<p><strong>博通</strong>、<strong>甲骨文</strong>（ORCL 3.50%）和 <strong>奈飛</strong> 的卓越回報為一種新的市場領先增長股票類別鋪平了道路，這被稱為 “十巨頭”。</p>
<p>該組包括這三家公司以及 “七大巨頭”——<strong>英偉達</strong>、<strong>微軟</strong>、<strong>蘋果</strong>、<strong>谷歌母公司</strong>、<strong>亞馬遜</strong>、<strong>Meta Platforms</strong> 和 <strong>特斯拉</strong>。</p>
<p>這十巨頭佔據了 <strong>標準普爾 500 指數</strong>（^GSPC 0.28%）的 38%，提供了一種更全面的方式來衡量該指數的領導地位。</p>
<p>博通在 9 月 5 日發佈季度財報後，業績大幅超出預期，股價飆升至歷史新高。以下是甲骨文面臨壓力的原因，該公司定於 9 月 9 日發佈財報，以及它需要做些什麼來證明其高估值的合理性。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxMzEvYWJzdHJhY3QtY29uY2VwdC1vZi10aGUtZGlnaXRhbC10cmFuc2Zvcm1hdGlvbi1zaG93Y2FzaW5nLXRoZS1ncm93aW5nLXJvbGUtYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktaXMtcGxheWluZy1pbi10ZWNobm9sb2d5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxMzEvYWJzdHJhY3QtY29uY2VwdC1vZi10aGUtZGlnaXRhbC10cmFuc2Zvcm1hdGlvbi1zaG93Y2FzaW5nLXRoZS1ncm93aW5nLXJvbGUtYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktaXMtcGxheWluZy1pbi10ZWNobm9sb2d5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>甲骨文正在成為雲計算的主要參與者</h2>
<p>自 2020 年初以來，甲骨文的股價上漲超過 300%，這主要得益於甲骨文雲基礎設施（OCI）的建設。</p>
<p>作為一家數據庫服務公司，甲骨文之前依賴第三方雲服務提供商。但 OCI 改變了遊戲規則，使甲骨文能夠從其企業客户那裏獲得新的收入來源。</p>
<p>擴大 OCI 的決定代價不菲，但它重新定義了甲骨文的投資論點。關鍵優勢在於甲骨文的競爭定價模式。對於已經使用其數據庫服務的客户來説，OCI 是一個理所當然的附加服務。而且由於甲骨文是一家純粹的企業對企業公司，它可以圍繞企業需求構建其雲和集成定價模式。相比之下，其他主要雲服務提供商——亞馬遜網絡服務、微軟 Azure 和谷歌雲——都有龐大的面向消費者的業務。因此，甲骨文為投資者提供了一種獨特的方式來押注雲計算和企業軟件。</p>
<h2>甲骨文正在鞏固其雲計算勢頭</h2>
<p>甲骨文發佈財報時需要關注的關鍵指標是其資本支出（capex）和雲收入，包括雲基礎設施和雲應用。在 2025 財年第四季度，甲骨文在 6 月發佈的財報中顯示，雲收入佔總收入的 42.1%——這表明雲計算確實正在改變甲骨文的業務。</p>
<p>在整個財年中，甲骨文的雲總收入增長了 24%。在 6 月的財報中，甲骨文表示，預計 2026 財年的增長率將 “顯著提高”，雲增長將加速至 40%，其中雲基礎設施的增長高達驚人的 70%（得益於 OCI）。</p>
<p>即將發佈的財報對支持甲骨文的雄心目標和為財年剩餘時間奠定基礎至關重要。如果甲骨文未能維持其雲增長率，投資者可能會審視其支出，並對其槓桿資產負債表產生擔憂。</p>
<h2>增長是有代價的</h2>
<p>以下圖表概括了目前甲骨文股票的敍述。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/89ef28ffe1dfd28a4957b0fd06692b83.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/89ef28ffe1dfd28a4957b0fd06692b83.png"/></p>
<p>ORCL 數據來源於 YCharts。</p>
<p>該股票熱度高漲，但淨長期債務和資本支出佔收入的比例也在上升。換句話説，儘管其收入尚未反映這些投資的回報，投資者仍在獎勵甲骨文承擔債務並在長期投資上花費大量資金。投資者正在給予甲骨文積極擴展其雲服務的綠燈。但總有一天，這些投資必須轉化為底線結果。</p>
<p>分析師的共識預期反映了這種樂觀的前景。他們預計 2026 財年的每股收益（EPS）為 6.78 美元，隨後在 2027 財年實現 20% 的收益增長，達到每股 8.14 美元。作為參考，甲骨文 2025 財年的稀釋每股收益為 4.34 美元，接近歷史最高水平。</p>
<h2>以長期思維看待甲骨文</h2>
<p>甲骨文是一項高風險、高潛在回報的人工智能和軟件投資。根據本文撰寫時的股價 223 美元，如果甲骨文能夠在未來幾年實現收益預期，其估值看起來是合理的。如果甲骨文未能達標，投資者可能會質疑其支出和債務積累是否值得。</p>
<p>甲骨文的投資論點現在高度集中於人工智能和雲計算，股價也因此反映出高估值。因此，投資者只有在具備高風險承受能力和長期投資時間框架的情況下，才應考慮投資該股票。</p>

甲骨文

<p>甲骨文面臨壓力，需在 9 月 9 日發佈強勁的財報，以證明其在雲計算領域重大投資下的高估值合理性。自 2020 年以來，該公司增長超過 300%，主要得益於其甲骨文雲基礎設施（OCI）。需要關注的關鍵指標包括資本支出和雲收入，這對維持投資者信心至關重要。分析師預測盈利增長，但如果增長率放緩，可能會出現對債務和支出上升的擔憂。考慮到當前的估值，投資者應以長期的心態和較高的風險承受能力來對待甲骨文</p>

<p>Exceptional returns by <strong>Broadcom</strong>, <strong>Oracle</strong>(ORCL 3.50%), and <strong>Netflix</strong> have paved the way for a new class of market-leading growth stocks known as the &#34;Ten Titans.&#34;</p>
<div class="lb-trans"><p><strong>博通</strong>、<strong>甲骨文</strong>（ORCL 3.50%）和 <strong>奈飛</strong> 的卓越回報為一種新的市場領先增長股票類別鋪平了道路，這被稱為 “十巨頭”。</p>
</div><p>The group includes these three companies plus the &#34;Magnificent Seven&#34; -- <strong>Nvidia</strong>, <strong>Microsoft</strong>, <strong>Apple</strong>, <strong>Alphabet</strong>, <strong>Amazon</strong>, <strong>Meta Platforms</strong>, and <strong>Tesla</strong>.</p>
<div class="lb-trans"><p>該組包括這三家公司以及 “七大巨頭”——<strong>英偉達</strong>、<strong>微軟</strong>、<strong>蘋果</strong>、<strong>谷歌母公司</strong>、<strong>亞馬遜</strong>、<strong>Meta Platforms</strong> 和 <strong>特斯拉</strong>。</p>
</div><p>The Ten Titans make up 38% of the <strong>S&amp;P 500</strong>(^GSPC 0.28%) and offer a more comprehensive way to measure the index's leadership.</p>
<div class="lb-trans"><p>這十巨頭佔據了 <strong>標準普爾 500 指數</strong>（^GSPC 0.28%）的 38%，提供了一種更全面的方式來衡量該指數的領導地位。</p>
</div><p>Broadcom delivered blowout results and soared to a new all-time high on Sept. 5 after reporting its quarterly earnings. Here's why the pressure is on Oracle, which is slated to report results on Sept. 9, and what the company needs to do to justify its premium valuation.</p>
<div class="lb-trans"><p>博通在 9 月 5 日發佈季度財報後，業績大幅超出預期，股價飆升至歷史新高。以下是甲骨文面臨壓力的原因，該公司定於 9 月 9 日發佈財報，以及它需要做些什麼來證明其高估值的合理性。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIxMzEvYWJzdHJhY3QtY29uY2VwdC1vZi10aGUtZGlnaXRhbC10cmFuc2Zvcm1hdGlvbi1zaG93Y2FzaW5nLXRoZS1ncm93aW5nLXJvbGUtYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktaXMtcGxheWluZy1pbi10ZWNobm9sb2d5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832131%2Fabstract-concept-of-the-digital-transformation-showcasing-the-growing-role-artificial-intelligence-ai-is-playing-in-technology.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Oracle is becoming a major player in cloud computing</h2>
<div class="lb-trans"><h2>甲骨文正在成為雲計算的主要參與者</h2>
</div><p>Oracle is up more than 300% since the start of 2020, largely thanks to the build-out of Oracle Cloud Infrastructure (OCI).</p>
<div class="lb-trans"><p>自 2020 年初以來，甲骨文的股價上漲超過 300%，這主要得益於甲骨文雲基礎設施（OCI）的建設。</p>
</div><p>As a database services company, Oracle previously relied on third-party cloud providers. But OCI changed the game, allowing Oracle to tap into a new revenue stream from its enterprise clients.</p>
<div class="lb-trans"><p>作為一家數據庫服務公司，甲骨文之前依賴第三方雲服務提供商。但 OCI 改變了遊戲規則，使甲骨文能夠從其企業客户那裏獲得新的收入來源。</p>
</div><p>The decision to scale OCI came at a high cost, but it has redefined Oracle's investment thesis. The key advantage is Oracle's competitive pricing model. OCI is a no-brainer add-on for customers who already use its database services. And because Oracle is a pure-play business-to-business company, it can build its cloud and integrated pricing model around enterprise needs. In comparison, the other major cloud players -- Amazon Web Services, Microsoft Azure, and Google Cloud -- have massive consumer-facing segments. So Oracle offers a unique way for investors to bet on cloud computing and enterprise software.</p>
<div class="lb-trans"><p>擴大 OCI 的決定代價不菲，但它重新定義了甲骨文的投資論點。關鍵優勢在於甲骨文的競爭定價模式。對於已經使用其數據庫服務的客户來説，OCI 是一個理所當然的附加服務。而且由於甲骨文是一家純粹的企業對企業公司，它可以圍繞企業需求構建其雲和集成定價模式。相比之下，其他主要雲服務提供商——亞馬遜網絡服務、微軟 Azure 和谷歌雲——都有龐大的面向消費者的業務。因此，甲骨文為投資者提供了一種獨特的方式來押注雲計算和企業軟件。</p>
</div><h2>Oracle is building on its cloud momentum</h2>
<div class="lb-trans"><h2>甲骨文正在鞏固其雲計算勢頭</h2>
</div><p>The key metrics to watch for when Oracle reports earnings are its capital expenditures (capex) and cloud revenue, which encompasses both cloud infrastructure and cloud applications. In fourth-quarter fiscal 2025, which Oracle reported in June, cloud revenue made up 42.1% of total revenue -- illustrating how cloud is truly transforming Oracle's business.</p>
<div class="lb-trans"><p>甲骨文發佈財報時需要關注的關鍵指標是其資本支出（capex）和雲收入，包括雲基礎設施和雲應用。在 2025 財年第四季度，甲骨文在 6 月發佈的財報中顯示，雲收入佔總收入的 42.1%——這表明雲計算確實正在改變甲骨文的業務。</p>
</div><p>For the full fiscal year, Oracle grew total cloud by 24%. In its June earnings release, Oracle said that it expects its growth rates in fiscal 2026 to be &#34;dramatically higher,&#34; accelerating cloud growth to 40%, led by a staggering 70% increase in cloud infrastructure (thanks to OCI).</p>
<div class="lb-trans"><p>在整個財年中，甲骨文的雲總收入增長了 24%。在 6 月的財報中，甲骨文表示，預計 2026 財年的增長率將 “顯著提高”，雲增長將加速至 40%，其中雲基礎設施的增長高達驚人的 70%（得益於 OCI）。</p>
</div><p>The upcoming results are crucial to supporting Oracle's ambitious targets and laying the groundwork for the remainder of the fiscal year. If Oracle fails to maintain its cloud growth rates, investors may scrutinize its spending and become concerned about its leveraged balance sheet.</p>
<div class="lb-trans"><p>即將發佈的財報對支持甲骨文的雄心目標和為財年剩餘時間奠定基礎至關重要。如果甲骨文未能維持其雲增長率，投資者可能會審視其支出，並對其槓桿資產負債表產生擔憂。</p>
</div><h2>Growth comes at a cost</h2>
<div class="lb-trans"><h2>增長是有代價的</h2>
</div><p>The following chart encapsulates the narrative around Oracle stock right now.</p>
<div class="lb-trans"><p>以下圖表概括了目前甲骨文股票的敍述。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/89ef28ffe1dfd28a4957b0fd06692b83.png" alt="" original-src="https://media.ycharts.com/charts/89ef28ffe1dfd28a4957b0fd06692b83.png"/></p>
<p>ORCL data by YCharts.</p>
<div class="lb-trans"><p>ORCL 數據來源於 YCharts。</p>
</div><p>The stock is red-hot, but net long-term debt and capex to revenue are also on the rise. Put another way, investors are rewarding Oracle for taking on debt and spending a ton of money on long-term investments, even though its revenue isn't reflecting the payoff of those investments just yet. Investors are giving Oracle the green light to aggressively expand its cloud offerings. But there will come a time when the investments have to convert to bottom-line results.</p>
<div class="lb-trans"><p>該股票熱度高漲，但淨長期債務和資本支出佔收入的比例也在上升。換句話説，儘管其收入尚未反映這些投資的回報，投資者仍在獎勵甲骨文承擔債務並在長期投資上花費大量資金。投資者正在給予甲骨文積極擴展其雲服務的綠燈。但總有一天，這些投資必須轉化為底線結果。</p>
</div><p>Analyst consensus estimates reflect this optimistic outlook. They're calling for $6.78 in fiscal 2026 earnings per share (EPS), followed by 20% earnings growth in fiscal 2027 of $8.14 in EPS. For context, Oracle's fiscal 2025 diluted EPS was $4.34, which was close to an all-time high.</p>
<div class="lb-trans"><p>分析師的共識預期反映了這種樂觀的前景。他們預計 2026 財年的每股收益（EPS）為 6.78 美元，隨後在 2027 財年實現 20% 的收益增長，達到每股 8.14 美元。作為參考，甲骨文 2025 財年的稀釋每股收益為 4.34 美元，接近歷史最高水平。</p>
</div><h2>Approaching Oracle with a long-term mindset</h2>
<div class="lb-trans"><h2>以長期思維看待甲骨文</h2>
</div><p>Oracle is a high-risk, high-potential-reward AI and software play. With a stock price of $223 at the time of this writing, Oracle's valuation looks reasonable if it can deliver on earnings estimates for the next couple of years. If Oracle falls short, investors may question whether the spending and debt accumulation are worth it.</p>
<div class="lb-trans"><p>甲骨文是一項高風險、高潛在回報的人工智能和軟件投資。根據本文撰寫時的股價 223 美元，如果甲骨文能夠在未來幾年實現收益預期，其估值看起來是合理的。如果甲骨文未能達標，投資者可能會質疑其支出和債務積累是否值得。</p>
</div><p>Oracle's investment thesis is now heavily centered around AI and cloud, and the stock price reflects that with a premium valuation. So investors should only approach the stock if they have a high risk tolerance and a long-term investment time horizon.</p>
<div class="lb-trans"><p>甲骨文的投資論點現在高度集中於人工智能和雲計算，股價也因此反映出高估值。因此，投資者只有在具備高風險承受能力和長期投資時間框架的情況下，才應考慮投資該股票。</p>
</div>

這隻被稱為 “十巨頭” 的成長股在 9 月 9 日有很多需要證明的原因