甲骨文如何扭转市场叙事?瑞银:OpenAI信仰修复、负债压力证明可控

华尔街见闻
Jan 05

瑞银认为市场对甲骨文股价的暴跌反应过度,其核心逻辑在于两个关键预期:一是OpenAI的大额融资及GPT-6发布将消除客户风险,二是甲骨文自身可通过“表外融资”等财技缓解资本开支压力。报告指出,其数据中心建设正按计划推进,当前估值已过度悲观,具备修复空间。自9月中旬高点以来,甲骨文股价经历了-41%的剧烈回调。这不仅仅是一次技术性修正,更是市场对“OpenAI复合体”信心崩塌的直接映射。投资者目前...

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