Schwab Network 对 $ORCL 的判断变化
还有甲骨文，另一家拥有巨额RPO积压订单的公司。他们的积压订单我认为接近6400亿美元。但他们也在大量支出。他们的自由现金流为负。关于债务有很多讨论，以及对那笔债务的担忧。
And Oracle, another name with a massive RPO backlog. Theirs was I think close to $640 billion. But, they are also spending heavily. They had negative free cash flow. There's a lot of debt conversations and concerns about that debt.
你如何判断甲骨文庞大的积压订单是机会还是融资风险？我们认为这是一个机会，而且我们认为随着一些数据中心上线，它将开始消化这些积压订单，并缓解其中一些担忧。
How do you determine whether the enormous backlog that Oracle has is an opportunity or a financing risk? We see it as an opportunity and we start we think as some of these data centers come online, it'll start to work through that and alleviate some of those concerns.
我们看到传统GPU的租赁价格上涨。因此，GPU至少将成为9到10年的资产。所以，我们认为用债务为其融资是明智之举。
We're seeing price increases on rentals of legacy GPUs. So, GPUs are going to turn out to be a a 9-to-10-year asset at a minimum. And so, we think that financing them with debt is a smart move.
我们认为目前市场上最不受欢迎的股票是甲骨文。正如你之前提到的，积压订单绝对庞大。拉里·埃里森，创始人，可以说是最初的创始人，几年前就预见了未来，开始构建他的数据中心战略。
We think the most disliked stock in the market right now is Oracle. As you mentioned earlier on the segment, absolutely massive backlog. Larry Ellison, again, founder, sort of the original OG founder, saw around corners a couple years ago, started building out his data center strategy.
需要高度安全私有数据的企业和政府都依赖甲骨文，我们认为他们将继续在该领域表现出色。因此，我们认为这是我们关注的市场上最被低估的股票，或许拥有最大的上行空间。
Corporates and government that need highly secure private data live on Oracle and we think they're going to continue to do well in that space. And so we think it's the most underappreciated name in the market that we follow with perhaps the biggest upside.