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  "documentTitle": "2025 Air Street Capital The State of AI Report 2025",
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  "notes": "Part of the 'State of AI 2025' report by Air Street Capital.",
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      "text": "Oracle now fills this vacuum, proving to have found the risk-appetite and follow-through that both Microsoft and SoftBank seem to lack.",
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      "text": "OpenAI has reached a $30B per year agreement with Oracle for data center services. This deal more than doubled Oracle's collective fiscal 2025 cloud service revenue, when it sold just $24.5B worth of services.\nThis news comes as OpenAI's deal with Softbank begins to fray. Recently, original Stargate Project plans were scaled-back, tempering those roadmaps.\nOracle now fills this vacuum, proving to have found the risk-appetite and follow-through that both Microsoft and SoftBank seem to lack. As a consequence, Oracle's stock has jumped more than >70% year to date.\nOracle's current track is not without major risks. Providing large-scale clusters has not been exceptionally high-return, particularly as power bottlenecks are costly to overcome. AI lab tightness could eventually raise issues for longer leases. Finally, depreciation cliffs present concerns and the economics of converting these clusters to inference fleets remains murky. More decentralized builds could then win out, especially if scaling continues to shift to RL.",
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      "text": "As Microsoft has dialed back its willingness to shoulder so much of the future AI infra buildout, Oracle has begun picking up slack. During the early phase of this shift, Oracle has been rewarded as its stock soars.",
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