Cloud & DB · OCI, Stargate (OpenAI)

Oracle

Through OCI, Oracle became a core axis of AI infrastructure. It signed a ~$300B Stargate deal (4.5GW) with OpenAI, deploys up to 800k NVIDIA GPUs in OCI Zettascale and 50k AMD MI450, and powers datacenters with up to 2.8GW of Bloom fuel cells. 2025 capex ~$10B+.

Business categories Cloud Platforms · AI Compute Infrastructure · primary Data Cloud & Observability · Cloud & Enterprise Software

ORCL Updated Sep 24, 2026 6 AI consumers· 5 recurring

Per the valuechain.wiki graph, Oracle is directly linked to 10 companies (4 supply, 6 revenue relationships) and reaches 57 companies within two hops; the links are backed by 18 dated sources, 5 of them primary filings (as of 2026-09-24).

Annual return · 2026-10-09'21+36.9%'22-4.6%'23+30.9%'24+60%'25+18.1%YTD-26.5%
Money in ▸OpenAI●Enterprise · government (cloud)●Palantir Technologies◐Uber◐Marriott International, Inc.◐The Sherwin-Williams Company◐Consolidated Edison, Inc.◐
OracleStargate ~$300B / 4.5GW
▸ Money outNVIDIA●Bloom Energy●DTE Energy●AMD◐Data centers · servers · capacity expansion (undisclosed)○

Financials & Segments

  • Total revenue · Stargate ~$300B / 4.5GW
  • Customer concentration · OpenAI Stargate; NVIDIA/AMD GPUs.
  • Segments · OCI cloud · Stargate (OpenAI) · DB/SaaS

Revenue from

  • OpenAI High confidence
    Supplies OCI cloud compute to OpenAI Stargate (~$300B/4.5GW).
    Confirms EN IntuitionLabs Published Apr 12, 2026: Oracle & OpenAI's $300B Deal: AI Infrastructure Analysis
    Confirms EN Data Center Frontier Published Sep 1, 2025: OpenAI and Oracle’s $300B Stargate deal
    Confirms EN OpenAI Published Jul 22, 2025: OpenAI–Oracle Stargate 4.5GW partnership
    Confirms EN SEC EDGAR Published Jun 20, 2025: Oracle annual report (10-K, SEC)
  • Enterprise · government (cloud) High confidence
    OCI, database and SaaS for enterprise and government.
    Confirms EN SEC / Oracle Published Jun 22, 2026: Oracle FY2026 Form 10-K
  • Palantir Technologies Medium confidence
    Provides cloud compute to Palantir.
    Confirms EN InsiderFinance Published Jan 1, 2026: Palantir surges on contract wins and AI gains
    Confirms EN Cloud Wars Published Jul 23, 2024: Oracle, Palantir Align Big Data Analytics, AI Functionality With OCI
  • Uber Medium confidence
    Oracle hosts Uber workloads on Oracle Cloud Infrastructure (OCI) under a 2023 seven-year deal and is paid for it; Uber's OCI spend is revenue for Oracle.
    Confirms EN Forbes Published Feb 21, 2023: Uber Goes Big On Cloud With Google And Oracle
  • Marriott International, Inc. Medium confidence
    Oracle provides Fusion Cloud HCM, which Marriott deployed to automate core human-resources functions, but the subscription and service consideration paid to Oracle has not been disclosed.
    Confirms EN Oracle Published Apr 20, 2021: Marriott HR upgrades to cloud suite as employees and guests return to its properties
  • The Sherwin-Williams Company Medium confidence
    Oracle provides its purchasing system to Sherwin-Williams, which stated in Oracle's customer community that it had enabled the system's Redwood page, while contract value and deployment scope were not disclosed.
    Confirms EN Oracle Cloud Customer Connect Published May 5, 2025: Ability to Customize Purchase Orders Redwood Page - Add Custom Button
  • Consolidated Edison, Inc. Medium confidence
    Oracle provided the single instance of Customer Care & Billing that Con Edison implemented to centralize customer operations across multiple commodities and subsidiaries, while the software contract value was not disclosed.
    Confirms EN Oracle Published Feb 1, 2025: Oracle Customer Edge Summit 2025 Track Agenda

Pays to

  • NVIDIA High confidence
    Deploys up to 800k NVIDIA GPUs in OCI Zettascale.
    Confirms EN IntuitionLabs Published Apr 12, 2026: Oracle & OpenAI's $300B Deal: AI Infrastructure Analysis
    Confirms EN CIO Dive Published Oct 15, 2025: Oracle teams with AMD, Nvidia for cloud infrastructure
    Confirms EN Data Center Frontier Published Sep 1, 2025: OpenAI and Oracle’s $300B Stargate deal
  • Bloom Energy High confidence
    Sources on-site datacenter power from Bloom fuel cells (up to 2.8GW).
    Confirms EN Bloom Energy Published Apr 17, 2026: Bloom–Oracle 2.8GW
    Confirms EN TradingKey Published Apr 14, 2026: What Oracle's 2.8GW Fuel Cell Order Brings to Bloom Energy
  • DTE Energy High confidence
    Oracle, through its subsidiary Green Chile Ventures, signed a long-term agreement with DTE Electric for electricity supply to a data center in Saline Township, Michigan, with the Michigan Public Service Commission identifying 1.383 GW of load and the SEC-filed contract requiring an Oracle parent guaranty.
    Mentions KO Samsung Securities Research Center Published May 28, 2026: ESS Pulse: AI Data Center ESS Orders Take Off
    Confirms EN Michigan Public Service Commission Published Apr 16, 2026: DTE Electric Special Contracts Case U-21990 Final and Rehearing Orders
    Confirms EN SEC EDGAR Published Feb 17, 2026: Schedule Designation D11 Primary Supply Agreement between DTE Electric and Green Chile Ventures
  • AMD Medium confidence
    Deploys 50k AMD Instinct MI450 on OCI (Q3 2026).
    Confirms EN CIO Dive Published Oct 15, 2025: Oracle teams with AMD, Nvidia for cloud infrastructure
    Confirms EN HyperFRAME Research Published Oct 15, 2025: Does Oracle's 50K GPU Bet Threaten NVIDIA's AI Lead?
  • Data centers · servers · capacity expansion (undisclosed) Low confidence
    Datacenter construction, servers and capex.
    Confirms EN Data Center Frontier Published Sep 1, 2025: OpenAI and Oracle’s $300B Stargate deal

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Satellogiclead2·-68.6-42.6+62.9-34.4+175.4
JPMorgan Chaselead2+27.7-12.6+30.6+44.3+37.3+12.9
Voyager Technologieslead2·····+4.3
Yum! Brandslead2+30.1-6+3.9+4.7+14.9+0.6
PulteGrouplead2+34-19.2+128.8+6.2+8.5-3.8
The Kroger Co.lead2+45.4+0.4+5+36.9+4.3-4.6
Lowe's Companies, Inc.lead2+63.3-21.5+14+13-0.3-13.9
American Expresslead2+36.9-8.5+28.7+60.3+26-15.8
Accenture plclead2+60.7-34.8+33.6+1.9-22.6-20.5
Las Vegas Sands Corp.lead2-36.8+27.7+3.1+6.2+29.5-30.6
Intuit Inc.lead2+70.3-39.1+61.8+1.2+6.1-53.7
Consolidated Edison, Inc.lead1+23+15.7-1.1+1.5+15.1+9.5
Marriott International, Inc.lead1+25.3-9.3+53.1+24.9+12.3+9.1
The Sherwin-Williams Companylead1+44.9-32+32.7+9.9-3.8-0.7
Palantir Technologieslead1-22.7-64.7+167.4+340.5+135-1.9
Uberlead1-17.8-41+149-2+35.5-7.3
Oraclenode+36.9-4.6+30.9+60+18.1-26.5
Bloom Energybenef1-23.5-12.8-22.6+50.1+291.2+191
NVIDIAbenef1+125.5-50.3+239+171.2+38.9+23.2
DTE Energybenef1+19.4+1.2-2.8+13.5+10.4+7.2
Nan Ya PCBbenef2+110.6-46.7-0.5-38.3+188.2+280.5
Micron Technologybenef2+24.2-45.9+71.9-1+240.2+256.4
Unimicronbenef2+133.5-30.2+35.2-19.7+175.7+236.2
ASE Technologybenef2+38.3-12.8+60.9+10.1+65.6+191.3
Nebius Groupbenef2····+202.2+170.5
Kioxiabenef2····+1082.1+155
Ibidenbenef2+30.4-19.6+51.6-38.6+261+149.3
Lumentumbenef2+11.6-50.7+0.5+60.1+339.1+139.1
Murata Manufacturingbenef2-14-11.7+24.7-16.5+29.9+131.5
Astera Labsbenef2····+25.6+105.7
SK hynixbenef2-0.4-25.6+53.9+48.6+361.1+85.3
Corningbenef2+5.9-11.6-1.2+60.6+87.8+77.2
LS ELECTRICbenef2-19.2+11.4+37.4+234.2+145+73.2
Coherentbenef2-10-48.6+24+117.6+94.8+69.4
Samsung Electronicsbenef2-9-14.2+20.9-26.4+212.9+63.8
Delta Electronicsbenef2-3.4+10.4-0.3+59.2+183.8+61.9
Keysight Technologiesbenef2+56.3-17.2-7+1+26.5+61
Monolithic Powerbenef2+35.5-27.8+79.8-5.6+54.5+53.7
Analog Devicesbenef2+21-4.9+23.4+8.8+29.8+51.1
TSMCbenef2+12.1-36.7+42.3+92.6+55.9+50.3
Wistronbenef2+7.9+9.7+272.7-1.6+22.7+49.7
onsemibenef2+107.5-8.2+33.9-24.5-14.1+37.4
Pegatronbenef2-5.9+0.6+35.3+21.2-23.8+34.5
Amphenolbenef2+34.9-12+31.5+41.3+96.1+29.8
Eoptolinkbenef2-10.1-27.7+136.6+197+368.8+29.1
InnoLightbenef2-30.7-18.3+253.7+12+468.1+25.6
Digital Realtybenef2+30.7-41+39.9+35.9-10.1+23.4
ABBbenef2+23.9+7.3+18.9+39+36.1+18.4
King Yuan Electronics (KYEC)benef2+26.7-7.7+132.4+38.6+171+8.4
Recursion Pharmaceuticalsbenef2·-55+27.9-31.4-39.5+6.6
BlackRockbenef2+29.4-20.4+17.9+29.3+6.6+2.8
LG Energy Solutionbenef2··-26.9-7.6+13.1+0.8
Osaka Gasbenef2+3.5+10.3+52.6+1.1+94.9-2.2
TE Connectivitybenef2+35.1-27.7+24.6+3.5+61.1-3
Luxshare Precisionbenef2-11.9-30.2-21.2+58.8+29.3-7.4
BYD Electronicsbenef2-56.1+16-0.4+60.6-19.4-24.1

YTD as of 2026-10-09 · source: Yahoo Finance

Oracle operates across NYSE, Cloud & DB, OCI, Stargate (OpenAI). After +18.1% in 2025, it corrected -17.8% in 2026. The supply side (avg +112.6%) has moved harder than the stock (-17.8%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Bloom Energy (+191%) and the furthest behind is Uber (-7.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. 2025 capex ~$10B+.

Analysis generated from returns as of 2026-09-04

Analyst ratings

Consensus: Buy 3 · Hold 2 · Sell 0 · Avg. target $246 · Price $141.4 (10-09) · Upside +74%

BrokerRatingTargetPublished
RBC Capital Markets · Rishi JaluriaSector Perform$190Jun 11, 2026Report ↗
Barclays · Raimo LenschowOverweight$250Jun 11, 2026Report ↗
Sanford C. Bernstein · Mark MoerdlerOutperform$325Jun 11, 2026Report ↗
Stephens · Brett HuffEqual Weight$164Jun 11, 2026Report ↗
TD Cowen · Derrick WoodBuy$300Jun 8, 2026Report ↗

Sector Perform at $190: cloud bookings are strong but heavy capex pressures margins and cash flow.

Analyses covering this node

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