1、USA|SoftwareEquity ResearchSeptember 14,2025 BrentThill*|Equity Analyst(415)229-1559|BoYin*|Equity Associate+1(212)284-2249|MohitGogia*|Equity Analyst(212)707-6421|JohnByun*|Equity Analyst(415)229-1558|MaximilianJoseph*|Equity Associate(212)778-8926|ShengQiLin*|Equity Associate+1(212)778-8504|ORCL-A

2、 New Force in the Cloud Wars;See 35+Page Deep DiveIn our 35+page deep dive,we analyze ORCLs ascent in the cloud wars andweigh in on investor debates on RPO,margins and capex.Buy ORCL on the 15%pullback vs the post-print high as 1)the companys share gains in the AI era areclear;2)analyst day will be

3、a positive catalyst as mgmt revises LT targets-webelieve prior FY29 rev targets should be 50%+higher at a minimum;3)we see75%+upside to stock price on$20 in FY30 EPS power at 25-30 x PE.Please join us for a call on Monday,September 15th 7AM ET.Register here.MSFT Remains Our Enterprise AI Pick.AMZN C

4、eding Share and GOOGL Is the Dark Horse.MSFT is in an enviable position given it leads both at the infra layer and core enterprise apps(Office,Dynamics etc.).Continued Azure acceleration,along with ramping copilot impacts in thecoming quarters,give us further conviction in upside to MSFT shares.We t

5、hink AMZN sentimentis overwhelmingly negative given evident share losses to OCI/Azure-however we think AWSacceleration is very much in the cards as capacity constraints ease/key customers like Anthropicramp.Finally,we believe GCP will win its fair share in AI workloads,but we dont see much shareinfl

6、ection for its core infra business as GOOGLs priority remains playing both defense and offensefor its core search business in the AI world.Unresolved Questions/Implications for ORCL:The Elephant in the Room:Is the$300B Deal All OpenAI/Stargate?While the WSJ suggeststhe full amount is earmarked for O