Oracle 的财务基础薄弱，这体现在 Project Jupiter 的不可抗力条款以及对表外融资的依赖上。
逐段跳播
Oracle 正被迫在人工智能领域向前推进。今天我们先从这条新闻说起：Oracle 已就新墨西哥州的一个新数据中心项目宣布不可抗力。
Oracle is being forced to move forward in the field of artificial intelligence. Today we will begin with the news that Oracle has declared force majeure on a new data center project in New Mexico.
简而言之，Oracle 声称，如果该项目出现延误，它不承担相关成本或费用，我想这个项目叫 Project Jupiter。它本应于 2028 年开始运营。
In short, Oracle claims that it is not responsible for costs or expenses in the event of delays to this project, I believe it is called Project Jupiter. It is supposed to start operating in 2028.
我认为 Oracle 采取这一举措完全说得通。原因如下。没有人否认 Oracle 正在尽最大努力为数据中心基础设施的建设提供资金。它无疑正在扩大其资源规模。即便扩张，成功也是有可能的，但你必须确保收入能够覆盖支出，对吧？
It makes perfect sense to me that Oracle would take this step. Here's why. No one denies that Oracle is doing its best to fund the construction of the data center infrastructure.
It is undoubtedly expanding the scope of its resources. It is true that success is possible even with expansion, but you must make sure that the revenues cover the expenses, right?
就这个特定的数据中心而言，有理由认为，资金可能不会在 Oracle 希望、预期或需要的时候到位。公众舆论已强烈转向反对数据中心，而我认为在新墨西哥州这类偏左翼的州，情况更糟，这个项目正位于该州。
因此，有充分理由认为，来自监管机构及其他因素的延误可能会使 Oracle 无法从这个数据中心获利。
With regard to this particular data center, there are reasons to believe that the funding may not be delivered when Oracle wants it, when it expects it, or when it needs it. Public opinion has turned strongly against data centers, and I think the situation is worse in left-leaning states like New Mexico, where this project is located.
Therefore, there is good reason to say that delays from regulatory bodies and other factors could prevent Oracle from profiting from this data center.
因此，Oracle 加入这一条款是合理的，这样在产生收入之前就不必付款。这并不一定意味着该项目注定失败。这并不一定意味着 Oracle 现在正面临重大问题，但它确实表明 Oracle 扩大了工作范围，而在项目工作完成之前，它无法开始支付这些款项。
Therefore, it makes sense for Oracle to include this clause, so that you don't have to pay before generating revenue. This does not necessarily mean that the project is doomed to failure.
This does not necessarily mean that Oracle is facing a major problem now, but it does indicate that Oracle has expanded its scope of work, and it cannot start making those payments before the work on the project is completed.
如果 Oracle 在这方面取得成功，将减轻它自身的压力，或许也会减轻其他做出承诺的公司的压力。这可能意味着更积极的承诺。这可能意味着公司会更大胆，因为它们可以在保持安全的同时承担更多风险。
If Oracle succeeds in this, it will relieve the pressure on it, and perhaps on some other companies that make commitments. This might mean more proactive commitments. This could mean that companies will be bolder, because they can take more risks while maintaining security.
我有一些疑问，其中一个可能会让我非常仔细地思考这件事。你可能需要让我冷静一下，但当我看到 Oracle 在任何款项到期前两年就援引不可抗力条款时，我立刻想到了一些反应。这让我有些担忧。
I have some questions, and one of them might make me think about the matter very carefully. You may need to calm me down a bit, but here are some of the reactions that immediately came to mind when I saw that Oracle was invoking the force majeure clause two years before any payment was due. This was somewhat worrying to me.
他们宣布这件事本身就有些可疑，因为我认为，当我们讨论这一进展时，正如我们提到的，Oracle 属于最脆弱的公司之列。它利用表外交易来完成工作，而且它承担的债务并不比 Alphabet 和 Amazon 这类公司多多少。
The fact that they are announcing this is somewhat suspicious, because I think that when we were talking about this development, Oracle, as we mentioned, was among the most vulnerable companies.
It was using off-balance-sheet deals to get the job done, and it didn't take on much more debt than companies like Alphabet and Amazon.
因此，他们迅速宣布不可抗力很有意思，这也影响了他们的竞争地位。我的观点是，这可能会引发一些疑问，但 Oracle 与 OpenAI 做了许多这类交易，Oracle 在其中投资 OpenAI，而且如你所知，我们讨论过这些全天候的融资交易。
Therefore, their rapid declaration of force majeure is interesting, and it also affects their competitive position. Here's my point, which may raise some doubts, but Oracle makes many of these deals with OpenAI, where Oracle invests in OpenAI, and as you know, we've talked about these round-the-clock funding deals.
所以，我内心有一部分在说：Oracle 这么做，可能是因为它知道自己将难以从那些它声称已获得承诺的对象那里收回款项。
So, part of me is saying: Oracle might be doing this because it knows it will have difficulty collecting payments from the people it claims to have obtained commitments from.
我认为“为什么是他们？为什么是现在？”这个问题真的很有意思。我认为之所以特别选中 Oracle，而不是 Alphabet 或其他公司，是因为如我们所知，Oracle 的起点更弱。
I think the question "Why them? And why now?" That's a really interesting question. I think the reason Oracle was chosen specifically, rather than other companies like Alphabet or others, is that Oracle, as we know, starts from a weaker foundation.
他们目前的处境就像薄冰。并不是说他们即将崩溃，但他们的支撑资源较少。“为什么是现在？”这个问题让我很感兴趣，因为你说得对：这可能是原因，也可能是 Oracle 正根据它已经借入的资金来回应这方面的问题，而它的一些债权人正在提出疑问，又或者这意味着他们想达成更多交易，而这一威胁，或者说负债，正是阻碍事情推进的因素。
Their current situation is like fragile ice. It's not that they are about to collapse, but their supporting resources are less. The question "Why now?" It intrigues me because you're right: this could be the reason, or it could be that Oracle is answering questions on this subject based on what it has already borrowed, and some of its creditors are asking questions, or it could mean that they want to make more deals, and this threat, or liability, is what's holding things back.
总之，我们并不知道。这其中很多只是猜测，但归根结底，如我们大家所知，很简单，Oracle 并不是在强势的地位上运作。
In conclusion, we don't know. Much of this is mere speculation, but the bottom line, as we all know, is that Oracle is not operating from a position of strength, quite simply.
OpenAI 明确表示：“我们需要重新考虑与 Oracle 关系的某些方面。”我的意思是，这是个合理的问题，我们也想知道这种讨论是否正在别处进行。
OpenAI specifically states: "We need to reconsider some aspects of our relationship with Oracle." I mean, it's a valid question, and we wonder if this discussion is taking place elsewhere.
我们原本打算以这条新闻开始今天的节目，但鉴于 Oracle 的新闻，我们认为就此打住更为合适。
We had intended to start today's episode with this news, but with the Oracle news , we thought it more appropriate to stop here.
这个频道对 $ORCL 的历次判断
The Motley Fool 在这只股票上只有这一条判断。