Sanchit Vir Gogia, chief analyst at Greyhound Research, sees the banking divergence as a critical warning sign. “The difference in sentiment between US and Asian banks isn’t just a minor detail; it’s the first serious sign of financial friction in Oracle’s hyperscale ambitions,” he said. The $300 billion OpenAI deal may look impressive, he added, but “when you look closer, it’s built on backlog with no guaranteed revenue and massive capex requirements.”
Gogia argued that enterprises need to fundamentally rethink how they view Oracle cloud contracts. “CIOs need to treat Oracle’s cloud buildout not as a service agreement, but as a shared infrastructure risk,” he said. “If they can’t fund it, they can’t build it. And if they can’t build it, you can’t run your workloads.”
Franco Chiam, VP for cloud and data-center research at IDC Asia/Pacific, takes a more measured view. He suggested the potential Cerner sale “could indicate a consolidation of its core services (AI-driven infrastructure) rather than a sell-off to fund/stop bleeding.” Oracle’s underlying business remains strong, he noted, with cloud infrastructure revenue growing 66% year over year in the three months ended November 30, and GPU-related infrastructure up 177%, according to the company’s latest earnings report.