1、USA|SoftwareOracleEquity ResearchOctober 17,2025 BrentThill*|Equity Analyst(415)229-1559|BoYin*|Equity Associate+1(212)284-2249|ShengQiLin*|Equity Associate+1(212)778-8504|MaximilianJoseph*|Equity Associate(212)778-8926|FY(May)2024A2025A2026E2027ERev.(MM)52,961.057,399.066,924.385,522.1Cons.Rev.52,9

2、61.057,399.066,809.779,952.3EPS5.566.036.858.00Cons.EPS5.566.036.778.11AI Infrastructure Sparks a New Cloud GiantWe attended AI World+ORCLs analyst day and hosted a partner dinner inVegas.Our 20+page deck below recaps our takeaways.ORCL is entering anew growth phase as it capitalizes on the AI infra

3、 supply/demand imbalance,itstargets signal a growth inflection(75%5-yr CAGR for OCI,31%for total rev,28%for EPS),and partner/customer feedback is notably more positive.Valuationreflects a rare acceleration story in software.Raise PT to$400(19x FY30 EPS).Key Takeaways from AI World and ORCL Financial

4、 Analyst Day:1)ORCLs new 5-year top and bottom-line targets imply total revenue will nearly 4x and EPS willgrow about 3.5x from FY25 to FY30E.The companys glide path includes reaching$225Bin totalrevenue by FY30E(a 31%5-year CAGR),$21 EPS(28%5-year CAGR),and$166B in OCI revenue(75%5-year CAGR).Peak

5、revenue growth is projected at 53%y/y in FY28E,while peak EPS growthis expected to reach 50%y/y in FY29E.2)RPO continues to inflect,now surpassing$500B through the first half of ORCLs Q2,withfurther upside expected.During this period,ORCL booked an additional$65B in infrastructurecontracts,bringing

6、total RPO above$500B.The additional bookings were across seven differentcontracts from four different customers(one of these customers is Meta,and none are OpenAI).3)Recent margin concerns sparked by reports of mid-teens AI infra gross margins wereaddressed by mgmt,who clarified that the segments no