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1、 EQUITIES SOFTWARE ORACLEORACLE CORPORATIONCORPORATION OUTPERFORM PRICE*USD232.8 TARGET PRICE USD272(UPSIDE 17%)TARGET PRICE EPS 05/26e EPS 05/27e 20%-1%-15%The opportunity(and the cost)of building an AI future 8 SEPTEMBER 2025 Securities Research Report Production time:05:32*(London time)Research A

2、nalysts&Publishing EntitiesResearch Analysts&Publishing Entities Revisiting our January Oracle deep dive and making hyperscaler comparisons In January,we published our Oracle deep dive,Answering the$104bn AI question,where we presented key assumptions underpinning Oracles FY29 targets.Since then,Ora

3、cle has become a key partner in OpenAIs Stargate project,and won other significant GPU cluster deals,driving large commitments for Oracle Cloud Infrastructure.While some concerns have emerged around the required capital investment(we identify$70bn of capital needs)and the dilutive margin impact from

4、 the shift towards OCI,we see profitability eventually improving with scale(we estimate 50%unitary gross margins on GPU server rentals).We draw parallels with Microsofts own 2010s Cloud transition,and we also extend our recent Hyperscaler capex,depreciation,opex efficiency,margin,server useful-life

5、and Big Beautiful Bill cash tax impact analysis to Oracle(see Do AI Hyperscalers have a hyper-depreciation problem?and Hyperscaler Analysis Update more spending,less margin).Finally,we compare AI build-out metrics to Alphabet,Amazon,Meta and Microsoft.Financial Analyst Day presents an opportunity to

6、 raise longer-term revenue targets Based on our RPO conversion analysis,and our datacenter go-live work,we believe Oracle can pull-forward its$104bn revenue target to FY28(vs.FY29).We expect Oracle to limit margin commentary to EPS growth,where we do see risk to 20%EPS growth targets.For FY29,we now