The Information ：甲骨文的 Blackwell 芯片租赁业务当季营收达到 9 亿美元，但毛利率仅为 14%，显著低于市场预期。14% 的毛利率已计入数据中心人力、电力及部分设备折旧成本，而其他未明确的折旧费用还会进一步侵蚀 7 个百分点的利润。

这可能表明，尽管甲骨文的 AI 收入加速增长，但算力租赁的经济性依然严峻。

Oracle lost nearly $100 million from rentals of Nvidia’s Blackwell chips, which arrived this year. That’s partly because there is a period between when Oracle gets its data centers ready for customers and when customers start using and paying for them, the documents show. It’s not clear what causes the gap or how Oracle plans to shorten it.