<p>作者：Angela Palumbo</p>
<p>甲骨文公司计划在周一股市收盘后发布财报，华尔街将密切关注该公司分享的关于星际之门交易的任何细节，以及其他人工智能增长的迹象。</p>
<p>FactSet 调查的分析师预计，甲骨文第三季度调整后每股收益为 1.49 美元，营收为 143.8 亿美元。去年同期，该公司报告的每股收益为 1.41 美元，营收为 132.8 亿美元。</p>
<p>云服务和许可证支持收入预计将比去年增长 13%，达到 112 亿美元。</p>
<p>尽管投资者将关注云收入的增长以及甲骨文是否超出第三季度的预期，他们还将关注关于星际之门的任何更新。甲骨文是包括 OpenAI 和软银在内的几家公司之一，去年 1 月与特朗普总统宣布了该项目，该项目将在未来四年内在美国投资高达 5000 亿美元用于人工智能基础设施。</p>
<p>“我们预计甲骨文将在电话会议上提供一些关于星际之门潜在财务影响（收入、剩余履约义务、资本支出）的信息，我们认为这可能会超越此次电话会议上的其他所有内容，” 瑞银分析师 Karl Keirstead 在周四的报告中写道。</p>
<p>Keirstead 将甲骨文评级为买入，目标价为 210 美元，他还写道，目前尚不清楚星际之门的推出以及可能需要在支持该项目（如 GPU）上投资更多人工智能硬件将如何影响甲骨文的资本支出。首席执行官 Safra Catz 在公司上一次财报电话会议上已经表示，她预计 2025 财年的资本支出将是前一年的两倍。</p>
<p>Keirstead 写道，如果星际之门的收入上升是实质性的，并且 “对现有指引是增量的，那么我们怀疑投资者会对更高的资本支出水平有一定的容忍度。”</p>
<p>尽管星际之门项目和预期的收益与收入在上个季度增长，甲骨文的股票今年已下跌 11%，而标准普尔 500 指数下跌 3.8%。许多科技股受到投资者采取更保守的风险态度的影响，在持续的经济不确定性中出售之前表现强劲的股票。甲骨文的股票在过去 12 个月中上涨了 30%。</p>
<p>华尔街的一个主要担忧是特朗普的贸易政策，以及关税对不同行业的影响。对于软件和信息技术行业，客户在经济环境不确定的情况下，可能会缩减预算。</p>
<p>然而，德意志银行分析师 Brad Zelnick 将该股票评级为买入，目标价为 200 美元，他在周五的报告中写道，关税波动 “尚未根据我们的对话产生任何实质性影响，客户被认为在进行更长期的 OCI（甲骨文云基础设施）承诺时越来越有信心，无论是针对人工智能还是非人工智能工作负载。”</p>
<p>投资者今晚可能会获得更多关于关税影响的信息。</p>
<p>周一，甲骨文的股价在更广泛的市场抛售中下跌了 4%，科技股重的纳斯达克综合指数下跌了 3.3%。</p>
<p>请联系 Angela Palumbo，邮箱：angela.palumbo@dowjones.com</p>
<p>此内容由 Barron's 创建，Barron's 由道琼斯公司运营。Barron's 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>

甲骨文

<p>甲骨文将在周一市场收盘后公布其财报，分析师预计调整后的每股收益为 1.49 美元，营收为 143.8 亿美元。投资者特别关注关于星门项目的最新消息，该项目涉及 5000 亿美元的人工智能基础设施投资。尽管预计云服务将实现增长，甲骨文的股票今年已下跌 11%。分析师对关税和经济环境可能带来的影响表示担忧，但一些人对甲骨文云服务的长期承诺仍持乐观态度</p>

<p>By Angela Palumbo</p>
<div class="lb-trans"><p>作者：Angela Palumbo</p>
</div><p>Oracle is scheduled to report earnings after the stock market closes on Monday, and Wall Street will be paying close attention to any details the company shares regarding the Stargate deal, along with other signs of artificial intelligence growth.</p>
<div class="lb-trans"><p>甲骨文公司计划在周一股市收盘后发布财报，华尔街将密切关注该公司分享的关于星际之门交易的任何细节，以及其他人工智能增长的迹象。</p>
</div><p>Analysts surveyed by FactSet expect Oracle to post third-quarter adjusted earnings of $1.49 a share on revenue of $14.38 billion. In the same period last year, the company reported earnings of $1.41 a share on revenue of $13.28 billion.</p>
<div class="lb-trans"><p>FactSet 调查的分析师预计，甲骨文第三季度调整后每股收益为 1.49 美元，营收为 143.8 亿美元。去年同期，该公司报告的每股收益为 1.41 美元，营收为 132.8 亿美元。</p>
</div><p>Cloud services and license support revenue is expected to grow 13% from the previous year to $11.2 billion.</p>
<div class="lb-trans"><p>云服务和许可证支持收入预计将比去年增长 13%，达到 112 亿美元。</p>
</div><p>While investors will be looking at cloud revenue growth and whether Oracle beats third-quarter expectations, they will also be looking for any updates on Stargate. Oracle was one of several companies, including OpenAI and SoftBank, to announce the project with President Donald Trump in January, which is an investment of as much as $500 billion in AI infrastructure in the U.S over the next four years.</p>
<div class="lb-trans"><p>尽管投资者将关注云收入的增长以及甲骨文是否超出第三季度的预期，他们还将关注关于星际之门的任何更新。甲骨文是包括 OpenAI 和软银在内的几家公司之一，去年 1 月与特朗普总统宣布了该项目，该项目将在未来四年内在美国投资高达 5000 亿美元用于人工智能基础设施。</p>
</div><p>&#34;We expect Oracle to provide SOME color around the potential financial impact of Stargate (revs, RPO [remaining performance obligations, capex) on the call, which we believe has the potential to outweigh everything else on this call,&#34; UBS analyst Karl Keirstead wrote in a note on Thursday.</p>
<div class="lb-trans"><p>“我们预计甲骨文将在电话会议上提供一些关于星际之门潜在财务影响（收入、剩余履约义务、资本支出）的信息，我们认为这可能会超越此次电话会议上的其他所有内容，” 瑞银分析师 Karl Keirstead 在周四的报告中写道。</p>
</div><p>Keirstead, who rates Oracle as a Buy with a $210 price target, also wrote that it is unclear how the rollout of Stargate and the potential need to invest more in AI hardware to support the project, such as GPUs, will impact Oracle's capital expenditures. Chief Executive Safra Catz already said on the company's last earnings call that she expects fiscal 2025 capex will be double what it was the previous year.</p>
<div class="lb-trans"><p>Keirstead 将甲骨文评级为买入，目标价为 210 美元，他还写道，目前尚不清楚星际之门的推出以及可能需要在支持该项目（如 GPU）上投资更多人工智能硬件将如何影响甲骨文的资本支出。首席执行官 Safra Catz 在公司上一次财报电话会议上已经表示，她预计 2025 财年的资本支出将是前一年的两倍。</p>
</div><p>Keirstead wrote that if the revenue upside from Stargate is material and &#34;incremental to the existing guide, then we suspect investors would have SOME tolerance for a higher projected capex level.&#34;</p>
<div class="lb-trans"><p>Keirstead 写道，如果星际之门的收入上升是实质性的，并且 “对现有指引是增量的，那么我们怀疑投资者会对更高的资本支出水平有一定的容忍度。”</p>
</div><p>Despite the Stargate project and expectations earnings and revenue grew last quarter, Oracle stock has dropped 11% this year, compared with the 3.8% drop of the S&amp;P 500 index. Many tech stocks have been hit by investors taking a more risk-off approach, selling previously strong performers amid continued economic uncertainty. Oracle shares have climbed 30% over the last 12 months.</p>
<div class="lb-trans"><p>尽管星际之门项目和预期的收益与收入在上个季度增长，甲骨文的股票今年已下跌 11%，而标准普尔 500 指数下跌 3.8%。许多科技股受到投资者采取更保守的风险态度的影响，在持续的经济不确定性中出售之前表现强劲的股票。甲骨文的股票在过去 12 个月中上涨了 30%。</p>
</div><p>One major concern on Wall Street is Trump's trade policy, and what tariffs could mean for different industries. For software and information tech, there is a risk of customers pulling back their budgets as the economic environment remains uncertain.</p>
<div class="lb-trans"><p>华尔街的一个主要担忧是特朗普的贸易政策，以及关税对不同行业的影响。对于软件和信息技术行业，客户在经济环境不确定的情况下，可能会缩减预算。</p>
</div><p>However, Deutsche Bank analyst Brad Zelnick, who rates the stock as a Buy with a $200 price target, wrote in a note on Friday that tariff volatility &#34;has yet to result in any material impact based on our conversations, and customers were said to be increasingly confident engaging in longer-duration OCI [oracle cloud infrastructure] commitments for both AI and non-AI workloads.&#34;</p>
<div class="lb-trans"><p>然而，德意志银行分析师 Brad Zelnick 将该股票评级为买入，目标价为 200 美元，他在周五的报告中写道，关税波动 “尚未根据我们的对话产生任何实质性影响，客户被认为在进行更长期的 OCI（甲骨文云基础设施）承诺时越来越有信心，无论是针对人工智能还是非人工智能工作负载。”</p>
</div><p>Investors may get more color on tariff impacts tonight.</p>
<div class="lb-trans"><p>投资者今晚可能会获得更多关于关税影响的信息。</p>
</div><p>Shares of Oracle were falling 4% on Monday amid a broader market sell-off, with the tech-heavy Nasdaq Composite index down 3.3%.</p>
<div class="lb-trans"><p>周一，甲骨文的股价在更广泛的市场抛售中下跌了 4%，科技股重的纳斯达克综合指数下跌了 3.3%。</p>
</div><p>Write to Angela Palumbo at angela.palumbo@dowjones.com</p>
<div class="lb-trans"><p>请联系 Angela Palumbo，邮箱：angela.palumbo@dowjones.com</p>
</div><p>This content was created by Barron's, which is operated by Dow Jones &amp; Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 Barron's 创建，Barron's 由道琼斯公司运营。Barron's 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div>

甲骨文的财报已经发布。投资者希望了解 Stargate 的最新进展。—— Barrons.com