Oracle Corporation - February 2026 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Grasping the AI Infra buildout (VI): Who pays for all these Enterprise...

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we address all these questions in a series of one-sliders. Today we look into who pays for all these Enterprise Cloud AI bills. Note: For our latest estimates, please see updates to the slides published earlier this week; we are refining our numbers in real time as we progress in this...

Grasping the AI Infra buildout (V): How can frontier labs fund rising ...

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we address all these questions in a series of one-sliders. Today we look into how frontier labs can absorb rising compute costs in 2027 and beyond. Note: For our latest estimates, please see updates to the slides published earlier this week; we are refining our numbers in real time as...

Japanese Telcos – Q3 FY25 review: SB focusing less on customer share; ...

Once again, Underlying revenue and EBITDA trends were better across the board, with mobile accelerating driven by price increases. Softbank Corp stays on as our preferred pick in the sector, followed by KDDI then NTT.

PSA Professional Services: Visional (4194 JT) FY26 Q2 Preview – Anothe...

Analyst Lindsay Whipp thinks Visional has the potential to beat its FY26 Q2 forecast. With a strong track record of meeting and/or beating guidance, along with contributions from recent acquisiton, Thinkings, the firm is confident about the job market outlook and how it is positioned. With the recent selloff in SaaS stocks, Visional’s valuations are now very attractive.

Grasping the AI Infra buildout (IV): How can hyperscalers swallow so m...

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we address all these questions in a series of one-sliders. Today we look into how Hyperscaler P&Ls can absorb 2026 capex, and extend the perspective into the end of the decade. Note: For our latest estimates, please see updates to the slides published earlier this week; we are refinin...

Grasping the AI Infra buildout (III): Who will pay for cloud?

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we will try to address all these questions in a series of one-sliders. We follow-up today with the third analysis. Note: For our latest estimates, please see updates to the slides published earlier this week; we are refining our numbers in real time as we progress in this work.

Grasping the AI Infra buildout (II): How is it financed?

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and the underlying or prospective business model. As GTC approaches, we will try to address all these questions in a series of one-sliders. We follow-up today with the second analysis.

Grasping the AI Infra buildout (I): Who builds what, for whom?

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and the underlying or prospective business model. As GTC approaches, we will try to address all these questions in a series of one-sliders. We kick things off with the baseline: Who builds what, for whom? Enjoy, and stay tuned for the rest of the series.

Oracle Corporation: Updated credit analysis

Our view of this issuer reflects its risks surrounding the credit impact of the rapid build-out of the AI infrastructure business.

Oracle Corporation: Key facts and statistics - LTM November 2025

A summary company profile, detailing Oracle Corporation’s business operations and financial highlights.

SRE Holdings - Readthrough from Excellent FY25 Q3 Results

SRE Holdings (2980 JT) shares have been hammered by twin concerns that rising interest rates would harm their real estate business, while AI will whittle away at SRE Holdings’ AI solutions business. SRE has answered its critics with an exceptional FY25 Q3 performance, which not only has implications for the firm’s FY25 performance as a whole, but also has significant implications for FY26 and FY27. This report assesses the firm’s outlook in the wake of these results.

Energy storage for AI datacenters: $12-40bn deployment opportunity in ...

Datacenters are increasingly co-locating battery storage to improve economics, grid resilience, and speed of deployment. We publish today our view on the energy storage opportunity in datacenters, summarized on a single slide. Please click the link for more details.

PSA Enterprise Software / IT Services: Healthcare Big Data Play JMDC's...

Analyst Lindsay Whipp takes us through JMDC’s results and full-year guidance. She also flags an interesting tie-up with Fujitsu which emphasises the value that JMDC offers through its core business of healthcare big data, and the added value services that can be provided through its collection, anonymisation, standardisation and analysis.

NTT Corp (Buy, TP: ¥215, +39%) Q3 FY25 Quick Take: ARPU recovery cont...

NTT's 3Q results largely improved. Key points to note is the continued recovery in ARPU in mobile, and continued revenue recovery in the Global Solutions and Regional business. However, mobile marketing spend has dented profitability again, with management revising guidance for full year 2025 across the board downwards. We continue to be Buyers but prefer KDDI and SB (our top pick among the 3 Japanese incumbents).

Looking at the Downside

Moody's Ratings affirms Oracle's Baa2 rating on equity announcement; O...

Moody's Ratings (Moody's) affirmed Oracle Corporation's (Oracle) ratings including the Baa2 senior unsecured rating and P-2 commercial paper rating.  The affirmation partly reflects the company's plans to raise equity as a meaningful component of fundraising for the buildout of the AI infrastructure...

PSA Diversified Real Estate: SRE Holdings (2980 JT) – Building Profit...

SRE Holdings’ business model of operating in the industries that it develops AI SaaS solutions gives it specialist insights into what customers need as well as generating proprietary data. Analyst Lindsay Whipp thinks that the company’s FY26 (Mar yr-end) EV/OP of 11.1x is attractive for a company that we expect to grow at a 5-yr OP CAGR to FY27 of over +35%.

Oracle Corporation - November 2025 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

PSA Macro: Machinery Order Backlog Continues to Grow Despite Weak Defe...

Pelham Smithers notes that the machinery order data for October is something of a curate’s egg. The numbers are strong but the pressure on capacity remains strained. As a result, companies may start to focus on making savings in non-production areas, such as G&A.