NYSE · 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 Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Oracle is directly linked to 6 companies (3 supply, 3 revenue relationships) and reaches 41 companies within two hops; the links are backed by 12 dated sources, 3 of them primary filings (as of 2026-07-12).
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.
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 | · | · | · | · | · | +19.2 |
| Uber | lead1 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| Palantir Technologies | lead1 | -22.7 | -64.7 | +167.4 | +340.5 | +135 | -28.7 |
| Oracle | node | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -27.4 |
| Bloom Energy | benef1 | -23.5 | -12.8 | -22.6 | +50.1 | +291.2 | +181.5 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +217.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +162.4 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +147.1 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +118.8 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +117.6 |
| LS ELECTRIC | benef2 | -19.2 | +11.4 | +37.4 | +234.2 | +145 | +79.6 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +77.2 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +75.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +74.9 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +68.8 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +54.9 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +49.8 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +27.2 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +20.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +18.2 |
| Amphenol | benef2 | +34.9 | -12 | +31.5 | +41.3 | +96.1 | +18.1 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +14.8 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | +4.2 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | -2.1 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -11.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -13 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is whether a late-mover cloud can flip the board with AI-infrastructure deals. It signed a ~$300B, 4.5GW Stargate deal with OpenAI, deploys up to 800k NVIDIA GPUs and 50k AMD MI450 in OCI Zettascale, and redefined an OCI that trailed AWS/Azure/Google as an AI-compute supplier — with enterprise like Uber and Palantir on top. But this growth burns capital ahead of revenue: large capex ($10B+), NVIDIA/AMD GPUs and Bloom on-site power (up to 2.8GW) — a bottleneck phase where spending and GPU procurement grow before revenue is recognized. Risks are that Stargate is a single-customer (OpenAI) megadeal whose funding and execution pace drive the valuation, and that cloud margins are pressed by GPU and power costs.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 2 · Sell 0 · Avg. target $246 · Price $140.64 (07-10) · Upside +75%
| 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
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