David Lin 对 $ORCL 的判断变化

2026-10-20看跌
《The Tech Stocks Going To ZERO: Bankruptcies ‘Only A Question Of Time’| George Noble》
Oracle 的自由现金流为负,加上约 2600 亿美元的数据中心租赁,使其濒临垃圾评级,贷款方将被迫持有其债务;如果这些债务担忧哪怕只有一点点属实,140 美元的 Oracle 股票可以归零。

为什么,为什么,为什么现在大家都在谈论 Cororee 和 Oracle 的债务?

Why why is um why why why are people talking about Cororee and Oracle's debt right now?

看看 Oracle。看看该死的 ORC。这正在变成——我待会儿会再回来说 Oracle。Oracle 正在逼近垃圾债级别,这非常重大。

Look at Oracle. Look at freaking ORC. >> This is becoming I'm going to I'm going to come back to Oc. Oracle is reaching junk bond status and that's huge.

Oracle,对吧?你之前提到过 Oracle。这就是正在发生的事。这次大手笔支出的规模在6月曝光,当时 Oracle 截至2026年5月的财年业绩显示其自由现金流为负。其大部分收入都花在了资本支出上,而且它签下了大约2600亿美元的数据中心租约。

这篇文章的标题是《Oracle 豪赌高评级、评级赌博与 AI 战略》。它正处于垃圾级信用评级的边缘。

Oracle, right? This is you mentioned Oracle earlier. This is what's going on. The extent of the splurge came into light in June when Oracle's results for the first fiscal year for the fiscal year ending in May 2026 showed its free cash flows were negative.

The bulk of its revenue was spent on capital expenditure and it had it signed roughly $260 billion of data center leases. And the title of this is Oracle goes for high stakes ratings, gamble, and AI strategy. It's on the cusp of junk grade credit rating.

2026-10-20
《Debt Crisis Explodes: France Is Burning—What’s Next? | Matthew Piepenburg》
Oracle 债券价格远低于面值,融资问题将持续一年之久,公司也在防范可能出现的数据中心延期;说话者怀疑这是类似垃圾债的问题,而非广泛的 AI 债务压力,并认为其违约风险高于一家风险较低的同行,而低于面值的债券可能带来优于股票的总回报。

我们要谈一谈Cororeef,还有Oracle。

Um, we're going to talk about Cororeef and also uh Oracle as well.

坦白说,这甚至包括Oracle、Paramount或其他公司,这些曾经是不可撼动的巨头,如今却在以远低于面值的价格发行债券。

And that includes even frankly Oracle or Paramount or other companies now that were once sacred cows that are offering bonds well below par.

Oracle的融资问题全年都令人担忧。这是9月24日的最新消息。据对银行家和投资者的采访,Oracle为防范Blue Owl在新墨西哥州开发的一个大型数据中心项目可能出现的延误而采取的自我保护举措,震动了规模达万亿美元的AI基础设施融资市场。

Oracle financing has been an ongoing concern all year. Uh this is the latest September 24th. Oracle's move to protect itself against potential delays at a massive data center project developed by Blue Owl in New Mexico said it chill through a trillion dollar market for AI infrastructure financing according to interviews with bankers and investors.