原本计划由三家公司共同推进数据中心扩建，如今变为 OpenAI 分别与甲骨文、软银单独签约，但这些 协议未能达到 OpenAI 在 2025 年底前锁定 10 吉瓦算力容量的目标。 甲骨文股价周一下跌 4.5%。此前《The Information》报道称，这家云服务商与 OpenAI、软银合资的星 门（Stargate）项目，在 2025 年 1 月于白宫高调宣布后已陷入困境。 原本计划由三家公司共同推进数据中心扩建，如今变为 OpenAI 分别与甲骨文、软银单独签约，但这些 协议未能达到 OpenAI 在 2025 年底前锁定 10 吉瓦算力容量的目标。 OpenAI 去年还开始从星门三方合作之外的其他供应商获取算力，这也导致其算力成本高于原定计划。 《The Information》报道称，在甲骨文与 OpenAI 达成的 4.5 吉瓦 算力协议中，双方约定对这一大型项 目共担部分经济风险。 这意味着：如果项目出现延期或费用超支，双方将共同承担成本。 周一其他科技股同样走低，因投资者正在评估人工智能对企业软件的冲击，而甲骨文同样提供企业级应 用软件。 OpenAI 去年还开始从星门三方合作之外的其他供应 ...

分析师还指出："在过去三年中，'美股七巨头'加上甲骨文的资本支出总额约占经营现金流总额的40%或 更低，但在2025日历年，这一占比已上升至约50%，并预计在2026和2027日历年将达到60%以上。尽管 人工智能驱动的需求为长期投资提供了令人信服的逻辑，但短期后果是自由现金流走弱、资本回报受 限，以及对融资环境的敏感度上升。如果债务成为基础设施扩张更为重要的资金来源，我们预计投资者 的关注点将转向资本密集度更低、更加注重投资资本回报率和资本配置效率的资产。" 智通财经APP获悉，根据Evercore ISI的数据，在人工智能(AI)基础设施支出大举扩张之际，微软 (MSFT.US)预计将成为"美股七巨头"中唯一在2026年实现自由现金流增长的超大规模云服务商。 Evercore指出，亚马逊(AMZN.US)、谷歌(GOOGL.US)以及Meta Platforms(META.US)预计将在2026年出 现自由现金流同比下降，另一家不属于"美股七巨头"的大型云服务提供商甲骨文(ORCL.US)的自由现金 流也预计将出现下滑。相比之下，微软在2026年的自由现金流预计将实现5%的增长，"美股七巨头"中 的另外两 ...

白宫在 2025 年 1 月宣布了 "星门"数据中心项目，负责开发的三家公司承诺以闪电般的速度推进，几乎立即投 入 100 亿美元，开始建设 10 吉瓦的计算能力。 一年多过去了，根据三位参与该搁置计划的人士透露，"星门"之门陷入困境。 "星门"的三位成员 ——AI 模型开发商 OpenAI、云服务提供商甲骨文和日本企业集团软银 —— 在谁负责什么以及 合作结构如何 白宫在 2025 年 1 月宣布了 "星门"数据中心项目，负责开发的三家公司承诺以闪电般的速度推进，几乎立即投 入 100 亿美元，开始建设 10 吉瓦的计算能力。 一年多过去了，根据三位参与该搁置计划的人士透露，"星门"之门陷入困境。 "星门"的三位成员 ——AI 模型开发商 OpenAI、云服务提供商甲骨文和日本企业集团软银 —— 在谁负责什么以及 合作结构如何安排上存在分歧。 OpenAI 与软银在如何共同开发数据中心方面存在分歧。 OpenAI 近期不计划建设自有第一方数据中心。 OpenAI 未能实现到 2025 年底通过甲骨文和软银签约约 10 吉瓦容量的目标。 OpenAI 急需算力，一度开始准备自行开发大部分扩建项目，雄心勃勃地计 ...

据报道，OpenAI计划到2030年在算力方面总计投入6000亿美元。OpenAI首席执行官萨姆·奥特曼(Sam Altman)早在去年10月曾表示，该公司计划到2033年在基础设施方面投入高达1.4万亿美元。 法国巴黎银行分析师Stefan Slowinksi在一份投资者报告中表示："在我们看来，这些修订并不一定反映 出OpenAI变得更加克制。相反，更新后的预测与此前宣布的到2033年1.4万亿美元基础设施承诺大体一 致，资本支出仍明显集中在2030年之后。考虑到OpenAI可能计划到2030年每年在算力方面投入超过 2000亿美元，我们的粗略测算表明，OpenAI最初提出的1.4万亿美元规模仍有可能实现。" 法国巴黎银行股票研究部门表示，OpenAI更新后的人工智能(AI)基础设施资本支出计划，对超大规模云 服务商微软(MSFT.US)和甲骨文(ORCL.US)构成利好。 法国巴黎银行认为，这一更新总体上为OpenAI的主要支持者微软以及其主要基础设施合作伙伴甲骨文 描绘了积极前景。Stefan Slowinksi指出："随着现金消耗前景更加明确，以及OpenAI超过1000亿美元的 融资即将完成(此后 ...

法国巴黎银行认为，这一更新总体上为OpenAI的主要支持者微软以及其主要基础设施合作伙伴甲骨文 描绘了积极前景。Stefan Slowinksi指出："随着现金消耗前景更加明确，以及OpenAI超过1000亿美元的 融资即将完成(此后可能还需要约800亿美元才能实现自由现金流盈亏平衡)，我们认为这在短期内降低 了微软和甲骨文面临的OpenAI对手方风险。OpenAI更新后的营收预期(2030年目标为2800亿美元，较此 前2000亿美元的上调主要来自企业业务)也意味着，如果OpenAI能够实现其目标，微软到2030财年应能 额外获得120亿美元的收入分成(较市场一致预期高出4%)。不过，尽管OpenAI还计划在短期内大幅提高 算力预算，但微软和甲骨文是否会直接受益于这部分新增支出仍不明确，尤其是在亚马逊(AMZN.US) 据称参与本轮融资的情况下。" 据报道，OpenAI计划到2030年在算力方面总计投入6000亿美元。OpenAI首席执行官萨姆·奥特曼(Sam Altman)早在去年10月曾表示，该公司计划到2033年在基础设施方面投入高达1.4万亿美元。 法国巴黎银行分析师Stefan Slowinksi ...

NEW YORK, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in Oracle Corporation ("Oracle" or the "Company") (NYSE: ORCL) of a class action securities lawsuit. CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Oracle investors who were adversely affected by alleged securities fraud between June 12, 2025 and December 16, 2025. Follow the link below to get more information and be contacted by a member of our team: https://zlk.com/pslra-1/oracle-corporation-lawsuit-su ...

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to reinvent customer experiences [1] - Elon Musk predicts that humanoid robots could create a market worth $250 trillion by 2040, reshaping the global economy [2] - Major firms like PwC and McKinsey acknowledge that AI could unlock multi-trillion-dollar potential, supporting Musk's ambitious forecast [3] Industry Trends - The AI revolution is characterized by a powerful breakthrough that is redefining work, learning, and creativity, attracting significant interest from hedge funds and top investors [4] - A smaller, under-owned company is identified as holding the key to the AI revolution, suggesting a potential investment opportunity [4][6] - Prominent billionaires, including Bill Gates and Warren Buffett, recognize AI as a major technological advancement with the potential for significant social impact [8] Investment Opportunities - There is a strong belief that investors will regret not owning certain stocks related to AI advancements in the near future [9] - A detailed report on a groundbreaking AI company is available, highlighting its technology and growth potential [10] - Subscription to a premium newsletter offers access to exclusive insights and stock picks, emphasizing the urgency to invest before broader market awareness [12][14]

Famed “Big Short” investor Michael Burry has issued a scathing warning to Silicon Valley, alleging that tech giants are employing aggressive accounting maneuvers to mask the true costs of the AI infrastructure race.The ‘Sinister’ Accounting Trick“Now you are engaging in accounting tricks to hide expense, to protect earnings,” Burry posted. “You will be tortuously adjusting your earnings in a new and sinister ways.”Inflated Profits And The 20% GapAccording to data shared by Burry, this accounting treatment c ...

Core Insights - Hyperscalers are significantly increasing their AI capital expenditure (capex) and are increasingly utilizing credit markets for funding, which is challenging their previously held 'fortress balance sheet' status [1][2][5] - Investors are concerned that this shift disrupts the "unspoken contract" that kept speculative AI spending separate from debt markets, raising questions about creditworthiness [4][5] Capital Expenditure Trends - Major tech companies like Amazon, Meta, and Alphabet have announced substantial increases in their full-year capex plans, with UBS projecting that aggregated capex among AI hyperscalers could exceed $770 billion by 2026, a 23% increase from prior expectations [2] - This increase in capex is expected to lead to an additional $40 billion to $50 billion in borrowing, pushing public market debt issuance to between $230 billion and $240 billion for the year [2] Market Dynamics - The shift towards bond markets is altering the relationship between hyperscalers and investors, as these companies are now seen as taking on more debt rather than relying solely on cash flow for AI investments [3][4] - Investors are now scrutinizing the debt levels of these companies, which were previously viewed as low-risk due to their strong credit ratings [5][10] Investor Sentiment - BlackRock has indicated that mega-cap tech companies are using the current credit issuance boom to bridge the gap between current investments and future revenues, raising concerns about rising corporate borrowing adding supply to bond markets [5][6] - The focus of the market has shifted to how AI adoption will translate into revenues and profits, creating a need for active investing strategies [9] Financial Health and Risks - While AI hyperscalers maintain strong balance sheets and cash flow generation, they are taking on more leverage, which raises concerns about potential hidden risks in the system [12][13] - There are fears that rapid technological advancements could render large data centers obsolete, impacting the long-term viability of investments in these assets [10][11]

Core Viewpoint - A securities fraud class action lawsuit has been filed against Oracle Corporation, alleging material misstatements regarding its data center capabilities for AI infrastructure and capital expenditures during the class period from June 12, 2025, to December 16, 2025 [1] Summary by Relevant Sections Lawsuit Details - The lawsuit, titled Barrows v. Oracle Corporation, was filed on February 3, 2026, in the United States District Court for the District of Delaware [1] - Investors who purchased Oracle common stock during the class period may seek to serve as lead plaintiff by April 6, 2026 [1] Allegations - The complaint alleges that Oracle misled investors by overstating its contracts for AI infrastructure development and falsely assuring that significant capital expenditures would lead to rapid revenue growth [1] - Specific allegations include: 1. Oracle's AI infrastructure strategy would lead to substantial increases in capital expenditures without corresponding near-term revenue growth [1] 2. Increased spending posed risks to Oracle's debt, credit rating, free cash flow, and project funding [1] 3. Defendants' statements regarding Oracle's business and prospects were materially false and misleading [1] Investor Actions - Investors are encouraged to retain legal counsel or contact Kessler Topaz Meltzer & Check, LLP for a free case evaluation [1] - The lead plaintiff process allows investors to represent the class and direct the litigation, with the deadline for filing set for April 6, 2026 [1]