甲骨文对计算未来的押注

OpenAI表示他们正与甲骨文和软银合作建设五座全新的星际之门数据中心。对于已在星际之门项目上投入巨大的公司而言，这堪称大手笔。就在本周二，他们宣布将全部在美国境内建造这些设施，并透露未来还将在其他地区开展更多星际之门项目。

OpenAI has said that they are building five new Stargate data centers with Oracle and SoftBank. This is massive from a company that is already doing so much with the Stargate project. Just on Tuesday, they announced this. They're gonna build build all of these. They're gonna be in The United States, and I know that they've they've mentioned they're gonna do other Stargate projects other places.

这五座数据中心仍将全部位于美国境内，规划总容量约七吉瓦，规模极其庞大——相当于能为超过500万户家庭供电。本期播客我们将深入解析：项目资金来源、对甲骨文的影响、英伟达的资助细节等重要内容。

These five are just still in The United States. The new data centers are going to have a planned capacity of about seven gigawatts. This is absolutely massive. That's enough energy to power more than 5,000,000 homes. So today on the podcast, we're gonna be breaking down everything that's going into this project, where they're getting the money from, the impact this has had on Oracle, how NVIDIA is helping to fund this, and a lot more.

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So if you want to chat with ChatGPT or Anthropic and mix between them, use the image generators and audio generators all in one chat thread without having to pay subscriptions. All the different platforms, you get access to that as well on the AI box playground. So go check it out, aibox.ai, but let's get into the rest of the episode today. So the new sites for the current project or the the five new that just got announced are going to all be in interesting places. So there's Shackleford, Texas, Donna Anna, New Mexico.

中西部某地，以及软银合作的俄亥俄州和德克萨斯州米尔汉姆县。值得注意的是，这些选址集中在新墨西哥、德州、俄亥俄及中西部，东西海岸寥寥无几。这些项目构成庞大基建计划，而外界最关注的是其融资方式。

There's one in the Midwest, and there's two others that are being built with SoftBank, in Ohio and Millham County, Texas. So we're seeing a lot of, like, New Mexico, Texas, Ohio, and some in the Midwest kind of all over the place, not a lot on the East or West Coast specifically, which is interesting. And these new projects are part of this massive infrastructure build out, that they're doing. And what's interesting is all of this is coming as a lot of people are asking like, how are they going to spend all of this money? How are they or how are they going to raise all the money to fund this?

OpenAI实质上正在转型为数据中心开发商，这转变耐人寻味。关键推手是英伟达——本周一他们宣布将向OpenAI专项投资1000亿美元，作为数据中心建设的合作协议。

Right? Like OpenAI essentially is becoming a a data center creator, which is really interesting. And a lot of this comes back to NVIDIA. So NVIDIA said that they are planning to invest a $100,000,000,000 into OpenAI specifically just on Monday they announced this. And this is all part of the deal for this data center build out.

此前英伟达投资了11 Labs等所有需要大量采购其GPU的AI初创公司。但这次不同：从'需要我们的GPU训练模型'升级到'需要填满整个数据中心的GPU'。即便这些数据中心非OpenAI专用（虽然很可能是），英伟达的投资仍将持续获益——因为这些设施终将装满他们的GPU。

So basically, it's interesting because up until this point, we've seen that NVIDIA, they invest money into all AI all the big AI startups, 11 Labs and foropic. Like they they they put money into all the big ones because they know they're gonna have to buy their GPUs. And this is interesting because it's moving just from, okay, you need our GPUs to train your models to, like, we know you need to buy our GPUs to fill up an entire data center or multiple data centers. So it seems like NVIDIA's investment here just is the that keeps on giving even if these data centers aren't exclusively used for OpenAI, which I think they would be. But, like, they're they're creating an asset, a data center asset that is gonna be filled with NVIDIA GPUs.

所以对英伟达来说，投资这个项目根本无需犹豫。现在很多人讨论的争议点是这些交易对股票的影响，因为我们看到甲骨文达成了许多新协议。甲骨文刚刚宣布与OpenAI签署了一份价值3000亿美元的协议，OpenAI将支付3000亿美元用于计算服务。这当然引发了争议，因为OpenAI并未实际转账3000亿美元——他们根本没有那么多资金。

So this is a no brainer for NVIDIA to invest in. Now the controversy that a lot people have talked about is the stock implications of a lot of these deals because we have Oracle making a lot of these new deals. Oracle also just, you know, signed announced that they were signing a $300,000,000,000 deal with OpenAI where OpenAI was gonna pay them $300,000,000,000 for compute. And this, of course, was controversial because it wasn't like OpenAI wired them $300,000,000,000. They don't have that much money.

他们只是出具了一份意向书，表示未来三四年内打算执行这笔交易。有趣的是，我们似乎正见证这样一个时刻：英伟达在给OpenAI资金建设数据中心，OpenAI又在给甲骨文资金建数据中心，而甲骨文则以投资形式将资金回流给英伟达和OpenAI。这些公司就像在进行一场巨大的资金（或意向书）循环游戏。

They sent gave them a letter of intent that in the next, like, three years or four years I think that they're gonna want to to do this deal. So what's interesting to me is that we kinda have this moment where it feels like NVIDIA is giving money to OpenAI to build data centers. OpenAI is giving money to Oracle to also build them data centers. And Oracle is giving money back to NVIDIA and OpenAI as investments. Like, all of these different companies are it's like a giant circle of everyone is giving each other money or letters of intent.

对吧？甚至不是真金白银，而是表态'我打算购买'。当这种情况发生时，这些公司的股价正在疯狂波动。看看甲骨文过去六个月的股价——涨幅超过90%。而英伟达这家备受瞩目的公司同期也上涨了48%，当然这也非常惊人。

Right? So not even money, but like, hey, I'm I'm putting this down that I wanna buy it. And when this is happening, the stock prices of these companies are going crazy. If you look at Oracle stock price over the last six months, it's up 90%, over 90% in the last six months. And I mean, Nvidia in who's kind of been this, like, incredible company to watch, over the last six months, they're up 48%, which of course, that's amazing as well.

但比英伟达更夸张的是甲骨文股价的飙升——六个月涨90%简直疯狂。从150美元左右涨到近300美元，相当于半年内市值翻倍。要知道，这可不是什么小公司。

But, like, even more than Nvidia, we're seeing Oracle stock absolutely rip. Like, going up 90% in six months is crazy. Coming from a $150 to a 100 to 293. Basically, the whole stock has doubled in six months. And and, you by know, the way, this wasn't a small company before.

甲骨文是家巨头企业，历史悠久。这些3000亿美元的意向交易大幅推高了其股价，然后甲骨文就能利用这个暴涨的股价（是否泡沫见仁见智）加大对GPU或其他公司的投资。为此甲骨文近期进行了重大调整：刚宣布两位总裁将接任联席CEO，原CEO转任新职务。

Like, Oracle's a massive corporation. They've been around for a very long time. And so it's like, basically, these deals, these $300,000,000,000 LOI deals are boosting Oracle's stock up a ton, and then Oracle's able to use this inflated stock price or I don't know if you call it inflated, but this greatly increased stock price to go and invest more money or, into their GPUs or invest it into these other companies, which is interesting. So Oracle, because of this, has had a bunch of shakeups. They just announced that two of their presidents are going to, basically, their their CEO is moving into a new role, and they're they they have got two new presidents to co CEO the company.

显然这个体系正在自成庞然大物——仅半年股价就翻倍。新任联席CEO马杜里克2014年从AWS加入甲骨文，曾是云工程团队的创始成员；另一位联席CEO麦克·西尔卡自六月起担任甲骨文行业事业部总裁，他通过2018年收购Primavera Systems加入公司。

Obviously, this thing is is growing into an entire beast of its own. I mean, their stock doubled in the last six months alone. Presidents So, Maduric, joined Oracle in 2014 from AWS, and he was a founding member of Oracle's cloud engineering team. So he's gonna be one of the new co CEOs. And then we also have Mike Silca, who's also gonna be a co CEO.

现任CEO萨弗拉·卡茨（2014年任职至今）将转任董事会执行副主席。我们看到公司正处于爆发式增长阶段，尽管有人质疑这些3000亿意向书的真实性，但事实是其股价已翻倍。

And Silca, has served as the president of Oracle's industries division since June. He had a bunch of other different roles at the company, and he actually came to Oracle through an acquisition of, Primavera Systems back in 2018. So, Safra Katz, who is currently the CEO, and has been since 2014, is gonna move into a role as the executive vice chair of Oracle's board of directors. So we're seeing this, like, trend where the company is just exploding, and some people say it's dubious, the and these $300,000,000,000 LOIs, but the company's exploding. Their stock price has doubled.

他们正在将CEO调至新职位并任命新的CEO团队。感觉甲骨文正以一种疯狂的新方式焕发新生，基本上是在追赶那些原本只有英伟达一家公司被公认为能在AI淘金热中靠卖‘镐和铲’胜出的局面。而现在看来，我们正迎来其他快速成长的玩家——甲骨文、AMD等一众企业。因此，甲骨文即将通过公司债券销售筹集150亿美元，这很有意思。

They're moving the CEO out to new position and putting new CEOs in. It feels like new breath is being breathed into Oracle in an insane new way where they're they're basically catching up with what was only you know, NVIDIA was basically the only company that had people had said was going to win as selling, you know, picks and shovels in AI Gold Rush. And it seems like now we're we're bringing them other players that are growing rapidly. Oracle, AMD, and a bunch of other players. So with that, Oracle is now gonna be raising $15,000,000,000 in corporate bond sales, which is interesting.

而且，相比六个月前，如今150亿美元的公司债券销售规模堪称巨大。他们的股价直接翻倍，因此能获得更优的估值。众所周知，他们长期被视为云基础设施巨头，而这次将通过公司债券销售实现融资。根据彭博社报道，此事可能今年就会落地。

And also, like, $15,000,000,000 in corporate bond sales today versus six months ago is massive. They're literally their stock price doubled, so they're able to they're able to get a way better valuation on this. You know, they've been known as a cloud infrastructure giant for a very long time, and they're going to be doing this through corporate bond sales. That's according to reports out of Bloomberg. And this could actually happen this year.

这将是甲骨文今年进行的第二大债券发行。据彭博社消息，此次发行可能包含七个不同部分，其中或有一项罕见的四十年期债券。而这一切恰逢OpenAI刚签署了那份3000亿美元的巨额意向书——当时他们顺利拿下后，OpenAI就像在说‘好吧’。

This is the second biggest bond sale this year that Oracle will be will be doing. And this could include up to seven different parts with potential for one of those to be uncommon forty year bonds. That's according to Bloomberg. So all of this is right after OpenAI signed that massive $300,000,000,000 LOI. When when they got that right so OpenAI is like, alright.

于是就有了这份3000亿美元的意向书。所有人都在问：他们从哪找钱来建设算力？因为这仅是意向书，他们仍需实际构建算力设施。但凭借这份意向书，他们现在可以发行这些公司债券了。

So here's a $300,000,000,000 LOI. Everyone was asking like, where are they gonna get the money to build the compute? Because that's just an LOI. They they have to go and build the compute. But using that LOI, they can now raise these corporate bonds.

他们的股价上涨了。突然间一切爆发式增长。现在他们手握工具——公开的3000亿美元意向书，具备了筹集资金并真正实施建设所需的一切条件，这很有趣。另外据悉，他们正与Meta洽谈价值约200亿美元的算力合作，尽管很多人觉得‘才200亿’。

They their stock price is up. Like, they have a lot of all of a sudden everything exploded. So now they have the tools because publicly there's this $300,000,000,000 LOI. They now have all the tools they need to go and raise the money and actually build this, which is interesting. And also apparently, they're in talks with Meta for about a for about $20,000,000,000 worth of compute as well, which a lot of people are like, oh, it's only $20,000,000,000.

好像不值一提是吧？要知道OpenAI刚搞了个3000亿级别的项目。200亿算力合作其实是笔巨大交易，本应显著提振股价，但在其他更疯狂事件的冲击下，它似乎没能像其他新闻那样抢占头条。

Like, that's nothing. You know? OpenAI just did a 300 like like $20,000,000,000 of compute. This is this is a massive deal. This should have really been quite positive for the stock, but with everything else going on being so much crazier, it is you know, it it didn't seem to get grab as many headlines as as other things.

由此可见，数据中心领域的一切都彻底疯狂了。我想带大家回顾本期开头提到的：这些新建数据中心将达七吉瓦规模——足以供电超过500万户家庭。这些数据中心将变得极其庞大，规模将超乎想象。

So it seems like everything in data center land is going absolutely crazy. And I just wanna bring you back to the the something I said at the very beginning of this episode, which is that these new data centers are going to be seven gigawatts. So that is enough energy to power more than 5,000,000 homes. Like, these data centers are going to are gonna be insane. This is going to be massive.

巨大的能源消耗。可以说，美国有很多人正在抱怨，由于数据中心的存在，能源成本正在急剧上升。这成为另一个争议点，某些司法管辖区为这些数据中心提供税收减免或激励措施，以鼓励它们建设数据中心并享受更便宜的电力。它们直接将数据中心接入电网。据我所知，当前的特朗普政府虽然不确定是否已采取行动，但曾讨论允许新建的数据中心同时建设现场发电厂以抵消能耗，因为基本上，如果OpenAI建造这五个新数据中心，其能耗可能相当于500万户家庭的用电量，直接从电网获取如此庞大的电力可能会相当棘手。

A lot of energy consumption. A lot of people in America, I will say, are complaining that the cost of energy is going up dramatically because of data centers. And so it's sort of another point of controversy where if you look at certain jurisdictions are giving these data centers tax breaks or or basically or incentives to build their data centers to give them cheaper electricity. They're tying them straight into the grid. I believe the current Trump administration has I don't know if anything has happened here, but they've talked about allowing the new data centers that are being built to also build power plants on-site to offset that because basically, like, you know, if OpenAI goes and builds these five new ones that could use as the same amount of energy as 5,000,000 homes, pulling that from the grid could be pretty pretty rough.

因此我们需要增加能源生产。我不确定OpenAI对此有何计划，但我真心希望他们在建设数据中心的同时也规划自建能源设施。这绝对是我们需要密切关注的问题。但愿这不会彻底拖垮美国的整个电网系统。

And so we need more energy production. So I'm not sure if I'm not sure what OpenAI's plan is for that. I sure hope that they're planning on building out their own energy production along with the data centers. So it'll definitely be something we'll have to to look at. But, yeah, hopefully this isn't something that just completely nukes the entire grid of America.

我确信这种情况会在某种程度上发生，但令人震惊的是这些项目的规模和造价。我会持续为大家更新相关动态。一如既往，别忘了访问aibox.ai，每月仅需20美元即可使用40种顶级AI模型构建自己的工具，涵盖文本、图像、音频等生成式AI工作所需的一切。感谢收看，我们下期节目再见。

I'm sure this will that will happen in in some small part, but it's incredible just the scale and the price of a lot of these projects. So I'll definitely keep you up to date on all of that. And as always, make sure to go check out a ibox.ai to build your own tools with AI and to get access to the top 40 different AI models in one place for $20 a month, including text, image, audio, and basically everything you need for using generative AI at work and in your job. Thanks so much for tuning in, I'll catch you in the next episode.