Oracle 面临信用压力：两年内债务翻倍，逼近 2000 亿美元，用于 AI 数据中心和 OpenAI 相关建设；信用违约互换升至创纪录的 288 个基点，2032 年债券收益率重定价至 7.24%。基本面未变，但说话者心存疑虑，因为债券市场不会无缘无故波动。
逐段跳播
有人担心 Oracle 和 CoreWave 等公司的债券价格上涨。
There are concerns about rising bond prices for companies such as Oracle and CoreWave.
Coreweave 和 Oracle 是导致近期市场暴跌的两个典型例子。
Two prime examples of companies that have contributed to the recent market crashes are Coreweave and Oracle.
是的。所以 Korev 的情况，其实和 Oracle 一样，只不过 Korev 目前比 Oracle 小得多，那就是我们看到请求积压持续不断。
Yes. So, the thing with Korev, as with Oracle in fact, but Korev is much smaller than Oracle right now, is that we are seeing a continuous backlog of requests.
Oracle 的债务实际上要多得多，但鉴于 Gorif 迄今为止的出色表现，市场很可能仍会有很多疑问。也许在两三个季度前，该公司曾遇到一个小问题，但很快就解决了。
Oracle actually has much more debt, but the market seems likely to still have many questions given Gorif’s outstanding performance so far. Perhaps two or three quarters ago, the company had a minor problem, but it was resolved quickly.
财报季的好处在于，我们有望得到这些问题的答案。但眼下，一切似乎都在朝错误的方向发展。不过，据我们所知，什么都没有改变。但如果看债券市场，我们会感到怀疑，因为这个市场不会无缘无故地出问题。
The beauty of earnings season is that, hopefully, we get answers to those questions. But right now, everything seems to be going in the wrong direction. However, as far as we know, nothing has changed .
But if we look at the bond market, we are suspicious because things don't go wrong in this market for no reason.
在股市中，我们可能会看到一些夸张的反应，但投资者通常掌握着我们不知道的信息。这些信息可能会在财报和电话会议期间变得明朗，但到目前为止，坦白说，我们什么都不知道，因为这个领域的所有其他公司都在采取同样的做法。
In the stock market, we may see some exaggerated reactions , but investors usually have information that we are unaware of. This information may become clear during the earnings report and conference call, but so far, frankly, we do n't know anything because all the other companies in this field are following the same approach.
我还想稍微谈谈 Oracle 以及它那里的情况。我的意思是，我们看到的信贷担忧并不局限于专攻新型云计算的初创公司。我们也看到 Oracle 目前承受着相当大的压力，而任何关注过该公司发展历程的人都知道，它经历了几个发展阶段来打造自己的商业模式。
Well, I'd also like to talk a little about Oracle and what's going on there. I mean, the credit concerns we're seeing aren't limited to startups specializing in new cloud computing.
We also see Oracle under considerable pressure right now, and as anyone who has followed the company's journey knows, it has gone through several phases of developing its business model.
它主要致力于围绕人工智能领域重塑自己的企业形象。它与 OpenAI 等核心模型开发者建立了基础设施和算力扩张方面的巨大合作关系。
It has primarily worked on reshaping its corporate identity around the field of artificial intelligence. It has forged huge partnerships in infrastructure and computing expansion with core model developers such as OpenAI.
当然，为了建成 Oracle 完成这些合作所需的庞大、高耗能的数据中心，它的长期债务负担实际上已连续两年翻倍。它正朝着2000亿美元迈进。
Of course, to build the massive, energy-intensive data centers that Oracle needs to complete these partnerships, its long-term debt burden has effectively doubled in two consecutive years. It is heading towards $200 billion.
昨天，在录制这段视频时，我们也注意到 Corewave 危机的影响正在扩大，关于 Oracle 债务结构风险上升的看法也随之出现。
Yesterday, while recording this video, we also noticed the widening impact of the Corewave crisis, and the idea of increased risks to Oracle's debt structure emerged .
通过5年期信用违约互换衡量的 Oracle 债务违约保护成本，一夜之间上升了26个基点，达到288个基点的历史新高。
The cost of protecting Oracle's debt from default, measured via 5-year credit default swaps, rose by 26 basis points overnight to a record high of 288 basis points.
这意味着机构投资者正在要求更高的溢价，以保护自己免受任何信用事件的影响。回到2032年的公司债券，其收益率已被重新定价上调至7.24%。因此，仍然存在通胀和融资成本方面的压力。
This means that institutional investors are demanding higher premiums to protect themselves against any credit event. Returning to the corporate bonds for 2032, their yields have been repriced upwards to 7.24%.
Therefore, there is still inflation and pressure on financing costs.
这个频道对 $ORCL 的历次判断
The Motley Fool 在这只股票上共 3 条判断，这里只列相邻的几条。