这就是Oracle股价过去一年的表现。该股已下跌53%，我认为未来还会进一步下跌。造成这一局面的主要原因是，公司财务状况的改善在某些方面不过是一种假象。
This is how Oracle's stock has performed over the past year. The stock has fallen by 53%, and I believe there will be further declines in the future. The main reason for this is that the improvement in the company's financial situation is, in some respects, nothing but an illusion.
当 Oracle 与 OpenAI 签下一笔 3000 亿美元的交易时，该股一飞冲天，投资者非常看好该公司作为人工智能基础设施参与者的未来。
When Oracle signed a $300 billion deal with OpenAI, the stock skyrocketed and investors were really bullish on the company's future as an infrastructure play in artificial intelligence.
但自那以后，该公司一路走下坡。过去一年，股价下跌超过 50%。而且有一个巨大的问题正在向 Oracle 以及实际上所有 Neocloud 公司逼近。随着整个行业耗尽了全部自由现金流，它现在依靠债务来为 AI 建设提供资金。而这笔债务正变得越来越昂贵。
But it's been nothing but downhill for the company since then. Shares are down over 50% over the past year. And there's a huge problem that is rearing its head for Oracle and really all of the Neoclouds out there.
As the industry has burned through all of its free cash flow, it's now relying on debt to fund the AI buildout. And that debt is getting more and more expensive.