Oracle

GPUs buy silicon; returns hinge on utilization. Collectives, HBM, schedulers, power/thermal, and inference batching decide effective output from hundred-billion AI CapEx. Hub NVIDIA; complements AVGO/ANET; constraints TSM/MU; physical layer VRT. See CPU industry, AgentX v3 (agentic KV/routing).

Oracle printed Q1 FY27 on 2026-09-10: revenue $19.3B (+30%), Cloud $11.6B (+62%), IaaS $7.4B (+121%), RPO $664B; OCF $23B, FCF −$5B, ~$20B ATM equity. FY27 revenue at least $90B. Price context ~$125.