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Goldman Sachs: AI Infrastructure Spending by 5 Tech Giants Including Amazon, Microsoft, and Meta to Reach $800 Billion This Year
Goldman Sachs estimates AI infrastructure spending by Amazon, Google parent company Alphabet, Microsoft, Oracle, and Meta will reach $800 billion this year. Goldman Sachs notes that hyperscale cloud providers need approximately $300 billion in annual AI revenue to break even. However, rising financing demands and infrastructure constraints may weigh on the pace of future spending growth.
AI chip startup Positron raises $875 million at $5 billion valuation
Odaily News: Positron, an AI chip startup focused on designing hardware that helps AI models run faster, said it has raised $875 million at a $5 billion valuation, with the company's value surging significantly over the past six months. The round was co-led by venture capital firms NEA, Atreides Management, Valor Equity Partners, Andra Capital, analyst Dylan Patel's SemiAnalysis Capital, and Netscape co-founder Jim Clark.Positron raised $230 million in its most recent funding round in February of this year at a $1 billion valuation. Positron said it has delivered approximately 50 Atlas server racks of its previous generation to Oracle, with other customers including financial firm Jump Trading and AI company Parasail. Positron is trying to gain an edge in the crowded chip industry by bringing its chips to market as quickly as possible. (The Wall Street Journal)
Morgan Stanley: $3.1 Trillion in Off-Balance-Sheet AI Compute Commitments Emerge, Financing Structure Becomes a New Variable in the Supply Chain
According to Chaoxiang Research, a Morgan Stanley report dated August 24 indicates that the total disclosed off-balance-sheet commitments from hyperscalers, NVIDIA, and Broadcom have surpassed $3.1 trillion. Lease commitments total $1.1 trillion and procurement commitments $1.7 trillion, while the combined on-balance-sheet debt and lease liabilities of hyperscalers reach $770 billion. Amazon and Google's free cash flow turned negative in Q2 2026, with Meta expected to follow suit next quarter. Financing instruments are restructuring the AI compute capital structure across six dimensions: off-balance-sheet lease and procurement commitments form the first financing layer; the share of debt issuance rises from 2% in 2025 to 19% in 2026; Google frees up $110 billion by reducing share buybacks and issuing equity; Oracle records $4.6 billion in customer advance payments in Q2; and Broadcom and NVIDIA launch chip-leasing SPVs to support unrated AI labs. Morgan Stanley notes that when the financing structure itself becomes a core variable in the AI supply chain, tracking changes in off-balance-sheet commitments and accounting judgments is nearing the importance of tracking chip shipments themselves.
“AI Stock God” Faces Trading Drawdown, Seeking New Funding Support
The Situational Awareness fund, managed by "AI Stock God" Leopold Aschenbrenner, accumulated a gain of 439% before June 2026. However, it suffered severe setbacks during the AI sector sell-off in July. The fund is currently communicating with existing investors and lenders to seek new capital and is offering some LPs the opportunity to purchase assets from its portfolio.Sources say this capital discussion appears more like an ad-hoc response than an organized new fundraising round. The fund had previously used leverage through prime brokers at several major investment banks to amplify its AI trading exposure, turning market drawdowns further into funding pressure.In a letter to investors on July 24, Aschenbrenner acknowledged that the fund failed to avoid this market shock, noting that Asian markets were particularly affected. However, he believes this sell-off could present the best buying opportunity since early 2025. He plans to open a window for new capital on August 1st and views Anthropic's potential IPO as a catalyst for the second half of the year.According to disclosures, some holdings saw significant declines in July. Oracle and AMD fell approximately 20% for the month, while Nebius, Saronic AI, Bloom Energy, Sandisk, and others saw even larger drops. The Nasdaq 100 index fell about 10% in July, and South Korea's Kospi index dropped by roughly one-third.Currently, lacking specific data on the fund's exact drawdown magnitude, it is difficult to determine whether this fundraising is a passive capital injection driven by leverage pressure or an active move to increase positions for an opportunity. However, market trends suggest it is closer to the former. If forced selling occurs, the deleveraging process could also create discount opportunities in assets whose fundamentals haven't materially changed.
AI Data Center Crusoe Plans to Raise $3 Billion, Valuation Could Rise to $30 Billion
AI data center Crusoe Energy Systems is in talks for a new round of financing worth approximately $3 billion. Upon completion of this round, the company's valuation is expected to roughly triple from the previous round, reaching the $30 billion range.Founded in 2018, Crusoe initially started with crypto-related businesses before transitioning into an AI infrastructure and data center service provider. It is currently categorized as one of the "neocloud" firms, a new type of cloud computing company focused on providing computational power support for generative AI. The company has signed compute supply contracts with tech giants including Meta and Oracle. As demand for AI infrastructure construction surges, the scale of its compute business continues to expand.According to previously public information, Crusoe completed a funding round of approximately $1.38 billion last year, with a valuation exceeding $10 billion. If this new round is successfully completed, it would become another large-scale capital move in the AI infrastructure sector.Market sources estimate that the final valuation for this round could be around the $30 billion level, but the deal is still in progress and has not yet been finalized. (Reuters)
Oracle Invokes "Force Majeure" Clause to Avoid Disputed Data Center Project
Odaily News: Oracle (ORCL.N) is attempting to avoid the massive costs associated with a large data center project in New Mexico, which undoubtedly adds new uncertainties to a project already plagued by opposition and regulatory obstacles. According to people familiar with the matter, Oracle has sent a notice to a subsidiary of Blue Owl Capital, the project's developer, invoking the force majeure clause.The sources said Oracle is not seeking to exit the project as the primary tenant, but rather wants to defer payments in the event that the "Project Jupiter" data center project experiences delays and fails to come online as planned in 2028. (Bloomberg)
Nostra Halts Money Market Over Manipulated NSTR Oracle Prices, Involving Approximately $3.5 Million
According to official reports, the NSTR oracle price was manipulated yesterday, causing a single account to use NSTR as collateral to borrow approximately $3.5 million in ETH, STRK, USDC, USDT, WBTC, and DAI v1 from the Nostra money market on Starknet. The market has currently suspended deposits, borrows, withdrawals, and liquidations. Nostra is currently assessing the impact on each asset and tracking the funds, with final losses and recoverable amounts yet to be determined.
Oracle Protocol Switchboard Suspected of Attack, Suspends Multiple On-Chain Services Including Aptos and Sui
Oracle protocol Switchboard issued a statement disclosing a report of a potential overnight attack. The Switchboard team has partnered with relevant projects and security agencies to take measures, suspending its network services on the Aptos, Sui, IOTA, and Movement chains. Currently, there are no similar reports indicating a comparable intrusion attack on the Solana chain. However, for security reasons, official channels recommend that users migrate to alternative oracle solutions as soon as possible, at least temporarily, during the investigation period. The team continues to investigate the incident and will release further details subsequently.
Oracle Launches Fusion Agentic Applications and AI Agents
Oracle has announced the launch of the new Oracle Fusion Agentic Applications and AI agents designed for the human resources sector, aiming to help enterprises accelerate employee development, optimize talent decisions, and respond more quickly to evolving business and skills demands.Oracle stated that the new generation of Fusion Agentic Applications is powered by the coordinated operation of multiple specialized AI agents, featuring goal-oriented, autonomous reasoning, and enterprise-level execution capabilities. By securely accessing unified enterprise data, workflows, policies, permission systems, and business context, these applications assist enterprises in making and executing decisions within HR processes.The newly launched AI capabilities are built on Oracle Cloud Infrastructure (OCI) and are deeply integrated into the Oracle Fusion Cloud HCM platform, covering areas such as job architecture, learning and development, manager coaching, employee growth, internal mobility, and workforce planning.
Lido Responds to stETH Yield Calculation Anomaly: Issue Fixed and Oracle Upgraded, User Funds Unaffected
Ethereum staking protocol Lido stated on X platform that today's stETH Rebase has been completed as expected, and has compensated for the ETH rewards missed yesterday due to calculation deficiencies. The corresponding annual percentage rate (APR) is approximately 2.29%. Additionally, the protocol's oracle has been updated and passed audit. The new version will improve report processing speed and help locate the cause more quickly when similar issues arise in the future.Regarding the yield calculation anomaly that occurred yesterday, Lido stated that contributors are still conducting a root cause analysis. Further investigation details will be published on the official forum and social platforms. Throughout the entire incident, user funds were never at risk. Preliminary analysis suggests the issue may have stemmed from a specific edge case: the yield report from yesterday omitted a validator that was in a pending deposit status, causing some staking rewards to be excluded from the calculation.Lido stated that a complete post-mortem report will be released in the coming days to further explain the cause of the issue, remediation measures, and subsequent improvement plans.
"AI Stock God" Leopold Has Unwound Put Options on NVIDIA and Others, Core Positions Remain Concentrated in Semiconductors and AI Infrastructure
The latest portfolio holdings of "AI Oracle" Leopold Aschenbrenner show that his core positions remain concentrated in semiconductor and AI infrastructure-related companies, with SanDisk (SNDK) and Micron (MU) accounting for approximately 28% and 27.5% of the portfolio respectively, ranking as the highest-priority holdings.
"The Big Short" Michael Burry Says AI Bubble May Accelerate Bursting, Adjusts Multiple Positions
According to disclosures from the Michael Burry Stock Tracker, Michael Burry, the real-life inspiration behind "The Big Short," stated on his Substack platform that weekend research has led him to believe the artificial intelligence bubble may soon accelerate its collapse. He disclosed his latest position adjustments: closing short positions include short stakes in Micron ($MU), Nebius ($NBIS), Caterpillar ($CAT), the Semiconductor ETF ($SOXX), Nvidia ($NVDA), Oracle ($ORCL), and CoreWeave ($CRWV); opening new short positions involves initiating a short on MetLife ($MET); and adding to and adjusting long positions includes expanding his Palantir ($PLTR) position, rolling his QQQ stake into a larger Nasdaq ($NDX) position, and increasing holdings in Sprouts Farmers Market ($SFM) and QXO ($QXO).
AI chip startup Positron raises $875 million at $5 billion valuation
Odaily News: Positron, an AI chip startup focused on designing hardware that helps AI models run faster, said it has raised $875 million at a $5 billion valuation, with the company's value surging significantly over the past six months. The round was co-led by venture capital firms NEA, Atreides Management, Valor Equity Partners, Andra Capital, analyst Dylan Patel's SemiAnalysis Capital, and Netscape co-founder Jim Clark.Positron raised $230 million in its most recent funding round in February of this year at a $1 billion valuation. Positron said it has delivered approximately 50 Atlas server racks of its previous generation to Oracle, with other customers including financial firm Jump Trading and AI company Parasail. Positron is trying to gain an edge in the crowded chip industry by bringing its chips to market as quickly as possible. (The Wall Street Journal)
Musk and Buffett's Century-Old Reconciliation? Berkshire Hathaway Indirectly Holds 0.04% of SpaceX Stock Through Google Parent Alphabet
Odaily News According to foreign media BusinessInsider, based on publicly disclosed holdings data, "Oracle of Omaha" Warren Buffett's Berkshire Hathaway indirectly holds approximately 0.04% of SpaceX shares through a two-tier equity nesting "look-through shareholding" model, with a corresponding market value exceeding $700 million. This also creates a rare capital intersection between two top business tycoons, "the Oracle of Omaha" Buffett and "Iron Man" Musk.Musk has long regarded Buffett's investment endorsement as an important industry validation, and has repeatedly publicly extended olive branches to Buffett on social platforms, hoping he would become a shareholder in his companies. Musk joked in a 2023 post: "Too bad he didn't invest when Tesla's market cap was only 0.1% of its current value." In 2024, he publicly stated again: "He should build a position in Tesla; that's the obvious choice." Now, although Buffett has not invested in Tesla, he has become an "invisible shareholder" of SpaceX in another way.In terms of the shareholding structure, this stake is not a direct investment by Berkshire in SpaceX, but rather an incidental asset from its heavy position in tech giant Google's parent company Alphabet. (Interface News)
"The Big Short" Michael Burry Discloses Latest Holdings: Increases Short Positions on Multiple Tech Stocks, Adds to Long Positions in MELI and ZTS
Michael Burry's latest position adjustments show he has further increased short positions on multiple technology-related assets, including adding to short positions on Nebius (NBIS) at around $247, Micron (MU) at around $924, and Oracle (ORCL) at around $152, as well as increasing short positions on the Semiconductor ETF (SOXX).
Michael Burry's latest position disclosure: Increased short positions in Nvidia, Palantir, Oracle, and semiconductor ETF
Odaily News, according to Michael Burry Stock Tracker, Michael Burry has disclosed his latest position adjustments, which include increasing short positions in Nvidia (NVDA), Palantir (PLTR), Oracle (ORCL), Caterpillar (CAT), and the semiconductor ETF (SOXX). The corresponding prices for PLTR, ORCL, CAT, and SOXX are approximately $175, $145, $844, and $533, respectively. Meanwhile, he increased his long position in Molina Healthcare (MOH) at a price of around $198. His short position in Tesla (TSLA) remains unchanged.
Oracle Protocol Switchboard Suspected of Attack, Suspends Multiple On-Chain Services Including Aptos and Sui
Oracle protocol Switchboard issued a statement disclosing a report of a potential overnight attack. The Switchboard team has partnered with relevant projects and security agencies to take measures, suspending its network services on the Aptos, Sui, IOTA, and Movement chains. Currently, there are no similar reports indicating a comparable intrusion attack on the Solana chain. However, for security reasons, official channels recommend that users migrate to alternative oracle solutions as soon as possible, at least temporarily, during the investigation period. The team continues to investigate the incident and will release further details subsequently.
OpenAI, Anthropic, and over 100 other institutions issue a joint open letter calling for strengthened global cyber defense in the AI era
Odaily News: OpenAI co-founder Greg Brockman reposted the open letter, with over 100 institutions including Anthropic, AWS, Google, Microsoft, OpenAI, and Oracle jointly calling for strengthened global cyber defense to address the rapidly evolving threat of AI-powered cyberattacks.The open letter states that AI-driven cyberattacks are expected to become more prevalent and sophisticated in the coming months, posing higher risks to critical systems such as hospitals, water treatment facilities, and internet infrastructure. All parties should seize the current window of opportunity in which AI can equally enhance defensive capabilities, accelerate the closure of long-standing security vulnerabilities, and prioritize AI tools with cybersecurity capabilities for critical infrastructure defense teams.The open letter also calls on companies, cybersecurity firms, governments, and frontier AI companies to jointly invest tools, funding, and technical support to strengthen threat intelligence sharing, vulnerability remediation, and continuous security monitoring.
Ostium Attack Post-mortem: Off-chain Oracle Permissions Stolen, Forged BTC Price to Arbitrage 23.75 Million USDC
According to Ostium's official report, the core of this attack lies in the compromise of the off-chain price reporting system permissions, unrelated to smart contract vulnerabilities. After obtaining off-chain authorization, the attacker utilized the protocol's registered legitimate forwarding paths to submit forged prices ($5,000 and $60,000) to the BTC-USD market, atomically completing an open-close position arbitrage cycle within the same transaction. Starting with 100 USDC and rolling to amplify the scale across 8 transactions, they extracted 23.75 million USDC from the OLP vault within 5 minutes until the vault circuit breaker mechanism was triggered. The root cause lies in the off-chain infrastructure lacking a multi-party approval mechanism equivalent to on-chain multi-signature, creating a single-point permission vulnerability. The stolen funds have been converted to ETH and mixed via Tornado Cash; tracking efforts are still ongoing.
Algorithmic Stablecoin Balance Coin Suffers Oracle Attack, Plummets 99%
According to CoinDesk reports, algorithmic stablecoin Balance Coin suffered an oracle price manipulation attack on July 22. The coin price plummeted from near the $1 peg to about $0.0014, a drop of over 99%, and the nominal market cap of about $3.5 million nearly went to zero. According to analysis by security firm SlowMist, the attacker fed abnormally low false Bitcoin prices into the protocol, bypassing price rationality checks and liquidation delay mechanisms. They forcibly liquidated multiple ineligible collateral vaults in a single transaction, subsequently exchanged the acquired collateral for arbitrage, and ultimately profited about $912,000 from the protocol governance entity 42DAO.
SlowMist: 42DAO exploited due to abnormally low BTCB oracle price, loss of approximately $912,000
SlowMist issued a security warning stating that 42DAO suffered an attack, with losses of approximately $912,000. The attack was caused by the attacker exploiting the abnormally low price of BTCB provided by Median Oracle, completing the exploitation through the poke mechanism of the Spotter contract and the bark mechanism of the Dog contract.
Ostium Halts Trading; Oracle Vulnerability Causes Tens of Millions of Dollars in Losses
Decentralized trading protocol Ostium paused trading due to suspected exploitation of its oracle system, with security firms Blockaid and CertiK estimating losses between $18 million and $22 million.
Oracle Invokes "Force Majeure" Clause to Avoid Disputed Data Center Project
Odaily News: Oracle (ORCL.N) is attempting to avoid the massive costs associated with a large data center project in New Mexico, which undoubtedly adds new uncertainties to a project already plagued by opposition and regulatory obstacles. According to people familiar with the matter, Oracle has sent a notice to a subsidiary of Blue Owl Capital, the project's developer, invoking the force majeure clause.The sources said Oracle is not seeking to exit the project as the primary tenant, but rather wants to defer payments in the event that the "Project Jupiter" data center project experiences delays and fails to come online as planned in 2028. (Bloomberg)
Oracle Expands Digital Asset Data Platform, Plans to Launch Payment Execution and Other Features in Fiscal Year 2027
Oracle has announced the expansion of its Digital Assets Data Nexus platform, adding payment execution integration, configurable wallet and smart contract controls, as well as AI-driven transaction monitoring and risk analysis features.The upgrade supports connecting banks' existing payment systems with digital asset transaction execution through the ISO 20022 messaging standard, and plans to integrate Oracle Banking Payments and Swift Ledger, covering scenarios such as tokenized deposits, stablecoins, CBDCs, digital bonds, and real-world assets. The related features are planned for launch in fiscal year 2027.
Oracle's internal AI rollout initially faced obstacles, but adoption reached 80% within three months of deploying ChatGPT Enterprise.
According to Business Insider, Oracle Co-CEO Magurk acknowledged that the company had not yet found a way to effectively leverage generative AI across the entire workforce last year. The turning point came in April and May this year, when Oracle deployed ChatGPT Enterprise and Codex, achieving an adoption rate of 80% within three months. Previously, Oracle had already invested billions of dollars to help other enterprises run AI.
OpenAI, Anthropic, and over 100 other institutions issue a joint open letter calling for strengthened global cyber defense in the AI era
Odaily News: OpenAI co-founder Greg Brockman reposted the open letter, with over 100 institutions including Anthropic, AWS, Google, Microsoft, OpenAI, and Oracle jointly calling for strengthened global cyber defense to address the rapidly evolving threat of AI-powered cyberattacks.The open letter states that AI-driven cyberattacks are expected to become more prevalent and sophisticated in the coming months, posing higher risks to critical systems such as hospitals, water treatment facilities, and internet infrastructure. All parties should seize the current window of opportunity in which AI can equally enhance defensive capabilities, accelerate the closure of long-standing security vulnerabilities, and prioritize AI tools with cybersecurity capabilities for critical infrastructure defense teams.The open letter also calls on companies, cybersecurity firms, governments, and frontier AI companies to jointly invest tools, funding, and technical support to strengthen threat intelligence sharing, vulnerability remediation, and continuous security monitoring.
Morgan Stanley: $3.1 Trillion in Off-Balance-Sheet AI Compute Commitments Emerge, Financing Structure Becomes a New Variable in the Supply Chain
According to Chaoxiang Research, a Morgan Stanley report dated August 24 indicates that the total disclosed off-balance-sheet commitments from hyperscalers, NVIDIA, and Broadcom have surpassed $3.1 trillion. Lease commitments total $1.1 trillion and procurement commitments $1.7 trillion, while the combined on-balance-sheet debt and lease liabilities of hyperscalers reach $770 billion. Amazon and Google's free cash flow turned negative in Q2 2026, with Meta expected to follow suit next quarter. Financing instruments are restructuring the AI compute capital structure across six dimensions: off-balance-sheet lease and procurement commitments form the first financing layer; the share of debt issuance rises from 2% in 2025 to 19% in 2026; Google frees up $110 billion by reducing share buybacks and issuing equity; Oracle records $4.6 billion in customer advance payments in Q2; and Broadcom and NVIDIA launch chip-leasing SPVs to support unrated AI labs. Morgan Stanley notes that when the financing structure itself becomes a core variable in the AI supply chain, tracking changes in off-balance-sheet commitments and accounting judgments is nearing the importance of tracking chip shipments themselves.
Oracle and Quantinuum Announce Multi-Year Partnership to Bring Quantum Computing to OCI Cloud Platform
Odaily News: Oracle and quantum computing company Quantinuum have announced a multi-year partnership to connect Quantinuum's Helios quantum computer to Oracle Cloud Infrastructure (OCI). Customers will soon be able to combine quantum computing with resources such as GPUs and high-performance computing through OCI's quantum services.In addition, Oracle plans to preview its quantum computing services in the coming months and will integrate Quantinuum's development tool stack with open-source hybrid programming frameworks for developing and testing quantum-classical hybrid applications. The two parties did not disclose the collaboration amount or specific deployment dates. (Reuters)
Related news
"AI Stock God" Leopold Has Unwound Put Options on NVIDIA and Others, Core Positions Remain Concentrated in Semiconductors and AI Infrastructure
The latest portfolio holdings of "AI Oracle" Leopold Aschenbrenner show that his core positions remain concentrated in semiconductor and AI infrastructure-related companies, with SanDisk (SNDK) and Micron (MU) accounting for approximately 28% and 27.5% of the portfolio respectively, ranking as the highest-priority holdings.
"The Big Short" Michael Burry Says AI Bubble May Accelerate Bursting, Adjusts Multiple Positions
According to disclosures from the Michael Burry Stock Tracker, Michael Burry, the real-life inspiration behind "The Big Short," stated on his Substack platform that weekend research has led him to believe the artificial intelligence bubble may soon accelerate its collapse. He disclosed his latest position adjustments: closing short positions include short stakes in Micron ($MU), Nebius ($NBIS), Caterpillar ($CAT), the Semiconductor ETF ($SOXX), Nvidia ($NVDA), Oracle ($ORCL), and CoreWeave ($CRWV); opening new short positions involves initiating a short on MetLife ($MET); and adding to and adjusting long positions includes expanding his Palantir ($PLTR) position, rolling his QQQ stake into a larger Nasdaq ($NDX) position, and increasing holdings in Sprouts Farmers Market ($SFM) and QXO ($QXO).
Goldman Sachs: AI Infrastructure Spending by 5 Tech Giants Including Amazon, Microsoft, and Meta to Reach $800 Billion This Year
Goldman Sachs estimates AI infrastructure spending by Amazon, Google parent company Alphabet, Microsoft, Oracle, and Meta will reach $800 billion this year. Goldman Sachs notes that hyperscale cloud providers need approximately $300 billion in annual AI revenue to break even. However, rising financing demands and infrastructure constraints may weigh on the pace of future spending growth.
Oracle Invokes "Force Majeure" Clause to Avoid Disputed Data Center Project
Odaily News: Oracle (ORCL.N) is attempting to avoid the massive costs associated with a large data center project in New Mexico, which undoubtedly adds new uncertainties to a project already plagued by opposition and regulatory obstacles. According to people familiar with the matter, Oracle has sent a notice to a subsidiary of Blue Owl Capital, the project's developer, invoking the force majeure clause.The sources said Oracle is not seeking to exit the project as the primary tenant, but rather wants to defer payments in the event that the "Project Jupiter" data center project experiences delays and fails to come online as planned in 2028. (Bloomberg)
Oracle Expands Digital Asset Data Platform, Plans to Launch Payment Execution and Other Features in Fiscal Year 2027
Oracle has announced the expansion of its Digital Assets Data Nexus platform, adding payment execution integration, configurable wallet and smart contract controls, as well as AI-driven transaction monitoring and risk analysis features.The upgrade supports connecting banks' existing payment systems with digital asset transaction execution through the ISO 20022 messaging standard, and plans to integrate Oracle Banking Payments and Swift Ledger, covering scenarios such as tokenized deposits, stablecoins, CBDCs, digital bonds, and real-world assets. The related features are planned for launch in fiscal year 2027.
Bernstein: Hyperscale Cloud Providers Diverge in Q2; Google Leads, Microsoft Holds Steady
According to Chaotian Research, a Bernstein research report dated September 22, 2026 highlights divergent second-quarter growth rates among hyperscale cloud providers. Google Cloud grew 82%, Oracle OCI grew 121%, Alibaba Cloud grew 44.9%, Microsoft Azure grew 43%, and Amazon AWS grew 37%. Google stands alone as the only provider with a vertically integrated stack of proprietary frontier models and custom TPU chips, holding a $514 billion cloud backlog. Microsoft is the only vendor forecasting positive free cash flow for fiscal year 2027 without requiring additional debt issuance. Bernstein initiated coverage of CoreWeave with an Underperform rating and a $74 price target. Bernstein argues that Google's vertical integration gives it an edge in AI cloud competitiveness, assigning a Market Perform rating and a $385 price target. Microsoft serves as a defensive play driven by self-funding and first-party applications, carrying a $660 price target. Oracle's growth is underpinned by $664 billion in remaining performance obligations, warranting an Outperform rating and a $325 price target. While CoreWeave benefits short-term from GPU scarcity, it faces long-term headwinds from high customer concentration and structurally constrained returns.