ORCL

That's the Oracle doc. We saw the Oracle note from them.

So the Oracle deal they have is the vast majority of their Q2 revenue. That's really interesting. The Oracle deal is probably one of the biggest risks. So, did they say that uh concentration uh geographic customer risk? Here we go. Yeah. Yeah. Yeah. Look at that. During the three months, revenue from two customers, the second of which is a related party, note 11, accounted for 44% and 21% of our revenue. Wow. During the prior six months, revenue from one customer accounted for 73% of our revenue. Oo, that's really heavy on their AI fund and uh Oracle. This is almost a supplier to Oracles drunken debt. That makes me more bearish. Uh, I'm going to write that down. That's that's a big point. So, probably probably the scariest line. Okay. So this is 73% of rev in last 6 months one customer Oracle and um 44% of Q1 was Oracle. Sorry that was Q2. So Oracle is drunk spending and Bloom picks it up. You know, they're picking up the dollars.

So, this is actually more than just a data center bet. It's all It's like a bet on Oracle. So, how's Oracle stock performing? Let's go find out. Uh, Oracle, Oracle, Oracle. I always think it's funny that, you know, as Oracle stock goes down, you could kind of say like, "Oh man, they didn't see that one coming. It's just it's just being an a-hole." Um, but you know, it's like what Elon always says, fate loves irony, you know.

44% of their Q1 or their last quarter's revenue came from Oracle. And in the last 6 months, 73% came from Oracle. Oracle is, you know, the dirty sort of data center play whose credit default swaps continue to skyrocket because people think they're taking on so much debt. There's a high risk of default. Oracle stock has not exactly been doing them any favors either. If you look at Oracle stock peak to where it is now at 143 divided by 351, which is eerily the same almost the same top that you had um in in the mid 350s range over here for Bloom Energy. That's down nearly 60%. Uh and it's mostly because of the debt they're taking on.

What that's probably going to rely on is not just an expansion of what artificial intelligence is used for, whether it's in healthcare, robotics, you know, space, you know, whatever, AGI, which, you know, I don't believe in AGI, but whatever. Um, what we really want to see is an expansion of that boom, kind of like what we talked about in that memory cycle where you can expand out that data center plateau before you kind of get that eventual decline. Ideally, you get some more scurves of AI data center growth and you really get fuel cells becoming sort of a core product for not just Oracle uh that they purchase but also other data centers.

So that doesn't make Bloom Energy a bad company. It's a concentrated risk. Now that doesn't mean companies with concentrated risk are bad. Like it's just who's the counterparty? So in this case the counterparty is Oracle which credit default swaps are skyrocketing on.

We really want to see expansion to other data centers rather than just Oracle.