多家银行向甲骨文断贷，巨头甲骨文这是怎么了？

澎湃新闻02-08

多家银行向甲骨文断贷，巨头甲骨文这是怎么了？在世界市场上，科技巨头甲骨文可谓是一个隐形巨头的存在，虽然很多人对甲骨文的了解不多，但是只要是科技圈对于甲骨文都是耳熟能详，这个巨头最近却出现了多家银行向甲骨文断贷的情况，这到底是怎么回事？一、多家银行向甲骨文断贷？据中国经营报的报道，近日，投资银行TD Cowen消息指出，因甲骨文公司的人工智能数据中心扩张融资困难，甲骨文正面临严峻的资金困境，考虑采取...

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What happened to the giant Oracle?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ORCX":0.6,"ORCS":0.6,"ORCL":1.98,"ORCU":0.6},"content_text":"多家银行向甲骨文断贷，巨头甲骨文这是怎么了？在世界市场上，科技巨头甲骨文可谓是一个隐形巨头的存在，虽然很多人对甲骨文的了解不多，但是只要是科技圈对于甲骨文都是耳熟能详，这个巨头最近却出现了多家银行向甲骨文断贷的情况，这到底是怎么回事？一、多家银行向甲骨文断贷？据中国经营报的报道，近日，投资银行TD Cowen消息指出，因甲骨文公司的人工智能数据中心扩张融资困难，甲骨文正面临严峻的资金困境，考虑采取大规模裁员及出售部分业务等措施来应对。TD Cowen研究报告显示，甲骨文公司计划裁员2万至3万人，此举预计将释放80亿至100亿美元的现金流。不仅如此，甲骨文还在考虑出售其于2022年以283亿美元收购的医疗保健软件部门Cerner。TD Cowen指出，当前，多家美国银行已停止向甲骨文公司相关的数据中心项目提供贷款。该机构补充称，亚洲的银行似乎对甲骨文较为乐观，但美国银行的态度让人怀疑甲骨文能否从其他大型银行处获得支持。报告指出：“股权和债权投资者都对甲骨文公司是否有能力为该项目提供融资提出了质疑。”而融资挑战的根源在于甲骨文公司庞大的基础设施建设承诺，据TD Cowen估计，其所需的资本支出高达1560亿美元。在资金难以到位的情况下，甲骨文不得不通过裁员和出售业务来缓解资金压力。不过据界面新闻报道，当地时间2月1日，甲骨文公司公布其2026完整财年融资计划。其中，甲骨文表示，预计在2026财年通过债务与股权融资均衡搭配的方式筹集450亿至500亿美元现金总额。甲骨文称，通过融资构建新增产能，以满足包括AMD、Meta、NVIDIA等在内的OCI头部客户已签约需求。二、巨头甲骨文到底是怎么回事？近期一则关于多家银行可能向甲骨文断贷的消息引发了广泛关注，甲骨文，作为全球知名的科技巨头，在数据库等领域曾占据着举足轻重的地位，如今却陷入这样的舆论漩涡，不禁让人深思其背后究竟发生了什么？首先，当下，AI市场正呈现出前所未有的竞争态势，各大企业纷纷加大投入，试图在这片充满机遇与挑战的领域中占据一席之地。从科技巨头到新兴创业公司，无一不在积极布局，从基础研究到应用开发，从硬件设施到软件算法，全方位的竞争使得整个市场硝烟弥漫。在这种大规模投入的背景下，企业的前景变得愈发难以预测。那些在技术研发、市场拓展等方面表现不够突出，或者业务模式不够清晰的企业，必然会遭到一定程度的质疑。甲骨文虽然拥有深厚的技术底蕴和庞大的用户基础，但在AI这个新兴且快速发展的领域，其表现并未达到市场的预期。相较于一些在AI领域异军突起的企业，甲骨文在创新速度和应用落地方面显得有些滞后。这使得投资者和金融机构开始重新审视甲骨文的未来发展潜力，对其能否在激烈的市场竞争中保持领先地位产生疑虑。毕竟，在科技行业，不进则退是永恒的法则，一旦企业无法跟上市场的节奏，就很容易被后来者超越，从而失去原有的市场份额和竞争优势。其次，甲骨文崛起于上世纪90年代的企业信息化浪潮，其关系型数据库一度是全球大型机构IT系统的“心脏”。然而，随着云计算、微服务架构和开源生态的普及，传统封闭式、高许可费用的软件模式正被快速解构。如今，AWS、Azure、Google Cloud等平台凭借弹性计算、按需付费和深度集成AI能力，已牢牢掌握市场主导权。相比之下，甲骨文虽也推出了Oracle Cloud，但其云业务起步晚、生态薄弱，且长期受制于自身“卖许可证”的思维惯性。更关键的是，在数据中心建设这一AI时代的核心基础设施上，甲骨文的动作远不如竞争对手激进。尽管其近年宣布在美国多地投资建设AI数据中心，但整体规模与战略布局仍显保守。当行业竞争焦点从“软件功能”转向“算力+数据+模型”的全栈能力时，甲骨文的传统护城河正在被侵蚀，其技术资产的变现效率大幅下降，这自然削弱了其在资本眼中的吸引力。第三，所谓“多家银行断贷”更多反映的是风险偏好调整，而非甲骨文陷入流动性危机。作为年营收超500亿美元、现金流充沛的跨国巨头，甲骨文拥有极强的内生融资能力。事实上，甲骨文近期仍在积极推进大规模债券发行计划，显示出管理层对长期资本市场的信心。此外，甲骨文在企业客户中仍保有深厚的关系网络和稳定的订阅收入，其核心数据库产品在金融、电信等关键行业仍有不可替代性。因此，即便部分银行出于风险控制考虑收紧信贷，甲骨文完全可以通过其他渠道满足资金需求。从这个角度看，当前的“断贷”风波更像是一次市场情绪的释放，而非企业基本面的崩塌。真正值得警惕的，不是资金链断裂，而是市场对其战略方向的集体质疑。第四，过去十年，科技行业盛行“增长至上”的投资哲学，只要用户规模或营收增速亮眼，亏损和高投入均可被容忍。然而，随着全球利率上升、宏观经济不确定性加剧，以及AI投入回报周期远超预期，资本市场开始回归理性。投资者不再为模糊的“未来故事”买单，而是要求清晰的盈利路径、可验证的技术壁垒和可持续的商业模式。甲骨文的困境正是这一趋势的缩影，它既无法像初创AI公司那样讲出颠覆性的创新故事，又不像云巨头那样拥有庞大的基础设施协同效应。在新旧范式交替的夹缝中，其“中间态”的定位显得愈发尴尬。可以预见，未来不仅是甲骨文，所有科技企业都将面临更严苛的融资环境。资本将更加聚焦于那些真正掌握核心技术、具备生态整合能力、并能实现高效商业转化的企业。那些仅靠历史光环或局部优势维系的“昔日巨头”，若不能完成彻底的战略重构，终将在新一轮洗牌中被边缘化。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2609578367","isCrawlerRequest":true}