---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40315878.md"
description: "1. Oracle fell, not because data centers are worthless, but because it bears the most risk of "advancing money first and collecting payment later" in the AI supply chain.2. Data centers are certainly a moat, but the moat mainly lies in "the difficulty of securing electricity and land," not automatically equating to "shareholders will definitely make a lot of money."3. If OpenAI doesn't buy, other customers will likely buy a portion, but the price, speed, and terms will likely be inferior to the original model.4. The key to data center valuation is not "scarcity," but "steady-state cash flow quality + customer credit + capex intensity + cost of capital."from gpt 5.5"
datetime: "2026-04-30T06:57:28.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40315878.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40315878.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40315878.md)
author: "[GCLT](https://longbridge.com/en/profiles/12479495.md)"
---

# 1. Oracle fell, not because data centers are worth…


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