8 月 13 日，甲骨文公司（纽约证券交易所股票代码：ORCL）和亚马逊公司（纳斯达克股票代码：AMZN）的 Web Services 宣布重大扩展战略合作。 The marquee news was the general availability of Oracle Exadata Database Service on Exascale Infrastructure via Oracle AI Database@AWS.该联合产品为全球 22 个 AWS 区域的企业工作负载带来了 Exadata 级性能和按使用付费的经济性，使客户能够与 AWS 分析和生成式 AI 服务一起运行核心 Oracle 数据库，而无需移动或复制数据。

While the partnership reflects a shared goal of accelerating enterprise cloud migrations, the two tech titans are approaching the AI arms race from distinctly different financial positions.

Comparing Financials: Oracle Corporation (NYSE:ORCL)'s High-Leverage Growth vs. Amazon.com, Inc. (NASDAQ:AMZN)'s Massive Cash Engine

Comparing Oracle's full-year FY 2026 results against Amazon's Q2 2026 performance highlights two contrasting financial scales and operational strategies.

For fiscal year 2026, Oracle Corporation generated $67.4 billion in total revenue, up 17% year-over-year, while cloud infrastructure revenues surged 77% to $18.1 billion. Full-year non-GAAP operating income reached $28.9 billion, and non-GAAP EPS rose 27% to $7.63. Driven by massive AI contracts, Oracle's Remaining Performance Obligations (RPO) skyrocketed 363% to $638 billion. However, funding this infrastructure expansion required $55.63 billion in capital expenditures, leaving free cash flow at negative $23.7 billion and pushing Oracle to raise $48 billion in combined debt and equity financing.

Amazon.com, Inc. operates at an entirely different magnitude. In Q2 2026 alone, net sales rose 20% to $200.6 billion.运营收入增长 43% 至 275 亿美元，其中 AWS 贡献了 166 亿美元，云部门收入同比增长 37% 至 422 亿美元。过去 12 个月的运营现金流达到 1,614 亿美元。尽管亚马逊也在人工智能基础设施上投入巨资，导致自由现金流小幅流出 76 亿美元，但其庞大的零售和广告现金引擎提供了明显更强的财务缓冲。

最终，亚马逊凭借更强劲的整体财务状况脱颖而出。它在多元化的细分市场中产生大量自我维持的现金流，而 ORCL 更多地依赖债务和股权稀释来构建其硬件。

牛市和熊市案例

Oracle 公司的牛市理由是对企业人工智能数据库解决方案的需求激增以及与 AWS 的多云合作伙伴关系，提供了显着的多年收入可见性。该公司 6,380 亿美元的剩余履约义务 (RPO) 积压进一步增强了其增长前景。然而，悲观的情况主要集中在数据中心的大量资本支出，这对短期自由现金流造成压力，可能需要增加杠杆或发行股票，同时给短期利润率带来压力。

Amazon.com, Inc.'s bull case is driven by accelerating AWS growth, which increased 37% year over year, alongside expanding operating margins of 13.7%.该公司在云计算、电子商务和数字广告领域的领先地位为持续增长提供了多种途径。 On the downside, escalating capital expenditures on AI infrastructure could continue to pressure free cash flow, while retail margins remain vulnerable to broader consumer weakness and macroeconomic pressures.

Insider Monkey 的对冲基金数据分析

2026 年第一季度的对冲基金数据凸显了甲骨文和亚马逊之间机构信念的显着差异。 2026 年第一季度，甲骨文由 115 家对冲基金持有，略高于 2025 年第四季度的 111 家。在其主要持有者中，以肯·费舍尔 (Ken Fisher) 为首的费舍尔资产管理公司 (Fisher Asset Management) 持有 1326 万股股票，价值约 19.4 亿美元，持仓量增加了 39%。 Ken Griffin 领导的 Citadel Investment Group 持有 1061 万份看涨期权，价值约 15.6 亿美元，活跃度增长 14%。

亚马逊维持了更广泛的机构支持，2026 年第一季度有 353 家对冲基金持有该股票，尽管这一数字低于 2025 年第四季度的 381 家。Arrowstreet Capital 在增持 24% 后持有 4035 万股，价值约 96.2 亿美元。 Fisher Asset Management 还持有 3,498 万股股票，价值约 83.4 亿美元，活跃度增加了 3%。

结论：投资者下一步应该关注什么

While Oracle Corporation (NYSE:ORCL) offers explosive upside via its backlog and multi-cloud expansion, Amazon provides a far more fortress-like balance sheet paired with industry-leading scale. Moving forward, investors should watch whether Oracle can translate its massive $638 billion RPO backlog into profitable revenue fast enough to offset its growing debt burden. For Amazon.com, Inc. (NASDAQ:AMZN), the key test will be whether AWS can sustain its re-accelerated 37% growth trajectory while continuing to deliver strong operating margin expansion.

While we acknowledge the potential of AMZN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk.如果您正在寻找一只被极度低估的人工智能股票，并且该股票也将从特朗普时代的关税和离岸趋势中受益匪浅，请参阅我们关于最佳短期人工智能股票的免费报告。