甲骨文(ORCL)今日盘中股价大幅下跌5.11%，引发了市场的广泛关注。
消息面上，此次股价下跌主要受到信用评级下调的直接影响。标普全球将甲骨文的长期发行人信用评级从“BBB”下调至“BBB-”，使其处于投资级的最低档，距垃圾级仅一步之遥。评级机构指出，甲骨文为支持人工智能发展而规划的资本支出预计将飙升至900亿至950亿美元，这可能导致其自由运营现金流出现高达420亿美元的赤字。
此外，客户高度集中带来了显著的违约风险。据悉，人工智能公司OpenAI约占甲骨文剩余业绩承诺的近一半，这种依赖性使得甲骨文面临二元风险：若OpenAI业务遇阻或转向其他云服务商，甲骨文将面临产能闲置和巨大的财务冲击。市场对其激进的AI战略能否带来足够回报的担忧持续升温，共同导致了股价的下跌。
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