现实检验”。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation,dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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