5 Things to Know in Investing This Week - The Decoupling Issue

Flash! Expect Strong Earnings Season to Overcome Rising Risk Meters

Oracle AI world: datapoints support our framework and numbers

Oracle hosted “AI World 2025” this week and released several datapoints that reinforce our framework and numbers.

5 Things to Know in Investing This Week - The Gold! Issue

PSA Capital Goods / Technology: AI Lifts Automation

PSA’s automation and robotics analyst William Nestuk reviews the performance of automation stocks this year and explains why this month, AI has lit a touchpaper to strong performance by names in the sector.

Oracle Corporation - August 2025 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Oracle AI cloud margins: Much ado about nothing

The Information reported yesterday that Oracle’s AI cloud margins are in the high teens. Accounting for typical start-up costs, this aligns well with our analysis of the $300bn OpenAI contract. Please see the link for our analysis of Oracle's AI cloud economics over the next 10 years and the implications for overall gross margins.

Autodesk, Inc. - July 2025 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

The NSR AI datacenter economics cheat sheet

As we spend our days and many of our nights helping you understand what is going on in the world of AI infrastructure, we refine continuously our understanding of the cost of AI, combining our understanding of the economics of every step of the supply chain. We crystalized that in a digestible format today. Everything you need to know about a 1GW datacenter on a single slide.

What if OpenAI is Like Enron and Nvidia is Like Cisco

Moody's Ratings assigns a Baa2 rating to Oracle's proposed senior unse...

Moody's Ratings (Moody's) assigned Baa2 rating to Oracle Corporation's ("Oracle") proposed senior unsecured notes offering. Oracle's existing Baa2 senior unsecured and Prime-2 Commercial Paper ratings and negative outlook are unchanged. We expect the net proceeds to be used for general corporate pur...

Oracle: What will life after giant RPOs look like?

Oracle entered a 4.5GW, $300bn, 5-year contract with OpenAI, starting 2027. In our note yesterday, we showed what we know of the deal suggests balanced and straightforward economics, over the life of the contract. Today we extend the analysis: GPUs aren’t scrapped after 5 years, and Oracle may in reality, after these contracts, boost profitability, monetizing fully depreciated assets, much like TSMC at the lagging edge.

Oracle & OpenAI: All the economics of the $300bn deal, on a single sli...

Over the weekend we worked through the numbers to estimate the economics of Oracle’s $300bn contract with OpenAI. We have strong visibility on costs, supported by our long-standing work on AI datacenter economics, refined with players in every part of the supply chain, and on the ramp trajectory, informed by RPO maturity and OpenAI’s business plan. This allows us to estimate gross margins, FCF and IRR with a high degree of confidence.

Moody's Ratings says Oracle's $300 billion in contracts highlights ext...

Moody's Ratings (Moody's) commented that Oracle Corporation's (Oracle) disclosed $300 billion of recently signed AI contracts do not affect the company's Baa2 rating or negative outlook. The contract size is staggering — highlighting the tremendous potential for Oracle's AI Infrastructure business. ...

Hybridan Small Cap Feast: 16/09/2025

Our daily digest of news from UK Small Caps 16th September 2025 @HybridanLLP * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the day Admissions: None Delistings: N...

5 Things to Know in Investing This Week - The Tech and Fin-Tech Issue

Oracle RPOs: Who will buy all this compute? How big does than make Ora...

Oracle shocked the market this week with RPOs expanding 4x sequentially to nearly half a trillion dollars, calling for more to come and guiding Cloud revenues to 2029, growing 68% p.a. Click the link below for our full and final view.

Could Oracle capture all OpenAI’s compute by 2027? Implications for Mi...

Oracle’s RPO jumped by $320bn QoQ, which the WSJ tied to a 4.5GW, $300bn, 5-year contract with OpenAI starting in 2027. In the note below, we show how this compares with leaked projections of OpenAI’s compute needs.

Oracle RPOs: Beginning of the bubble... or beginning of the AI era?

Dear all, After we spent the day trying to figure out where AI compute would sit over the next 10 years, Oracle blessed us with a powerful datapoint: Half a trillion dollar RPOs. We pulled out a note overnight digging into what we learnt last night and confronting it to our deep understanding of the current AI infrastructure landscape. Very interesting findings emerged, follow the link below for details.

Jensen’s $3-4tn, Elon's 50m H100s, Marvell's miss, and more. Our weekl...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 9 names we followed last week, follow the link below.