Oracle 具备投资机会，因其估值相对 AI 同业偏低，且拥有积压订单和营收增长等强劲基本面，尽管说话者目前尚未持有显著仓位。

The second one is going to be Oracle, ticker O RCL, We have Oracle that's obviously a massive player in the AI infrastructure. Unfortunately, from some of its peaks, the stock is down nearly 50%, actually a little bit higher than that, 52%.

Oracle sitting at again interesting levels, $150, right? $150 right now after earnings, which I thought earnings were great. Year to date, the stock is down nearly 46%. And like we saw from its one-year high uh 52- week high, the stock is down nearly 54%.

So what gets me excited about Oracle? The first thing is now Oracle is trading at forward PE ratios of roughly 18. This is an AI infrastructure player. I can't see why an AI infrastructure player wouldn't be trading in the mid20s, 25s.

I think there's opportunity there, especially if if this company is truly doing extremely well in its OCI, which is Oracle Cloud Infrastructure. And we see that's the case. I mean, total revenue is expected to accelerate.

We see that purple line that dash line continues to go higher and higher. And by May 27th, you see about 38% year-over-year growth in revenue. As this company continues to build out more infrastructure, that revenue is going to continue to accelerate.

They have a massive, massive backlog. They mentioned somewhere around 640 billion in backlog and about half of that is going to become revenue in the next 36 months. They are also mentioning that customers are coming with prepayments.

We saw their operating cash flow increase because a lot of companies are giving prepayments in value for or bring in their own GPUs. So capex is increasing, but it doesn't mean Oracle needs to build out or pull out more cash because within that capex, you're also getting a nice amount of prepayments with one thing that I found pretty exciting for Oracle.

And this is actually very bullish for the whole industry. We're seeing it across all NeoCloud players, across all AI infrastructure players. And if you want to know the risk, to me, the risk is obviously if AI infrastructure is not needed, if we overbuild, Oracle and a lot of these NeoCloud players are going to fail.

That's the risk, right? There's no other question about it, especially with Oracle having the massive debt. But if the AI story is as crazy as I believe, and I could be wrong, right?

And that's why every investor needs to make their case, needs to pick a side. If you are investing in these types of companies, you need to understand that even though AI is crazy, there could be something that completely throws off the demand or anything else to a bearish scenario that maybe you did not foresee.

So, understand the risk of every investment. So, the thing that got me excited from their most recent earnings is they mentioned that of the GPUs that came up for renewal in quarter 1, the capacity was renewed or resold at 20% premium to prior contracts.

The majority of those GPUs are 4 years or older, which is crazy because a lot of the modeling back then, you thought that these GPUs were not going to make much money anymore. But the answer is yes.

They're still making money and they're making way more money than prior contracts. So for them once you pay off your GPUs these GPUs are now just making money at high margins and that's extremely bullish for a company that has a lot of infrastructure.

They are also the main player of OpenAI right they delivered about 131,000 GPUs this quarter. They have already six of the eight campuses representing 618 megawatt and 75% of total capacity have now been delivered to OpenAI. the recent release GPT6 Astro which is amazing was trained on their site and they're building multi-gigawatt scale campuses all over the world and they are progressing extremely well.

So the risk is what happens if AI fails the growth is what if AI is as crazy as it is? If it is, then Oracle is doing extremely well. And with a lot of these GPUs coming from Renew, especially those older GPUs, those are going to be making money for them and helping rebuild that operating cash flow and be able to spend a lot more in overall AI infrastructure.

So, Oracle is an interesting one. I would say I Oracle I don't own much. If I do, I I can't remember if it is sub one 2%, but it's because I'm mainly in other NeoCloud players.

I obviously have a big position in Core Wee. I have a big position in Naian and that's the only reason I may be lagging here on Oracle. If I didn't have those positions, Oracle would definitely make it on the top of my list or if I was creating kind of like a ETF blanket of Neoclouds, Oracle would 100% fit that list.