周四， 甲骨文 盘中短线拉升，截至发稿跌幅收窄至13%。同时，半导体、AI概念股普跌。截至发稿， 超微电脑 跌超4%，AMD、Arm、博通、 英伟达 跌超3%， 英特尔 、美光科技、台积电跌超2%。
消息面上，甲骨文管理层将2026财年资本开支目标上调150亿美元至500亿美元，相当于全年预期营收的75%，重燃市场对AI科技股昂贵估值的担忧。
摩根士丹利分析师指出，华尔街对于甲骨文的关注焦点已从“订单增长”转向“实际的订单转化效率”与“公司整体利润率”，尽管云计算订单规模持续膨胀，但投资者正失去对其转化为“可持续盈利与利润率扩张”的信心。
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