Name: Oracle AI 債務重擔讓投資者焦慮不安！ (How Oracle’s AI-Fueled Debt Load Has Investors On Edge)
Uploaded: 2026-03-21T17:55:53.000Z
Duration: 5 min 45 s

The race to build an artificial intelligence ecosystem has propelled massive investments and brought the most unlikely players to the table.

建立人工智慧生態系統的競賽，推動了龐大的投資，並讓最不可能的參與者也加入了戰局。

Oracle, the legacy enterprise software company founded in 1977 by co founder Larry Ellison, is one of them.

身為一家由聯合創始人 Larry Ellison 於 1977 年創立的傳統企業軟體公司，Oracle 就是其中之一。

Oracle is now doubling down on AI cloud computing, but

Oracle 現在正全力投入 AI 雲端運算，但

the jury is still out on whether Oracle will prove to be a winner.

這場競賽的結果還尚無定論，Oracle 是否會脫穎而出，仍有待觀察。

About a year ago, Ellison stood by President Trump and OpenAI CEO Sam Altman to announce Oracle's role in Stargate.

大約一年前，Ellison 與美國總統川普和 OpenAI 的執行長 Sam Altman 一同現身，宣佈 Oracle 在 Stargate 計畫中的角色。

A huge AI data center campus in Abilene, Texas is a very exciting program for Oracle to be a part of.

位於德州 Abilene 的一個大型 AI 數據中心園區，是 Oracle 非常期待參與的計畫。

Stargate raised Oracle's profile as a major contender in the air race and reinforced its push into cloud computing, a move that has drawn both praise and criticism.

Stargate 計畫提升了 Oracle 作為空中競賽主要競爭者的形象，並強化了其在雲端運算領域的發展，此舉同時獲得了讚譽和批評。

首先，讓我們來看看令人興奮的部分。

In September, the company surprised Wall street after striking one of the biggest cloud deals ever, a $300 billion cloud computing contract with Open Air.

九月，該公司與 Open Air 達成了一項史上規模最大的雲端交易之一，一份價值 3000 億美元的雲端運算合約，讓華爾街感到驚喜。

The stock hitting an all time high, up as much as 43% today, closing out its best session since 1992.

股價創下歷史新高，今天漲幅高達 43%，創下自 1992 年以來最佳單日表現。

Securing OpenAI as a tenant for its data centers cemented Oracle's role, putting it side by side.

將 OpenAI 納為數據中心租戶，鞏固了 Oracle 的地位，使其與亞馬遜、Google 和 Microsoft 並駕齊驅。

That contract really validated many of the things Oracle has been investing in specifically around their cloud infrastructure business.

這份合約確實驗證了 Oracle 在雲端基礎設施業務上投入的許多項目。

They were laggard in sort of the traditional cloud build out and so a contract of this size, especially from arguably the leader in AI, was a huge validation of everything that they built.

他們在傳統雲端建置方面一直落後，是以這份合約的規模，特別是來自 AI 領域的領導者，對他們所建立的一切是巨大的肯定。

Oracle soaring stock price briefly made Ellison the world's richest man in September.

九月，Oracle 飆升的股價一度讓埃裡森成為全球首富。

Oracle announcing today plans to build a Data center using 50,000 chips from AMD.

Oracle 今天宣佈計劃建造一個使用 AMD 5 萬顆晶片的數據中心。

As this AI dealmaking spree intensifies at Oracle's AI World in Las Vegas, excitement continued to grow around the tech visionary's dream to become an AI forward company.

隨著 Oracle 在拉斯維加斯 AI World 的 AI 交易熱潮加劇，人們對這位科技遠見者成為一家 AI 領先公司的夢想越來越興奮。

But enthusiasm started to wane as investors turned their attention to the massive amount of debt Oracle would need to take out to fund its ambitions and the pressure that would potentially put on its investment grade credit rating.

但隨著投資者開始關注 Oracle 為實現其抱負所需的巨額債務，以及這可能對其投資級信用評級造成的壓力，熱情開始減退。

Those worries started to send Oracle's five year credit default swaps higher in November.

這些擔憂在 11 月開始推升 Oracle 的五年期信用違約交換利率。

One time AI data center Darling falling another 4% today.

曾經的 AI 數據中心寵兒今天又下跌了 4%。

目前交易價創下兩個多月來的最低點。

That 35% post earnings pop from September and is now pacing for a fifth straight week of losses.

九月份財報公佈後曾飆升 35%，現在則創下連續五週下跌的紀錄。

The move coming as investors seem to be increasingly questioning the pace and magnitude of the AI boom.

投資者似乎越來越質疑 AI 榮景的腳步和規模，這項變動隨之而來。

If Oracle needs to go out and borrow Money, call it 50 to $100 billion and rates are 30 to 40% higher than expected.

如果 Oracle 需要出去借錢，假設是 500 到 1000 億美元，而利率比預期高出 30% 到 40%。

That could dramatically eat into their earnings power and return that they expect to get on these contracts.

這可能會大幅侵蝕他們從這些合約中預期的獲利能力和報酬。

November 2025 was the worst month for Oracle stocks since 2001.

2025 年 11 月是 Oracle 股票自 2001 年以來表現最差的月份。

In addition to financing concerns, investors questioned whether Oracle was too reliant on OpenAI, which makes up a majority of its backlog.

除了融資擔憂，投資者還質疑 Oracle 是否過度依賴 OpenAI，後者佔了其積壓訂單的大部分。

Reports started to circulate that OpenAI's ChatGPT was losing market share to Google's Gemini.

開始有報導傳出 OpenAI 的 ChatGPT 在市佔率上輸給了 Google 的 Gemini。

I think the concern is that did Oracle kind of place their bets with no longer the leader in the space?

我覺得大家擔心的是，Oracle 是不是把寶押錯了，不再是這個領域的領導者了？

And so if OpenAI is going to be in a more challenging position, perhaps Oracle won't be able to get fulfillment on those investment needs.

所以如果 OpenAI 的處境變得比較艱難，或許 Oracle 就無法滿足這些投資需求了。

Analysts eagerly awaited Oracle's second quarter earnings in December.

分析師們熱切地等待著 Oracle 在十二月份的第二季財報。

However, management wasn't able to provide the level of detail the street wanted on financing its data center expansion plans.

然而，管理層無法提供市場想要的關於其數據中心擴張計畫融資細節。

Then in February, Oracle announced plans to raise $50 billion in debt and equity, a huge amount of capital credit.

接著在二月，Oracle 宣佈計畫籌集 500 億美元的債務和股權，這是一筆龐大的資本信用。

Investors cheered the move and Oracle's willingness to not just rely on the debt market.

投資者對此舉以及 Oracle 不僅依賴債務市場的意願表示讚賞。

Oracle's five year credit default swaps fell 17% in one day as the likelihood of a credit downgrade was reduced.

Oracle 的五年期信用違約交換在一天內下跌了 17%，降低了信用降級的可能性。

When the deal was announced, I think it was viewed that OpenAI was in the driver's seat.

這筆交易宣佈時，我認為大家覺得 OpenAI 處於主導地位。

You know, they were widely viewed to have kind of the strongest momentum in terms of monthly active, weekly active users, model performance, etc.

你知道的，大家普遍認為他們在月活躍用戶、週活躍用戶、模型表現等方面擁有最強勁的動能。

And I think since then you've seen Google make some very strong inroads with Gemini.

而我認為從那之後，你看到了 Google 憑藉 Gemini 取得了非常強勁的進展。

You've seen Anthropic obviously have a lot of momentum.

你看到 Anthropic 顯然也很有動能。

It's not that Oracle is in a precarious position, but

並不是說 Oracle 處於危險的境地，但是

we now believe they'll be able to build the capacity, OpenAI will be able to pay for it.

我們現在相信他們將能夠建立這個容量，OpenAI 將能夠為此付費。

This is really a problem that can only be solved by some of the largest companies in the world that have access the capital and the expertise.

這確實是一個只有世界上那些擁有資金和專業知識的巨頭才能解決的問題。

The concern is that OpenAI may not actually be in the driver's seat.

讓人擔心的是，OpenAI 可能實際上並不在主導地位。

And so is there a scenario where Oracle goes out levers, the company raises a lot of money to buy the equipment to put in these data centers and then OpenAI either can't pay, they have to shorten the contract and then Oracle's kind of left hung dry, so to speak.

所以，會不會出現一種情況，Oracle 透過槓桿操作，公司籌集大量資金購買設備來建置這些數據中心，然後 OpenAI 要麼付不起錢，要麼必須縮短合約，這樣 Oracle 就會陷入困境，可以這麼說。

Our view is that is a very, very unlikely scenario because demand is massively outpacing supply.

我們的看法是，這種情況非常非常不可能發生，因為需求遠遠超過供應。

So even if there's a change in terms of who that winner and buyer of the AI infrastructure, chances are if it's not OpenAI, somebody else will fill that.

所以，即使在 AI 基礎設施的贏家和買家方面有所改變，如果不是 OpenAI，很可能也會有其他人來填補這個位置。

Still, the market increasingly views Oracle as an unofficial barometer for the AI trade.

不過，市場越來越將 Oracle 視為 AI 交易的非官方晴雨表。

Its success could ultimately hinge on access to Capital, Energy and OpenAI's fundraising rounds.

它的成功最終可能取決於能否取得資金、能源以及 OpenAI 的募資輪次。

But more importantly, it will serve as a case study as to whether chasing the AI dream was worth it.

但更重要的是，這將成為一個案例研究，探討追逐 AI 夢想是否值得。