Cloud & DB · OCI, Stargate (OpenAI)
Oracle
Through OCI, Oracle became a core axis of AI infrastructure. It signed a ~$300B Stargate deal (4.5GW) with OpenAI, deploys up to 800k NVIDIA GPUs in OCI Zettascale and 50k AMD MI450, and powers datacenters with up to 2.8GW of Bloom fuel cells. 2025 capex ~$10B+.
ORCL Updated Sep 12, 2026 5 AI consumers· 5 recurring
Per the valuechain.wiki graph, Oracle is directly linked to 9 companies (3 supply, 6 revenue relationships) and reaches 50 companies within two hops; the links are backed by 15 dated sources, 3 of them primary filings (as of 2026-09-12).
Financials & Segments
- Total revenue · Stargate ~$300B / 4.5GW
- Customer concentration · OpenAI Stargate; NVIDIA/AMD GPUs.
- Segments · OCI cloud · Stargate (OpenAI) · DB/SaaS
Revenue from
- OpenAI High confidence
Supplies OCI cloud compute to OpenAI Stargate (~$300B/4.5GW).Confirms EN IntuitionLabs Published Apr 12, 2026: Oracle & OpenAI's $300B Deal: AI Infrastructure Analysis - Enterprise · government (cloud) High confidence
OCI, database and SaaS for enterprise and government. - Palantir Technologies Medium confidence
Provides cloud compute to Palantir.Confirms EN Cloud Wars Published Jul 23, 2024: Oracle, Palantir Align Big Data Analytics, AI Functionality With OCI - Uber Medium confidence
Oracle hosts Uber workloads on Oracle Cloud Infrastructure (OCI) under a 2023 seven-year deal and is paid for it; Uber's OCI spend is revenue for Oracle. - Marriott International, Inc. Medium confidence
Oracle provides Fusion Cloud HCM, which Marriott deployed to automate core human-resources functions, but the subscription and service consideration paid to Oracle has not been disclosed.Confirms EN Oracle Published Apr 20, 2021: Marriott HR upgrades to cloud suite as employees and guests return to its properties - The Sherwin-Williams Company Medium confidence
Oracle provides its purchasing system to Sherwin-Williams, which stated in Oracle's customer community that it had enabled the system's Redwood page, while contract value and deployment scope were not disclosed.Confirms EN Oracle Cloud Customer Connect Published May 5, 2025: Ability to Customize Purchase Orders Redwood Page - Add Custom Button - Consolidated Edison, Inc. Medium confidence
Oracle provided the single instance of Customer Care & Billing that Con Edison implemented to centralize customer operations across multiple commodities and subsidiaries, while the software contract value was not disclosed.
Pays to
- NVIDIA High confidence
Deploys up to 800k NVIDIA GPUs in OCI Zettascale.Confirms EN IntuitionLabs Published Apr 12, 2026: Oracle & OpenAI's $300B Deal: AI Infrastructure Analysis - Bloom Energy High confidence
Sources on-site datacenter power from Bloom fuel cells (up to 2.8GW).Confirms EN TradingKey Published Apr 14, 2026: What Oracle's 2.8GW Fuel Cell Order Brings to Bloom Energy - AMD Medium confidence
Deploys 50k AMD Instinct MI450 on OCI (Q3 2026).Confirms EN HyperFRAME Research Published Oct 15, 2025: Does Oracle's 50K GPU Bet Threaten NVIDIA's AI Lead? - Data centers · servers · capacity expansion (undisclosed) Low confidence
Datacenter construction, servers and capex.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Voyager Technologies | lead2 | · | · | · | · | · | +29.8 |
| JPMorgan Chase | lead2 | +27.7 | -12.6 | +30.6 | +44.3 | +37.3 | +12.9 |
| Yum! Brands | lead2 | +30.1 | -6 | +3.9 | +4.7 | +14.9 | +0.6 |
| American Express | lead2 | +36.9 | -8.5 | +28.7 | +60.3 | +26 | -11.1 |
| Lowe's Companies, Inc. | lead2 | +63.3 | -21.5 | +14 | +13 | -0.3 | -13.9 |
| Accenture plc | lead2 | +60.7 | -34.8 | +33.6 | +1.9 | -22.6 | -29 |
| Intuit Inc. | lead2 | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -49.3 |
| Consolidated Edison, Inc. | lead1 | +23 | +15.7 | -1.1 | +1.5 | +15.1 | +10.7 |
| Marriott International, Inc. | lead1 | +25.3 | -9.3 | +53.1 | +24.9 | +12.3 | +9.1 |
| The Sherwin-Williams Company | lead1 | +44.9 | -32 | +32.7 | +9.9 | -3.8 | +3.7 |
| Palantir Technologies | lead1 | -22.7 | -64.7 | +167.4 | +340.5 | +135 | -1.9 |
| Uber | lead1 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Oracle | node | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -17.8 |
| Bloom Energy | benef1 | -23.5 | -12.8 | -22.6 | +50.1 | +291.2 | +191 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +172.1 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +170.5 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +155 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +149.3 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +139.1 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +138.8 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +135.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +131.5 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +86.6 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +77.2 |
| LS ELECTRIC | benef2 | -19.2 | +11.4 | +37.4 | +234.2 | +145 | +73.2 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +61 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +57.3 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +52.7 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +50.4 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +43 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +37.4 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +35.5 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +34.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +29.1 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +25.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +23.4 |
| Amphenol | benef2 | +34.4 | -12.5 | +30.8 | +40.7 | +95.3 | +22.7 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +18.4 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | +6 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +5.6 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | -6.7 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -7.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -11.2 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -24.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Oracle operates across NYSE, Cloud & DB, OCI, Stargate (OpenAI). After +18.1% in 2025, it corrected -17.8% in 2026. The supply side (avg +112.6%) has moved harder than the stock (-17.8%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Bloom Energy (+191%) and the furthest behind is Uber (-7.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. 2025 capex ~$10B+.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 2 · Sell 0 · Avg. target $246 · Price $158.78 (09-04) · Upside +55%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| RBC Capital Markets · Rishi Jaluria | Sector Perform | $190 | Jun 11, 2026 | Report ↗ |
| Barclays · Raimo Lenschow | Overweight | $250 | Jun 11, 2026 | Report ↗ |
| Sanford C. Bernstein · Mark Moerdler | Outperform | $325 | Jun 11, 2026 | Report ↗ |
| Stephens · Brett Huff | Equal Weight | $164 | Jun 11, 2026 | Report ↗ |
| TD Cowen · Derrick Wood | Buy | $300 | Jun 8, 2026 | Report ↗ |
Sector Perform at $190: cloud bookings are strong but heavy capex pressures margins and cash flow.
Analyses covering this node
- Turn your assets into AI infrastructure and your clock changes: miners and telcos Jul 9, 2026
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
- Part of the demand comes from the supplier's own balance sheet: the fragility of circular financing Jun 23, 2026