[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio82ec6d93":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio82ec6d93","同样豪赌AI算力，华尔街为何区别对待 SPCX 和ORCL？","\u002Fdoc\u002Fdcio82ec6d93","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>\u003Cspan>看完周三\u003C\u002Fspan>SpaceX\u003Cspan>的财报，我一直在想一个问题：\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>同样是砸几百亿美元建设\u003C\u002Fspan>AI\u003Cspan>算力，为什么华尔街对\u003C\u002Fspan>SpaceX\u003Cspan>就格外宽容，到了\u003C\u002Fspan>Oracle\u003Cspan>这里，却天天担心它的资本开支和融资压力？\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>说到底，我觉得还是市场对这两家公司赚钱方式的预期不同。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Oracle\u003Cspan>走的是长期合同模式。最新财报显示，它的剩余履约义务已经达到\u003C\u002Fspan>6640\u003Cspan>亿美元。乍一看，这么多合同握在手里，未来收入似乎不用太担心。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>可问题是，合同签了，钱不代表马上就能收到。数据中心要建，\u003C\u002Fspan>GPU\u003Cspan>要买，融资利息也得付。收入能不能兑现是一回事，最后能赚多少钱又是另一回事。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>反过来看\u003C\u002Fspan>SpaceX\u003Cspan>，马斯克给市场讲的是另一套故事。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>第三季度，\u003C\u002Fspan>AI\u003Cspan>算力规模扩大到\u003C\u002Fspan>1.7GW\u003Cspan>，超级智能业务收入达到\u003C\u002Fspan>75.6\u003Cspan>亿美元。它既可以满足内部\u003C\u002Fspan>AI\u003Cspan>需求，也可以把算力卖给外部客户。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>如果未来算力一直供不应求，那么谁手里有算力，谁就掌握一定的定价权。\u003C\u002Fspan>SpaceX\u003Cspan>自然有机会赚得更多。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>但看到这里，美股投资网反而觉得市场对\u003C\u002Fspan>SpaceX\u003Cspan>有点太宽容了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>它同样在疯狂烧钱。今年前三季度经营现金流约\u003C\u002Fspan>131\u003Cspan>亿美元，资本开支却高达\u003C\u002Fspan>481\u003Cspan>亿美元，中间差了整整\u003C\u002Fspan>350\u003Cspan>亿美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这可不是一个小数字。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>而且，\u003C\u002Fspan>SpaceX\u003Cspan>账上的钱，也并不全是靠业务自己赚来的。今年\u003C\u002Fspan>IPO\u003Cspan>募集的资金，同样在支撑这场扩张。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>再看\u003C\u002Fspan>Oracle\u003Cspan>，其实也没大家想得那么被动。客户预付款、客户自己提供\u003C\u002Fspan>GPU\u003Cspan>，都在帮助它减轻部分资金压力。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>所以我觉得值得思考的地方就在这里：\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Oracle\u003Cspan>拿着长期合同，市场担心它赚不到足够多的钱；\u003C\u002Fspan>SpaceX\u003Cspan>承担着算力价格波动的风险，市场却更愿意相信它未来能赚大钱。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>当然，\u003C\u002Fspan>SpaceX\u003Cspan>有自己的优势，但这种预期差究竟能维持多久，我觉得还需要观察。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>说到底，我更关心的不是谁宣布建设了多少\u003C\u002Fspan>GW\u003Cspan>算力，而是每投入\u003C\u002Fspan>1\u003Cspan>美元，最终究竟能带回来多少真正属于股东的自由现金流。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>SpaceX\u003Cspan>要证明算力需求和高定价能够持续，\u003C\u002Fspan>Oracle\u003Cspan>则要证明那\u003C\u002Fspan>6640\u003Cspan>亿美元的合同，最后能转化成实实在在的利润和现金。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>AI\u003Cspan>算力这场竞赛，拼到最后，恐怕不是谁建得最多，而是谁的钱真正赚回来了。\u003C\u002Fspan>#\u003Cspan>美股\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>━━━━━━━━━━━━━━━━━━━━━━\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>【原创声明】\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>本文由美股投资网（\u003C\u002Fspan>TradesMax.com\u003Cspan>）研究团队原创完成。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>原创机构：美股投资网\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>英文品牌：\u003C\u002Fspan>TradesMax\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>本文基于公开财报、\u003C\u002Fspan>SEC\u003Cspan>文件、市场数据、机构资金、期权交易及产业链信息进行独立分析\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如需引用本文，请注明：\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>“美股投资网（\u003C\u002Fspan>TradesMax.com\u003Cspan>）原创研究”。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>━━━━━━━━━━━━━━━━━━━━━━\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FO\u002FORCL\u002FORCL.jpg","2026-10-21T15:49:39","2026.10.21","2026\u002F10\u002F21",55879,[22],"ORCL","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]