Oracle在其年度财务报告中详述了大规模投资人工智慧基础设施的计划，同时对投资者发出警告：资料中心的巨额支出未必能带来预期回报。该公司指出，资料中心建设可能因供应链问题、政府限制或第三方延误而导致成本超支或工期延长。此外，Oracle警告主要客户可能无法按时付款或选择不续约，届时公司将面临大量昂贵资产难以重新出租、改用或转让的风险。尽管多数大型科技公司在财报中均列出资料中心相关风险，Oracle的风险披露却异常详尽。

目前，包括Oracle、Microsoft及Meta在内的六家企业已承诺为尚未启动的资料中心租约投入八千五百亿美元（约合新台币二十六万五千亿元）。Oracle因与OpenAI签订价值三千亿美元（约合新台币九万三千亿元）的Stargate合约而占据最大份额，该合约要求Oracle在全美各地建设大规模资料中心，为OpenAI提供云端运算能力。Oracle在报告中暗示，部分客户可能高度杠杆化且面临自身营运与监管风险，即使信用审查机制正常运作，仍存在未获付款和未能履约的风险——此处未点名的「房间里的大象」正是OpenAI。（关键数字：850, 300）

华尔街对人工智慧投资最终回报率的担忧近几周再度升温。六月份，上述六家拥有最大租约承诺的企业股价全数下跌，其中Oracle跌幅最大，单月下挫百分之三十五。然而，对科技业多数企业而言，过度投资的风险远不及错失人工智慧浪潮的代价。Oracle在报告中表示：「为拓展需要更多运算能力的OCI业务，我们必须承担大量资本支出与营运费用。」这一表态凸显出当前科技产业在激进投资与审慎风险管理之间的核心张力。（关键数字：35）

Oracle detailed plans in its annual financial report to invest heavily in AI infrastructure for customers like OpenAI, while warning investors that massive data center spending might not pay off. The company cautioned that construction could exceed budgets or timelines due to supply chain disruptions, government restrictions, or third-party delays. Furthermore, Oracle warned that major customers might fail to pay their bills or choose not to renew contracts, potentially leaving the company with expensive assets it "may be unable to re-lease, repurpose or assign." While most large tech companies disclose data center risks in their filings, Oracle's warnings stand out for their unusual level of detail.

Six firms — including Oracle, Microsoft, and Meta — have committed $850 billion for data center leases that have not yet begun. Oracle holds the largest share of these commitments due to its $300 billion Stargate contract with OpenAI, under which Oracle is building massive data centers across the United States to provide cloud computing power. In its filing, Oracle implied that some customers may be highly leveraged and subject to their own operational and regulatory risks, acknowledging the possibility of non-payment and non-performance even when credit review mechanisms function properly — the unnamed concern being OpenAI's ability to meet its Oracle Cloud Infrastructure obligations.

Concerns on Wall Street about the ultimate return on investment from the AI boom have intensified in recent weeks. In June, all six firms with the largest lease commitments saw their share prices decline, with Oracle suffering the steepest drop at 35% for the month. Nevertheless, for most in the tech industry, the risks of overspending remain far smaller than the risks of missing the AI wave. As Oracle stated in its report: "To grow our OCI business, which requires increased computing capacity, we must incur significant capital and operating expenditures." This underscores the central tension in the tech sector between aggressive investment and prudent risk management.