甲骨文的最悲观假设:若AI数据中心合同全部终止

华尔街见闻
Feb 12

针对市场对客户集中度与资本开支的持续担忧,伯恩斯坦在最新研报中对甲骨文进行极端情景压力测试:若OpenAI等AI客户完全撤单,公司价值几何?据追风交易台,研报的模型构建了一个“近乎最坏”的下行假设:自2025财年第四季度以来签约的所有AI合同,包括OpenAI的巨额订单均无法转化为收入,客户既不履约也不续约。与此同时,核心数据库、SaaS及非AI的OCI业务保持正常增长。在此极端设定下,伯恩斯坦...

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