计算机行业市场前景及投资研究报告：OracleRPOCapEx指引超预期

Oracle!RPO/CapEx/"#$%&2025!9"!"#$•••)*+,-./0123456789/:;<=>?@ABCDE6FGHAIJ/1%&'()*+,-./0RPO12345Miss

2.62%Miss

6.73%Miss

2.43%Miss

5.58%Miss

0.72%Beat

0.56%Miss

12.45%Beat

2.66%Beat

156.02%Miss

13.12%2!"#$%&

4–5

'()*+,-./012•

FY26Q1)*+,-./RPO014,550234567+359.60%589:/;<9:1,7702340=•

Safra

Catz>?@ABC;DEFGHI6JKL(OpenAIMxAIMMeta)NOPQRSTUV234J'6=W

Oracle

8XYZU[\]^_`JabcEd_eJfS7ghKL=BijkJlmno5pq9rsN,lmSTUV234JtKL5RPO

YZuvw8x

5000

234=RPO!"#$•

FY26Q1!"#$85234567+269%5ey;<9:57234z!"#$•9rFY2026!"#$s8350234/{T|h125023405}~•y

GPU

d€ꢀ‚ƒ5„…†‡dˆ‰5CapEx

Š‹FŒ‹ꢁŽꢂꢃ‘’=!"#$••@A“B34m/{T23m0”ꢄ–—˜PU[™”š.5›rœFAzureMGoogledAWS'(ꢅžŸ37m/Us¡71m0ꢄ–zk¢£”U[™JŒ‹¤7+1529%=%&'(”U[™š.J¥ŽŒ‹128234/{T1262340567¦§32%=!"#$367893452026E1802027E3602028E7302029E11402030E1440OCI|h!"#$%RPO5,0004,5004,0003,5003,0002,5002,0001,5001,0005004550RP/p>

990

971800679

650

650626.94

612

623466412

387

372

38504AI%:;<!"#$"%&'()*/+,2345AI-.6OpenAI7xAI7Meta89:AI;<=>RPO?@ABCD••RPOE

4,550FGHIJK+359%1$"LMN

3,170

FGHAI-./01Oracle

STUQVWX5GPU)*YBIZEllison[>\]^_`7abK_cdAIefghi••OCI“”ꢄ–+57%:lmnoqrsefnoAIOPQREllisonjkIAIlmnopqrsefnoIOracleSTtuvwIxyz{|C}~•7€ꢀ‚ƒ„…7†‡ˆ‰Š‹7ŒꢁŽꢂ|C}8ꢃ‘o’l˜™š›

Oracle

AIDatabaseœꢅž)*Ÿ}I¡¢LLM£¤¥;)*¦]lm:§=45LLM6ChatGPT7Gemini7Grok7Llama89I¨©

¥;ª«)*+¬ꢆ)*

d¦]®¯°D••±²)*—ꢄ–

+1529%6³–

AWS7Azure7GCPd

OCI

´µ9:¶TAzure/GCP/AWS·¸34¹)*YBIxy71¹AI)*—•²ꢃ‘ꢄ–

38

FGHIJK+10%:ÁYÂÃÄÅꢃ‘ꢄ–

24

FGHIJK+16%:ꢃ‘ÆǨÈIÉÊË~=#™ꢃ‘ºAI|C»=I#¼>AI

Agents~½Ž:AI³–ꢃ‘¾¿1Àꢄ”AIꢃ‘/Agent••OCIꢄ–ÔÕFY26

+77%Ö180FGH:×ØÙÚžÛÜÝÞßà10ád

Oracle

AI

Worldrâ

p¬v@ãä<xyIå,æAI)*—Ðlm°DÌ#Íꢅ/,Î

FY26

CapExÏ350FGHI§YsGPUÐÑÒQÓ•51Oracle!FY26Q1"#$%=>)?=@A450BCD3456•Œ‹67+12%5¨y9:0.72%5©ª«¬v•.Œ‹67+13%5¨y9:1.74%5®IaaSMSaaSM”U[™GX•.¯°=%&'(FY24Q212,9415.43%3.92%FY24Q313,2807.11%FY24Q414,2873.25%7.58%FY25Q113,3076.86%FY25Q214,0598.64%5.65%FY25Q314,1306.40%0.51%FY25Q415,903FY26Q114,92612.17%-6.14%)*#$15,035Diff+,-./01234-0.72%yoyqoq11.31%12.55%12.98%-5.46%2.62%-6.86%10,8177.81%4.45%11,2199.87%3.72%12,0724.77%7.60%11,3899.97%-5.66%12,00110.95%5.37%12,1368.17%1.12%13,70513.53%12.93%12,90713.33%-5.82%13,13515.33%-4.16%-1.74%2.66%yoyqoq756-11.06%5.88%754-7.03%-0.26%842-0.94%11.67%655-8.26%728-3.70%11.15%703-6.76%-3.43%8500.95%6702.29%653-0.36%yoyqoq-22.21%20.91%-21.18%-23.22%561,2536.10%3.38%1,200-1.23%-4.23%1,160-11.59%-3.33%1,147-5.36%-1.12%1,167-6.86%1.74%1,116-7.00%-4.37%1,145-1.29%2.60%1,099-4.18%-4.02%1,26510.28%10.47%-13.12%yoyqoq7=>)?=@A450BCD3456•©ª«¬vŒ‹67+13%5¨y9:5”š.67+15%5¨y9:=%&'(FY24Q210,8177.81%4.45%FY24Q311,2199.87%3.72%FY24Q412,0724.77%7.60%FY25Q111,3899.97%FY25Q212,00110.95%5.37%FY25Q312,1368.17%1.12%FY25Q413,70513.53%12.93%FY26Q112,90713.33%-5.82%)*#$Diff./01213,13515.33%-4.16%-1.74%yoyqoq-5.66%7560./897120:;129,63912.11%0.96%9,96311.66%3.36%10,2349.22%2.72%10,51910.18%2.78%10,80612.11%2.73%11,00710.48%1.86%11,69814.31%6.28%12,14115.42%3.79%12,26416.59%4.84%-1.00%yoyqoq1,178-17.91%45.61%1,256-2.48%6.62%1,838-14.59%46.34%8707.54%1,1951.44%1,129-10.11%-5.52%2,0079.19%766-11.95%-61.83%8720.19%-12.12%yoyqoq-52.67%37.36%77.77%-56.57%%&'(7560./89FY24Q2FY24Q3FY24Q4FY25Q1FY25Q2FY25Q3FY25Q4FY26Q1)*#$Diff9,63912.11%0.96%9,96311.66%3.36%10,2349.22%2.72%10,51910.18%2.78%10,80612.11%2.73%11,00710.48%1.86%11,69814.31%6.28%12,14115.42%3.79%12,26416.59%4.84%-1.00%yoyqoq7564,77525.23%3.02%5,05424.70%5.84%5,31119.70%5.09%5,62321.32%5.87%5,93724.34%5.58%6,21022.87%4.60%6,73726.85%8.49%7,18627.80%6.66%7,36530.98%9.32%-2.43%1.15%yoyqoq./894,8641.65%-0.98%4,9090.80%0.93%4,923-0.20%0.29%4,896-0.33%-0.55%4,8690.10%-0.55%4,797-2.28%-1.48%4,9610.77%3.42%4,9551.21%-0.12%4,8990.05%-1.26%yoyqoq8=>)?=@A450BCD3456•••”š.Œ‹67¦§28%5}~®IaaS¦§¯°5IaaS67+55%5SaaS67+11%=pqFOpenAIMxAIMMeta^«¬£±²pqNO”r³'65RPOX´¦§5µ¶·8¸¹5ºOracle”»¼‚½Jµ¶¾¿ÀÁ=9rpqÂNj_£UV234JKL'65RPOX´¦§ÃpqwÄX´—ÅÆ.rœ\”»¼‚½J¦§ÇÈ=9r

OCI

B"Æ¥s¦§

77%5¡É

180

2345ÊËQ¥Ìͦ§Î

320

2M730

2M1140

2d

1440

234=ÏÐÌŒ‹ÑuX;ÐÌ“ÒÓÔBÕ{

4550

234J

RPO

\=%&'(FY24Q2FY24Q3FY24Q4FY25Q1FY25Q2FY25Q3FY25Q4FY26Q1)*#$Diff756IaaS4,77525.23%3.02%5,05424.70%5.84%5,31119.70%5.09%5,62321.32%5.87%5,93724.34%5.58%6,21022.87%4.60%6,73726.85%8.49%7,18627.80%6.66%7,36530.98%9.32%-2.43%yoyqoq1,56553.73%3.39%1,75850.54%12.36%2,03442.04%15.68%2,15442.30%5.90%2,43455.53%13.00%2,65250.82%8.96%310051.41%16.89%3,34755.39%11.75%3,45360.30%15.29%-3.07%-1.87%yoyqoqSaaS3,20015.71%2.48%3,28413.47%2.61%3,3339.95%1.50%3,46911.09%4.08%3,5039.47%0.98%3,5588.35%1.57%3,74212.27%5.17%3,83910.67%2.59%3,91212.77%4.54%yoyqoq9EF=>GH)IJ=>345••AI

XKLÖÇ×\؇3Ù"†>F

OpenAIMxAIMMetaÚÛ•J”'(©Ü5£U13ÙÐÝ}~»¼‚½ÐOB3ÙJKL=£”ÐOwÞßà}á3Ù”âã>F

AzureMAWSMGoogle

Cloud

äåU[™æç5#¾?Oracle

Database@Azure”ÚÐOèé=AIU[âã/Oracle23ai0º3Ùêë/ìíKLghÞX=%&'(FY24Q212,9415.43%3.92%FY24Q313,2807.11%FY24Q414,2873.25%7.58%FY25Q113,3076.86%FY25Q214,0598.64%5.65%FY25Q314,1306.40%0.51%FY25Q415,903FY26Q114,92612.17%-6.14%)*#$15,035Diff+,--0.72%yoyqoq11.31%12.55%12.98%-5.46%2.62%-6.86%'<8,0673.61%2.88%8,2707.81%2.52%8,9454.29%8.16%8,3726.77%-6.41%8,93310.74%6.70%9,0008.83%0.75%10,03412.17%11.49%9,66215.41%-3.71%8,7134.07%10.89%-20.41%-6.79%yoyqoq-13.16%=</>?/@<AB;C3,1709.50%5.49%3,3168.12%4.61%3,5392.37%6.72%3,2287.42%-8.79%3,3816.66%4.74%3,4213.17%1.18%3,99612.91%16.81%3,4817.84%4,37435.49%9.45%yoyqoq-12.89%1,7046.90%6.04%1,6942.05%-0.59%1,8030.00%6.43%1,7076.22%-5.32%1,7452.41%2.23%1,7090.89%-2.06%1,8733.88%9.60%1,7834.45%-4.81%1,91312.06%2.13%yoyqoq10RPO)AIKLMN0RPO/O359%•••F;î

AI

ï–JðñòpqNOPð~J”r³'65Óó

OpenAIMxAIMMeta^«¬£±²pq=ÉC;DEô5)*+,-./RPO0“8x

4550

234567X¦

359%5¤7CQDEô¦õ

3170

234=”

RPO

Bö¥J

83%

¦§»¼—5÷¦§Pø

500%=!"#$%5,0004,0003,0002,0001,00004550&'12()*+RPO-12(),13801300980990971800626.94612623679650650466412387372385FY21Q4

FY22Q1

FY22Q2

FY22Q3

FY22Q4

FY23Q1

FY23Q2

FY23Q3

FY23Q4

FY24Q1

FY24Q2

FY24Q3

FY24Q4

FY25Q1

FY25Q2

FY25Q3

FY25Q4

FY26Q1FY24Q1318.5FY24Q2312FY24Q3344FY24Q4382.2FY25Q1376.2FY25Q2379FY25Q3403FY25Q4456FY26Q1&'12()*+RPO-12(),RPO331.5650338650456800597.8980613.899059297189792413001380455011789GAAP:;<=>?@%&78-.AB•ÀùE!"ú#/CapEx0ûü¢ýåêá5þ:ÿ!d!"#$ûÞ%À&"5'()*+5,¥FCF1-3.62234=•

OCIMU[™MAIâã•.`cž-5./0y

?¸¹12WŠ‹34=•9r

FY2026

,¥5•)*¦cs¡É

\6HU/mid-teens05FY2027

Â_À=789)*+sB

FY2026

:Ð;D<=5›BFY2027

>‹_ù?@A:=DE%&'(FY24Q2FY24Q3FY24Q4FY25Q1FY25Q2FY25Q3FY25Q4FY26Q1)*#$DiffFGDE3,62217.94%9.89%5,5363,75015.03%3.53%5,7924,68613.19%24.96%6,7003,99121.09%-14.83%5,7084,22016.51%5.74%6,0964,35816.21%3.27%6,1955,1099.03%17.23%7,0354,2777.17%4,53013.50%-11.34%6,189-5.58%yoyqoq-16.28%6,236No-GAAP0.75%-6.73%0.76%yoyqoq8.85%9.47%11.71%4.62%8.84%12.87%-14.81%10.12%6.80%6.96%1.62%5.00%13.56%9.25%8.43%15.68%-11.36%-12.02%HDE2,50343.77%3.43%2,40126.64%-4.08%3,143-5.30%30.90%2,92921.03%-6.81%3,15125.89%7.58%2,93622.28%-6.82%3,4279.04%2,927-0.07%3,1387.14%-8.43%yoyqoq16.72%-14.59%No-GAAP3,76213.59%12.03%3,98217.74%5.85%4,600-1.18%15.52%3,96418.05%-13.83%4,20711.83%6.13%4,2316.25%0.57%4,8816.11%4,2838.05%4,2517.23%yoyqoq15.36%-12.25%-12.91%DEI%&'(FY24Q227.99%42.78%19.34%29.07%FY24Q328.24%43.61%18.08%29.98%FY24Q432.80%46.90%22.00%32.20%FY25Q129.99%42.89%22.01%29.79%FY25Q230.02%43.36%22.41%29.92%FY25Q330.84%43.84%20.78%29.94%FY25Q432.13%44.24%21.55%30.69%FY26Q128.65%41.78%19.61%28.69%)*#$30.13%41.17%20.87%28.27%Diff-1.48%0.61%-1.26%0.42%FGDENo-GAAPHDENo-GAAP!"#$%Wind&'()*

12C7D9EFGH3.37pct@I=JK>?•”»¼‚½/OCI0•.B7`c—A5¯¨CDE)+>OCI

0yÀcž-:5CapExF¦5š.GMGPUM€ꢀÚ‚ƒXñŠHzþ:#$ÿ!õð5ÿIE)zÀùEKLÐO0y?¨)*J°:W=••KLMrLZé)*NHO:¯§>OCIMAutonomousDB;PꢁQ

pay-as-you-go/RñrL0

Zé5þ:)*+Sû=SaaS

…%&•.TðjU5þ:#VWXJDIJDI%No-GAAPNo-GAAPNo-GAAPNo-GAAPFY24Q271.10%72.55%78.98%80.24%71.83%72.62%8.41%FY24Q370.87%72.29%78.14%79.37%71.22%72.02%8.19%FY24Q472.54%73.87%79.11%80.27%71.38%72.09%15.51%18.72%FY25Q170.65%72.07%77.20%78.44%75.27%76.18%9.18%FY25Q270.94%72.50%77.12%78.44%76.37%77.47%12.26%16.24%FY25Q370.31%71.88%76.25%77.57%71.98%73.12%13.56%17.74%FY25Q470.19%71.51%75.61%76.70%70.35%71.18%15.06%18.92%FY26Q167.28%68.70%72.05%73.26%73.43%74.48%18.53%22.16%)*#$68.59%69.84%73.89%74.75%73.16%73.26%12.12%14.91%Diff-1.31%-1.14%-1.84%-1.49%0.27%1.22%6.41%7.25%./012345611.70%11.63%12.59%!"#$%Wind&'()*

13LMD9EFGH2.29pct@LD<=>?••FY26Q1pq!Y/Z[/\]L+114/17/3%5^¨y;<9:5L+67jU2.29pctpq:Ðõc_•AI5^`Aa5b+=$KLMNOLMPQLMRSLM%&'(No-GAAPNo-GAAPNo-GAAPFY24Q22,0931,9192,2261,653375FY24Q32,0421,8632,2481,664377FY24Q42,1141,9362,2261,643402FY25Q12,0361,8742,3061,737358FY25Q22,1901,9952,4711,814387FY25Q32,1191,9192,4291,754390FY25Q42,3062,1062,6541,917467FY26Q12,0631,8862,4911,844376)*#$2,2502,0592,5641,918399Diff-8.32%-8.39%-2.83%-3.83%-5.74%-7.46%281281306272288289314288311$KLINOLIPQLIRSLI%&'(No-GAAPNo-GAAPNo-GAAPFY24Q216.17%14.83%17.20%12.77%2.90%FY24Q315.38%14.03%16.93%12.53%2.84%FY24Q414.80%13.55%15.58%11.50%2.81%FY25Q115.30%14.08%17.33%13.05%2.69%FY25Q215.58%14.19%17.58%12.90%2.75%FY25Q315.00%13.58%17.19%12.41%2.76%FY25Q414.50%13.24%16.69%12.05%2.94%FY26Q113.82%12.64%16.69%12.35%2.52%)*#$14.97%13.69%17.05%12.75%2.65%Diff-1.15%-1.06%-0.36%-0.40%-0.13%-0.14%2.17%2.12%2.14%2.04%2.05%2.05%1.97%1.93%2.07%!"#$%Wind&'()*

14NOPQ9RS*>?@T'>UV350WXY•!"ú#èc5FY26Q1

Oracle!"ú#85234567+269%5¤7-6.57%=FY2026!"#$350234/d{|h2502340=epqfgkh5Capex¦§J}~i°Þk¢RPOJX´¦§5pqFÓó

OpenAIMxAIMMeta^«¬£±²pqNOð~J”r³'65ÉC;DEô5RPO“8x

4550

234567X¦

359%5¤7CQDEô¦õ

3170

234=”

RPO

Bö¥J

83%

¦§»¼—5÷¦§Pø

500%=•jXÐÌ!"ú#•y>‹U[\]JkŒ‚ƒ5„Il†‡Ýˆ‰=Ê9_£"w—˜5@AsmnXJ

RPO

oûꢀŽ1õcJŒ‹d)*¦§=%&'(FY24Q21,080-55.65%-17.81%FY24Q31,674-36.30%55.00%FY24Q42,79846.26%67.14%FY25Q12,30375.27%-17.69%FY25Q23,970267.59%72.38%FY25Q35,900252.45%48.61%FY25Q49,100225.23%54.24%FY26Q18,502269.17%-6.57%)*#$DiffT:U85,674146.39%-37.64%49.83%yoyqoq(%&'()10,0009,000-./0yoy300%250%200%150%100%50%9,1008,5028,0007,0005,9006,0005,0003,9704,0002,7982,6283,0002,4352,3031,9130%1,7191,6742,0001,423.001,3141,062.001,101.001,080925.00-50%-100%1,0000FY22Q1

FY22Q2

FY22Q3

FY22Q4

FY23Q1

FY23Q2

FY23Q3

FY23Q4

FY24Q1

FY24Q2

FY24Q3

FY24Q4

FY25Q1

FY25Q2

FY25Q3

FY25Q4

FY26Q1!"#$%Wind&'()*

152CapEx&'"()*25Q2)IPAIQR/InfraSTQ1345UV1234BCDE52346FG67MicrosoftGoogle+89:;<=+8>?Beat

1.4%Beat

1.9%Beat

2.5%Beat

0.2%Beat

7.0%Beat

1.6%Beat

1.0%Beat

0.1%Beat

1.5%Miss

1.1%Beat

11.5%Beat

1.9%Miss

0.2%Miss

0.2%Beat

2.3%Beat

4.6%Beat

1.2%Miss

1.1%Beat

2.0%Beat

15.7%Beat

2.8%@A+8>?Beat

2.1%Beat

1.4%Beat

1.9%/Beat

3.5%Beat

2.6%Beat

3.4%Miss

0.7%Beat

6.0%Beat

6.8%Beat

5.1%Beat

1.4%Beat

4.6%Miss

0.1%Beat

6.8%Beat

2.9%Beat

1.0%Beat

0.3%Beat

2.7%Beat

5.2%Beat

2.5%Beat

4.0%Beat

4.3%Beat

17.2%Beat

4.8%Beat

7.8%Beat

5.8%Beat

12.8%Beat

0.7%Beat

19.2%Beat

18.2%Beat

6.0%Beat

0.3%Beat

64.7%Beat

11.1%Beat

14.6%Beat

12.7%Beat

8.4%Beat

26.4%Beat

14.4%Beat

20.5%Beat

65.4%Beat

49.3%Beat

6.9%Beat

29.0%Beat

31.5%AmazonOracleHIJKLEMNQMetaBeat

4.5%Beat

2.9%Beat

1.6%Beat

0.2%Beat

1.3%Miss

0.6%Beat

7.0%Beat

1.1%Miss

0.1%Beat

0.1%Beat

0.7%Beat

3.4%Beat

1.2%Miss

0.2%Beat

2.3%Beat

11.7%Beat

2.1%MongoDBSnowflakeConfluentElasticMNRSMNOPMNOPMNOPSAPPalantirServiceNowSalesforceWorkdayAppLovinShopifyDocusignGitlab2BTSJKAIJK2BUVJK2CJKAxonRedditDuolingo17!"#$%Visible

Alpha&Bloomberg&'()*&+,-.AI

Infra)D89MN0WXYZ=>•pqrst]uåèéÑvw>10xYGPUš.G5dwB7yX>25¥z{M|}M~•€JAI”Œ‹Ñꢀõc‚ƒ„234Dñz20¦õAI…•"†˜5܇ŒL>

z{߈‰pŠ‹M|}߈AIŒꢁM~•€ßˆAI”ŽꢂŠ‹MMeta߈AI%ꢃ‘’=24AAI+8_`

25AAI+8bd34

WXYZ67AI[\AI]^YZAI>e24Q1

24Q2

24Q3

24Q4

25Q1

25Q2abcabcIaaS-hiGPUfgjkPaaS-lmnoMNQp[\kSaaS-qrCopilots6tuv$30/w/)1%AIGfg2%M365CopilotARR

100"#$

ARR

200"G+8y`z{AI+Microsoft35%

34%

35%

32%

33%

39%_`x3%_`x5%IaaS-hiGPUfgjkPaaS-lmnoMNQp[\kSaaS-WorkSpacetuv$10/w/)1%AIGfg2%AI|}ARR

80"#$_`x2%ARR

150"_`x5%G+8y`z{AI+Google28%

29%

35%

30%

28%

35%BCDEIaaS-hiGPUfgjkPaaS-lmnoMNQp[\kSaaS-lmAmazonQ~•tuv$20/w/)1%AIGfg2%AmazonQARR

80"#$_`x1%ARR

180"_`x3%G+8y`z{AI+Amazon17%

19%

19%

19%

17%

17%ARR

40"#$_`x7%ARR

150"_`x20%IaaS+8y`z{AI+AI+OracleMetaAIGfgIaaS-hiGPUfgj42%

45%

52%

51%

52%

55%1%AI€ꢀ?‚k1%…†AI€ꢀ‡ˆ‰Š‹ŒꢁŽꢂꢃ‘k

’“lm5"

‹Œzo50-60"[\–

[\–

MAU

MAU

MAU

MAUMeta

AI”ꢄ2%AIƒ„2%AIƒ„’“lmv$299/S_`0.5%_`4%—˜

—˜

5"7"

10"

10"!"#$%'()*&Bloomberg&+,-.AI[%\]^)_`abInfra%&/O34#2B34;<=>?(Token6@ABC'(“‘¸µ“‘12#34567812$%9:'(“‘!"#AI$%&'()*+,-./019!"#$%/'()*&+,-.AI

Infra)CSPD%:cTde•

Microsoft>Œ‹¦cÛ”5AzureŒ‹67¦§39%5±\AI•“¥ŽŒ‹‚ƒ1002345AI5Œ»"äåCapEx#$&"–—z•

Google>8x

8.5˜™Û•åBšBÃꢀ

Gemini>2›ˆ5%°

GeminiJÃꢀñ67¦§

35œ5nToken/6n0¡960˜2z•

Amazon>¥ŽŒ‹a2+8

12302345AWSoû©Üꢀ11950234567¦§,25%5,ž85%-90%

IT#$/ŸB"‡z•

Oracle>OCI5Œ33234/¥Ž‚ƒ1322340567+54%5OCIKLŒ‹67+57%5µ¶/¡8x¸¹=\]¢9r5FY2026

OCIŒ‹+77%Î180234z£kQ¥OCIŒ‹s;Pž-Î

1440234Azure(MSFT)GCP(GOOGL)AWS(AMZN)OCI(Oracle)80%70%60%50%40%30%20%10%0%76%66%55%55%39%53%53%52%40%52%52%33%51%53%51%50%50%49%46%46%45%42%35%47%39%45%40%36%37%36%38%43%32%34%33%33%33%33%35%32%30%19%31%29%29%37%37%33%28%27%32%17%29%19%28%17%28%18%27%26%13%22%12%20%19%16%12%21Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q323Q424Q124Q224Q324Q425Q125Q220!"#$%Visible

Alpha&Bloomberg&'()*&+,-.AI

Infra)CapEx-fghde•

CY2025Q2!"ú#'r1,035234567+89.47%5¤7+20.80%=•

25Q2

MSFT/GOOGL/META/AMZN/ORCL

!"ú#1242M224M170M314M85234567+27%/+70%/+100%/+92%/+269%5¤7+13%/+30%/+24%/+29%/-6.57%=OracleJ!"ú#s¾¿žX59r

2026

Æ¥!"ú#s¡É,

350

234/{T12502340=•

CSP¤¥JGXCapExµ¶¦abM”M…•§^>‹õcO:5CapExŠ‹Ñ•¾¿žX=("#$)MicrosoftGoogl

eAmazonMetaOracle1,2001,0008006004002000103585784263754644243143342340037037135132622Q122Q222Q322Q423Q123Q223Q323Q424Q124Q224Q324Q425Q125Q221!"#$%Visible

Alpha&Bloomberg&'()*&+,-.Di[25Q2%&jCapExkl0123Meta45625Q2CapEx!9:;PCDF!GH9S:¬Q<170=>?@VWꢆpqr&ꢃ‘B’s*“Š‹NŒE‡!}~I!9ª®¯°@Š‹NŒs±²³YZE´Bꢂ´IYZµ¶·¸E¯°¹º»¼K'(½¾¿EÀÁI

³VWâ~Ò@¥<YZ£e‡!i:kÓYZÂÃ@¡¾¿ÀÁE±²¶_deÄgs2026gÅÆ}~ÇÈ·¸ꢃÉE¶_ÊËÌ#³Š‹NŒIYZÂÃ@Í¡ÎÏEÃÐÑÒÓKef#ÔglRYZ–ÕEÖ×´ƒØÙÚÛ´WI25Q2!9:;<

242=>?@ABCD

65=>?EF!GHIJKLM&NOEQERS:;<

171=>?ITUVW#XF!GHIYZ[\]^E:;JK_`!a@bc!adef#

15ghij:k'(lRmnIAo:;VWJKpqrPCD

CPU

s

GPUQ@tuvwxyz{|E}~IYZ•€8ꢀE!9:;<

224=>?IYZE‚ƒ„…!9:;†‡!Kˆ‰Š‹NŒ@ABꢁŽ…ꢂ€‡!Kpqr@Ž…ꢂ]‡!Kꢃ‘B’s*“NOIY”<YZꢄ–E

AIa—˜™@ihYZ<š›œꢅŠK

GPUs

TPUEžŸ@¡bc†¢£}~¤yzI¥¦@YZ£e§¨‡!i©ªb«yzIYZE!9:;•€8ꢀ<

314=>?IYZÂÕ€8ꢀE!9:;d™ÜÝÞßYZÄgÌ^gE8ꢀ!9‡!àIAWS

áº78AI

pqEyz@tãä¶åÓ

Trainium

æçèéêih:kYZë>sìíîqEˆ‰Š‹NŒE‡!IñKYZeòîóÀÁEÀôÝõ&ö÷ÓYZós±¸øÑa—Ewxyz{|ihƒÉE™ùúûüý@YZdÅÆe!9:;sþÿ:;!–‡!@i"#f#$%EØÙIFY26%ꢆK&`!a˜™E¶å@!9:;¶_d'2025(g)*¡+,IꢆK-^gµ¶aÑPCDƒŸF!GH./QE0¬12@YZÂÃ-^gE¶_àd3KÌ^gI2025gE!9:;PCDF!GHE9S:¬Qde

660

=>?Ú

720

=>?ꢂ2@Eꢂ7ÂFE

640=>?Ú

720=>?GH@BIù*¶åꢁ

300

=>?IYZ/7ÂÃ

2026

g!9:;ádJkùKLME¶_@¥<YZdÅÆúNOzØP@¶åaÑiD2025g%ñKö÷ÓYZóa—spqEwxyz@YZÂÃ2025gE!9:;d6vꢁ850=>?@3Kꢂ78ÃE750=>?I9µjE:;<=¤ÓpqrE>?‡!&pqr0¬12ihꢃ‘B’@NABEåC@bVW³<¤DÏóš›EyzIYZÂÕ€8ꢀE!9:;d™ÜÝÞßYZÄgÌ^gE8ꢀ!9‡!àIYZdÅÆeéê&ꢃ‘B’s[Ò!–‡\9×!S@i"#YZe]^_±¸øÑÀÁÍ¡Eb]U`aƒEØÙIïðϱ¸øѸQsîqþÿEyzIe!9:;!–@2026

gYZ!9:;¶åEVWâ~Ò³RƒSJ±¸øÑPgenAIQETÉ@¥<YZ£eU@VWÑÒ@bd}~Xgepqr&*“sꢃ‘B’!–E:;¶åIYZYÂÃe

2026gd2026g%ꢆKš›yzih'(ÇÈE¶_ØÙ@YZÂÃ!9:;d§]A¶åIFY26Q1%YZÂÕ]8ꢀ!9:;d[\

300

=>?@b45KkÆwxEyz{|IÅƃ҇!Z’±¸øÑI22!"#$%Visible

Alpha&Bloomberg&'()*&+,-.AI

Infra)CapEx-fghde

/

CEOèÌŒé/êãëìíŸ)*YB/OPQRUQMeta

/

Mark

Zuckerberg

Ö

2028

ÚÖÊ

6000

FGHApple

/

Tim

Cook6000

FGHGî#ïðñ/L™þÿ!"/¬ç#$·%$&'()·—$Meta

CEOGîóôèÌ6õ

AI/²QR9Google

/

Sundar

Pichai×ØòÚ

2500

FGHApple

CEOK*·{+Microsoft

L,ËMicrosoft

CEOOracle

CEO-(.·/01-21·3+4E*·5678)·9:;<=>¢L,ËMicrosoft

/

SatyaNadellaöÚ

750–800

FGH6÷Úø

²Õù7AI

OPQRÕÏ

3750–4000

FGH9/»úGoogle

/

Alphabet

CEOOpenAI

CEOSergey

BrinŒé×ûüIý[\super-large

investments”AI

OPQR/°DUQOpenAI

/

Sam

Altman23AI67mn1op)OpenAIqrstu2023.06Oraclebcdef|}DGX

Cloud2023.12~•xAImMosaic

MLmAdept

AImCohere€ꢀ2023.12lAzurewx20[yzC{2024.03‚ƒOpenAI]k56„…2024.092024.05Oracle\abcdefghXYij]k^_2024VWXYZ[Zettascale7\]^_`131,072

[NVIDIA

GPU2025.01rlStargatestuvlGooglemAmazonnopqbc24-™'š›OpenAIœ•žŸ¡¢23v6w)AIxyDi[0z{|EDGX•

DEFNVIDIAGHIJDGX

CloudKL)MN(OracleOPQRSTUKL)VWXNVIDIA

DGX

CloudYZ[\)]^_>-NVIDIA

DGX™

AI`aG!b4cd(efgNVIDIA

AIhi(jklmVWn_gopqmrsUtuvwxy\z{|}UAI`aG!~(•€ꢀ‚ƒ„…†‡Nˆ‰TŠ‹ŒꢁUŽꢂꢃX‘PAI’“U)*”(Oracleꢄ–Microsoft„GoogleOPDGXCloudQRSTUKL)*”(—˜6R™š›œꢅAI˜žŸ¡U)]^¢£X•

/watch?v=LNi7PLz9eDo&ab_channel=OracleMicrosoftGoogleOracleOpenAIPaLM-2Google

Cloud

Platform-4Pathways†Oracle

Database-3†Microsoft

SQL

Server-2DeepSpeedmStack2524'5Z9[\T]^R_`abc•

Oracleš¨©±ªtÞ(——OCI8ò׫5ð¬AI8òr³ï–=OCI8òr³•s®¯{°£ÑJ131,072±²³¡Blackwell

GPU5´Tfw9rsµAζfJ2.4

ZettaFLOPS5·¸l¹º»8xV˜22¼Jr³wÞ5,žª½¾J8òr³•·ꢀ¿À«=•1PÁÂI6KLJµ¶5OCI8ò׫ÃÄ]‚rP£ÅÆÇèÈ=e®¯²³¡H100

GPUJÉM׫5ÉžŸÎ65,536±H200

GPUJ\M׫5•ÉªÊËÌJBlackwell

GPUrÍ=ÉMU[\]JÎ+ÏÐ145Î144ÑÒ5„XM‚½Óv¡É800ÔÒ=•

Oracle

JÕ2Ö

×

Mahesh

Thiagarajan

ùÅ5OCI

`¸PªØÙJ

AI

»¼‚½"†5wÄ#¾,žÛꢀ^_XJÚÛf0]XYZ

AI

Ü(ݯ=FY25Q3fÞOraclešBˆ‚;mrXJ64,000

GPUßàNVIDIA

GB200׫ꢁyAIab=65

ExaFLOPS260

ExaFLOPS2.4

ZettaFLOPS2625v1w)}~Stargate•€0ꢀ‚Pƒ„*•

The

initial

equity

funders

in

Stargate

are

SoftBank,

OpenAI,

Oracle,

and

MGX.

SoftBank

and

OpenAI

are

the

lead

partners

forStargate,

with

SoftBank

having

financial

responsibility

and

OpenAI

having

operational

responsibility.

Masayoshi

Son

will

be

thechairman.•

Stargate

JáâãTŠ!äl{åMOpenAIMæçèd

MGX=•{åd

OpenAI

l

Stargate

J}~'(éê5{åÝëÆ.5OpenAI

Ýëa55Masayoshi

Son/ìš-0síîïð§=ª«1,000"#$1,000"#$£g¤¥StargateMasayoshi

Son¦§¨©27-™'š›OpenAIœ•žŸ¡¢25v6w)…†‡ˆ•€‰Š‹b••Oracle`¸Cloud»¼‚½(1U[\]t]ñ›5Óóò˜M•ñFAIóô=õ[ö÷øùúû5Oracle

s_ü,

40

˜ý

Nvidia

ªtJ

GB200

þÿ5›sr³wÞx!¹

OpenAI

Õ="U[\]9rsy#¥¥\,cŠ‹a55Oracle

“67NO15

¥Jx!$%=ÏmU[\]s&ŠOpenAI

W'º±ªXŠ!è

Microsoft

J()5*1

ChatGPT

(ˆ¥º³ÞJµ¶“Ò8$PMicrosoftwÄ`¸J¸…ñ=•

OpenAIMæçèd{å5Ç{“1"ÖÇŠ‹P1000234=JPMorgan1"ÖÇ`¸Pr

96234J+.ë!5„ÖÇ°ÑèCrusoed3ÙŠ!pqBlueOwlCapital“Š‹,

50234åê=28-™'š›OpenAIœ•žŸ¡¢25v7w)AIKLŒ•ghŽꢀ300ꢁI‘•

Safra

Catz,

Chief

Executive

Officer

of

Oracle

Corporation

(“Oracle”)plans

to

meet

with

other

Oracle

colleagues

later

today.

She

will

say,“Oracle

is

off

to

a

strong

start

in

FY26.

Our

MultiCloud

databaserevenue

continues

to

grow

at

over

100%,

and

we

signed

multiplelarge

cloud

services

agreements

including

one

that

is

expected

tocontribute

more

than

$30

billion

in

annual

revenue

starting

in

FY28.”•æçèpq/Oracle0,-Õ2.Safra

Catzrœy/01234F±²6ðÂc=5sfÞ>?OracleB2026Æ¥ú6ù?=@AJ£”U[™Œ‹¾¿^8x100%JcE¦§5›NOP£ÖXM”š.$%5±\;Ö9rsB2028Æ¥ú⺥7k8x300234JŒ‹=W•

FY25Q4>”U[™ARR‚ƒ262345k¢%&'(éêJŒ‹¤7+115%=•

FY25Q4>æçèJ»¼‚½”š.J¥ŽŒ‹1120234/{T11062340=FY25Q4)*+,-./RPO011,380234567+41%589:/;<9:1,3702340=•

FY2026|h>9rFY26

CapExs‚ƒ25023451

FY2026

”5Œ+40%MOCI+70%MRPO+100%JÇÈ89»¼=2925v9w)Stargate’“”•?@A&+,BCDEFA\KLJMiNxº

OpenAI7SoftBank7Oracle

Ð

MGX

s2025

Ú

1

á

21

OSÞPvIQT×ØÙÚôŸGî

AI

OPQRèÌ

5000

FGHIRSTUV

1000

FGH

‘sGCWXUQYOracle

ZHã'([\/ÌŒ¢IËJšIÕ]ŸStargate

¨©

7

FGH˜Ì1

áStargate

SÞGCIOracle

=>H,¢IËJšStargate

I6R¹)*YB9¶T0$-ab

Abilene

Í~UQYOracle

Í,cdRS

Nvidia

GB200

e<fghIå¶Í,ijkã

AI

efllm~½mjYNx¶Lñ)V¹n;gâAbilene6^K_9O`Í~UQIOracle

Í,UV

GB200rack4–5

á2025

Ú

7

áIOpenAI

/

Oracle

Pvß,

Stargate

NxI™?

**4.5sX6GW9**dOPQRItp°Duv

5

GWI•žwxÏ

200

±y¹

AI

z{Y|šß,+š}lCGî~

AIOPQRdr•ŠèÌOracle

/

OpenAI

Pv™?

4.5

GW

ßoIpo

qr

5GWI20

300

FGH/Ú²¢J7

á‚Ö

2025

Ú

9

áI\KLJMiNxSƒ}l+IAbileneR„¶+–£‘WXI¾

Oracle

½>'(OPQRUQ…/²e<¨©†IÁ‡/"ucIå¶=ˆlCNxŸ‰Š,Oracle

pžÛßU)*YBIÔÕ

2028

Ú€ꢀØržÛꢀ–×Ø,Î303Oracle!OCI&'+,-./AI–—gh˜™•

Oracle

¤¥¦•–UVWahi—§i¨©>-”XKªQ«g¬¨Ÿ12ꢀ¨©®¯(°±²³´µ¥¶UVWIT·¸¹º‡)G!]^X2023»¼(Kª½¾+,I8¿AIÀŸÁ(eÂÃÄÅƾ

Oracle

Cloud

InfrastructureÇOCIÈ

„)12ꢀ„SaaS

34UBCÉXÊË)ÌÍ~ÎUOracle¥"ÏпAI”ÑÒ(LÓÔÕ+,OCXC/S¬•1984-1997®¯ꢀ¬•1998-2010G°±¬•2011-2021AI¬•2022²³´µ[\¶‡·MNQ¸^¤¥¹“@ºG»·DGX

Cloud2013AMNQG–ÇÈ2015AJKÉÊËÌ2016A€hOCITSfg¼½¾¿vÀÁŠ2¶‡·MNQ¼€hERP[\ÀÁ+ÃÄÅ[\ÆÍ(ΤÏÐÑDGX´µ¨“[^ÒÓCloudÂÔÕÖ×ÕØÙÕ¼ÚÕ32AI–—gh˜™HDE20%JDE67%+,-

100%./01286%344%567%70./81%125%12‡ˆ‰

Oracle

–4—ꢃMž12œŸ¡:;¢£¤:`¥¡¢¦7¤:—§12¨NO©nª75649%./8933%./89‡:;‘’“/>K4—–4˜w™š›89œPaaSm‘’“756—./LœIaaS19%SaaS23%IaaS‡

OCIG6`ˆ‰\]mŠ‹mŒ•mŽXmꢀꢁmGPU56m‘’“”RSaaS‡

Fusion

CloudmNetSuitemEPM

Cloudꢂ–4./33D89)Wš_90RPOgh•

FY25Q4#ÖGFY26

OCI×Ø—£Ù+70%XFY26Q1#ÖGFY26

OCI×Ø—£Ù+77%X•

œÚ

OpenAI„xAI„Meta

ÛÜaAIš›(AI¡—Iˆ$%I8)BCXOracle)±ÝOPVWU

¿AIZ‘ÞßàáâãÁ(AI¡—Iˆ$%ä®`p-.X•

—OCIåæç¬U)RPO£ÙBCè

500%Çéêëì+100%È(Pí¼î»ØïBCðñŠ‹(+,IˆòóôõXAzure(MSFT)GCP(GOOGL)AWS(AMZN)OCI(Oracle)80%70%60%50%40%30%20%10%0%76%66%55%55%39%53%53%52%40%52%52%33%51%53%51%50%50%49%46%46%45%42%35%47%39%45%40%36%37%36%38%43%32%34%33%33%33%33%35%32%30%19%31%29%29%37%37%33%28%27%32%17%29%19%28%17%28%18%27%26%13%22%12%20%19%16%12%21Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q323Q424Q124Q224Q324Q425Q125Q234!"#$%'()*&Bloomberg&+,-.RPO)AIKLMN0RPO/O359%•••F;î

AI

ï–JðñòpqNOPð~J”r³'65Óó

OpenAIMxAIMMeta^«¬£±²pq=ÉC;DEô5)*+,-./RPO0“8x

4550

234567X¦

359%5¤7CQDEô¦õ

3170

234=”

RPO

Bö¥J

83%

¦§»¼—5÷¦§Pø

500%=!"#$%5,0004,0003,0002,0001,00004550&'12()*+RPO-12(),13801300980990971800626.94612623679650650466412387372385FY21Q4

FY22Q1

FY22Q2

FY22Q3

FY22Q4

FY23Q1

FY23Q2

FY23Q3

FY23Q4

FY24Q1

FY24Q2

FY24Q3

FY24Q4

FY25Q1

FY25Q2

FY25Q3

FY25Q4

FY26Q1FY24Q1318.5FY24Q2312FY24Q3344FY24Q4382.2FY25Q1376.2FY25Q2379FY25Q3403FY25Q4456FY26Q1&'12()*+RPO-12(),RPO331.5650338650456800597.8980613.899059297189792413001380455035de49OCIfdghifSaaS34j,•

OCI»öØï÷ø130ùúû(ÖGFY2026÷ø180ùúüÇyoy+77%È(í¼ý»³þµ1,440ùúüÇAWSÈX•

)12•ARR÷ø28ùúü(¼|ÿ!¢‘"#UØï£Ù+1529%X!"DE+,)*/‹¤ŒE²•–²OPQR6OCI9²;<•ÛcŽ?@72FGHIJK

+27%AIef/lmꢀꢁ‘CI“”`Ž?@•–

33FGHIJK

+54%:OCI“”•–

+57%•–JK

+32%IÚ}”

28FGH:|ꢂ)*—+43%:±²)*—

+1529%²)*—²ꢀ‘AI)*—lC™?@IŸ}’“+LLM§=ÂÖÄÅꢀ‘?@—˜•–

38FGHIJK

+10%:ÁYERP/HCM8ÂÃꢀ‘

24FGHIJK

+16%23

OpenAI7xAI7Meta

8:RPO

4550FGHIJK

+359%IÁY²RPO

+500%-./01±²ÂÙš45AI-.IꢃC01“ÓL™c/AWS/Azure/GCP›"¢½Iß,z{œl˜

Oracle

AIDatabase:ꢀ‘ºAI|C»=¶UV

34¹±²)*YBIÕ]ß,Ö

71¹)*Ÿ}+LLM¡¢Iꢁž¥;)*¦]lm:AIAgents³–ꢀ‘EꢄAI‘C%&!"#$%Wind&'()*

36kl9m"+ghi+nMop

_qrstuv•

OCI

$A%B,#˜ŸAIKªÇ‰&'œÚ

OpenAI„xAI„Meta

Ûš›((“•

OCI

¾

AI¡ꢀ)U*"âãT+Èá,¾

Oracle

-Œ./0a

GPU

12’1(2þ

¡,'—O‰3=

É456789:Oracle

¾

Azure„AWS„GCP

;<

34mOCI=)(GH³´µ

71m(B&•

OCI

U_Fꢁ—>)?@:Oracle

|AU%ꢁ\tu—GPU

`acd(\ä®>?

AI¡3=XEllison

&B#¿CDEFGqH(š›O‰y¤qIÁ:ŒJÉKLš›½MNØUO™PQÇQGR$qOÈ(G,ÀöPØïX•

SôAI12ꢂ#ITU@

12V6ö

U

OracleAI

Database(jVWWL12\—

LLM

X¢JYZ¥Iˆ:—Üa˜žŸÇChatGPT„Gemini„Grok„LlamaÈcO(ÔÕ

VW12+K[12

U[\{\:‘P¥¦Q˜VW12MN¹(Oracle

\¾

12Z¥—]W^_

ê>Ú`ÆAI?@:—6789çÙ(Oracle12ꢂaOP

AI

34Q¢ˆU12bc‡Iˆßd:>)12ꢂØïeB

1529%(äfg)ÿ!ST3Dä®: