Amid the intense competition in AI computing power, Oracle is betting billions of dollars to build data centers, aiming to gain an early advantage in the cloud computing landscape. However, as the massive infrastructure gradually takes shape, Wall Street has cast doubts: if core clients like OpenAI cannot sustainably cover these high computing costs, could Oracle's "AI gamble" turn into a heavy asset burden that is hard to escape?

In its recently released annual financial report, Oracle unusually disclosed detailed potential risks. The company clearly stated that if major clients fail to pay their bills on time or choose not to renew their contracts, Oracle would face serious asset write-down risks. Due to the highly customized computing facilities, it is difficult to reconfigure or re-lease them quickly. Once a default occurs, these huge investments could easily turn into a heavy financial burden. This candid risk warning is rare among tech industry giants and has directly intensified market concerns about the return on AI investments. Data shows that Oracle's stock dropped by 35% in June, the largest decline among its peers.

At the center of this computing power battle, the $30 billion "Stargate" contract between OpenAI and Oracle has become the focal point of risk. Although Oracle did not explicitly name it in the report, the market generally believes that the success of this ambitious cloud computing expansion plan heavily depends on whether OpenAI can maintain its ability to pay the bills. Despite the significant uncertainties, Oracle continues to pursue an aggressive investment approach. The company insists that, to capture a share of the AI profits in the cloud computing market, taking on the corresponding capital and operational expenses is an essential step for business expansion.

In fact, Oracle's "anxiety" is not an isolated case. According to Bloomberg, six major tech companies, including Microsoft and Meta, have already committed to paying as much as $85 billion in rent for data centers that are not yet fully built. In the tech industry, missing the opportunity of the AI era is considered more dangerous than the risk of short-term over-expenditure. However, when the returns from massive capital expenditures fall behind expectations, market tolerance has reached rock bottom. Finding a balance between rapid expansion and financial stability will be a core challenge that Oracle and the entire AI industry must face in the coming years.