Oracle 正面临 AI 基础设施扩张带来的现金压力。该公司预计未来数年现金流将为负，原因是其正为 OpenAI 等客户兴建大型资料中心，并同时透过债务与股权融资筹集数百亿美元。其最新调整显示，部分云端客户将预先支付 AI 晶片成本，或自行提供晶片，以改变传统由云端供应商先承担资本支出、再于多年内回收成本的模式。

此举特别重要，因为 Nvidia 晶片通常是 AI 资料中心建设中最昂贵的部分之一。由客户前置承担这些成本，让 Oracle 能在不使现金流进一步恶化的情况下完成新增订单。市场先前担心庞大资料中心扩建的成本与执行风险，导致 Oracle 股价自 9 月高点回落逾 50%；但在最新财报显示营收成长快速后，该股于盘后上涨 10%，反映投资人对其融资与交付能力的信心暂时改善。

同时，Oracle 也在扩大成本削减。报导指出，公司正规划裁减数千名员工，且本年度编列的资遣支出高于近年任何一年。管理层表示，产品开发团队因 AI 辅助编码进展而被重组为更小规模。整体而言，Oracle 的策略结合三个方向：将高成本晶片支出部分转嫁给客户、持续依赖大规模外部融资，以及透过裁员与重组压低营运支出，显示整个科技业正以非常规财务与人力手段吸收 AI 投资冲击。

Oracle is under cash pressure from expanding AI infrastructure. The company expects negative cash flow for the next few years because it is building large data centers for customers such as OpenAI while also raising tens of billions of dollars through debt and equity. Its newest adjustment shows that some cloud customers will pay upfront for AI chips, or bring their own chips, changing the traditional model in which the cloud provider absorbs capital spending first and recovers it over multiple years.

This matters because Nvidia chips are often one of the most expensive parts of an AI data center build-out. Shifting those costs to customers lets Oracle fulfill new bookings without pushing cash flow further into the red. Investors had worried that the cost and execution risk of the huge data center expansion were too high, helping drive Oracle shares down more than 50% from their September peak; after the latest earnings report showed fast sales growth, the stock rose 10% in after-hours trading, signaling at least a temporary improvement in confidence about its financing and delivery capacity.

At the same time, Oracle is also broadening cost cuts. Reports say the company is planning thousands of job reductions, and this year it has set aside more money for severance than in any recent year. Management said product development teams are being restructured into smaller groups because of progress in AI-assisted coding. Overall, Oracle's approach combines three moves: shifting part of the high-cost chip burden to customers, continuing to rely on large-scale external financing, and lowering operating expenses through layoffs and restructuring, showing how the wider tech industry is using unconventional financial and labor measures to absorb the shock of AI investment.