传媒行业：英伟达带火“AI云新势力”

华福证券

09/23

投资要点：海外AI 云市场已进入老牌云厂商与新兴云厂商竞争阶段。老牌云厂商培养自身ASIC 以防对英伟达算力依赖，新云厂则注重规模扩张，获取英伟达供货优先级，ASIC 热度较高时英伟达也加大扶持新云力度，巩固竞争优势。一、Oracle：老牌数据库向AI 云全力转型，OpenAI 算力深度绑定OCI 全力进军AI 云，星际之门与英伟达、OpenAI 深度合作。Oracle为全球数据库软件龙头，...

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Virtualization”，即将原先预装在服务器的虚拟化软件剥离至独立的硬件，便于服务器性能充分释放给客户，进而使得OCI 具备成本优势。FY26Q1 云收入和RPO 指引积极。2026 财年一季度，Oracle RPO同比大增359%，达到4550 亿美元。管理层预计FY26 OCI 收入达到180亿美元，同比增长77%；之后四个财年OCI 预计达到320/730/1140/1440亿美元。二、CoreWeave:深度绑定英伟达的独立云厂，股权/供货/订单三重护城河英伟达为CoreWeave 股东，对其优先供给GPU。截至6 月30 日，英伟达持有CoreWeave 约7%的A 类股，CoreWeave 同时是英伟达投资组合最大持仓。凭借股权关系与战略绑定，CoreWeave 优先获取英伟达供货。CoreWeave 2032 年前未出租云容量将由英伟达回购。2025 年9 月，据路透社，CoreWeave 与英伟达签署63 亿美元合同，协议中英伟达将购买所有2032 年4 月13 日前CoreWeave 未出售给客户的云容量。三、Nebius：英伟达投资的全栈AI 云，与微软签订百亿级大单新型AI 基础设施独角兽，位列英伟达投资组合第四大持仓。2024 年12 月，Nebius 获得英伟达等领投的7 亿美元融资；2025 年一季度，英伟达购买119 万股Nebius，截至2025H1 末，Nebius 为英伟达投资组合第四大持仓。作为六家英伟达认证的“参考架构云合作方”之一，Nebius 欧洲是第一批获得GB200 NVL72 的云服务商，且预计在年底为客户推出提供搭载GB300 的NVL72 算力单元。欧洲本土云代表，芬兰/法国/英国/冰岛均有部署。Nebius 前身为Yandex 的云计算与国际业务部门，后在2023 年剥离并于荷兰阿姆斯特丹成立，专注在欧洲和全球市场发展AI 云基础设施。目前公司已经在芬兰、法国、英国、冰岛部署数据中心。与微软签署百亿算力大单，首次与Hyperscaler 建立合作。2025 年9月，Nebius 与微软签署AI 算力协议，基础合同总价值174 亿美元，若微软行使额外采购则可达194 亿美元，协议期限5 年。这是Nebius 首次与超大规模服务商达成深度合作，不仅为未来5 年收入提供强劲支撑，也成为Nebius 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