Original post · AI translation
甲骨文目前的目标是到2029财年至少实现300亿美元的自由现金流，而投资者此前预计届时其自由现金流为负。
甲骨文在2026财年为OpenAI等公司建设AI数据中心，消耗了237亿美元的自由现金流，并计划在今年投入900亿至950亿美元的资本支出。
9月，首席财务官希拉里·马克森拒绝透露这种现金流消耗何时结束；在今天的投资者日活动上，她表示现金流将在2028财年下半年转正。
该计划依赖于资本支出在2027和2028财年达到峰值，随后随着新建产能开始产生收入而逐步下降。
甲骨文还将截至2030财年的进一步融资上限设为200亿美元，由股权融资和新增债务各占一半；这不包括其已完成的200亿美元股票出售。
客户预付款、客户提供的硬件和供应商融资预计将覆盖剩余前期成本的很大一部分。
该公司股价一度上涨9.6%；截至周二，今年以来其股价已下跌33%。
Original
Oracle now targets at least $30B in free cash flow for fiscal 2029, when investors expected negative cash. Oracle burned $23.7B of free cash flow in fiscal 2026 building AI data centers for OpenAI and others, and plans $90B to $95B of capex this year. In September, CFO Hilary Maxson refused to say when that drain would end; At Investor Day today she put the turn in the second half of fiscal 2028. The plan depends on capital spending peaking in fiscal 2027 and 2028, then stepping down as new capacity starts earning revenue. Oracle also capped further capital raising through fiscal 2030 at $20B, split evenly between equity and gross debt, beyond a $20B share sale it already completed. Customer prepayments, customer-supplied hardware and vendor financing are meant to cover much of the remaining upfront cost. The shares jumped as much as 9.6% after falling 33% this year through Tuesday.