Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

<ul>
<li>Oracle closed FY2026 with Remaining Performance Obligations of $638 billion, up 363% year-over-year, as customers increasingly prepaid for GPU capacity or supplied hardware directly.</li>
<li>FY2026 capital expenditure reached $55.7 billion, pushing free cash flow to negative $23.7 billion. Management guides to roughly $70 billion of net cash capex in FY2027.</li>
<li>At 18x forward P/E and 11.2x forward EV/EBITDA, Oracle trades roughly in line with large-cap technology peers despite carrying the highest forward revenue growth in the group</li>
</ul>


Oracle closed FY2026 with Remaining Performance Obligations of $638 billion, up 363% year-over-year, as customers increasingly prepaid for GPU capacity or supplied hardware directly.
FY2026 capital expenditure reached $55.7 billion, pushing free cash flow to negative $23.7 billion. Management guides to roughly $70 billion of net cash capex in FY2027.
At 18x forward P/E and 11.2x forward EV/EBITDA, Oracle trades roughly in line with large-cap technology peers despite carrying the highest forward revenue growth in the group


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Record Financial Growth: Oracle achieved record Q4 total revenues of $19.2 billion (up 21%) and full-year fiscal 2026 revenues of $67.4 billion, driven by explosive cloud demand.</li>
<li>Surging Cloud and AI Demand: Driven by massive AI training and inferencing contracts, quarterly cloud revenues soared 47% to $9.9 billion, led by a 93% spike in infrastructure revenue</li>
<li>Unprecedented Backlog Expansion: Remaining Performance Obligations (RPO) skyrocketed 363% year-over-year to $638 billion, heavily boosted by $75 billion in prepaid or customer-supplied AI hardware contracts.</li>
</ul>


Record Financial Growth: Oracle achieved record Q4 total revenues of $19.2 billion (up 21%) and full-year fiscal 2026 revenues of $67.4 billion, driven by explosive cloud demand.
Surging Cloud and AI Demand: Driven by massive AI training and inferencing contracts, quarterly cloud revenues soared 47% to $9.9 billion, led by a 93% spike in infrastructure revenue
Unprecedented Backlog Expansion: Remaining Performance Obligations (RPO) skyrocketed 363% year-over-year to $638 billion, heavily boosted by $75 billion in prepaid or customer-supplied AI hardware contracts.


Oracle Q426. The Records Are Real, So Is The Cash Burn

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.</li>
<li>OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.</li>
<li>Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.</li>
</ul>


DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.
OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.
Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.


This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Oracle Corporation has become one of the most important companies in the artificial intelligence infrastructure race, but its latest chapter is less about software brilliance and more about financial endurance.</li><li>The company is tied to massive AI data-center expansion, including a reported $300 billion OpenAI-linked infrastructure commitment that has started testing the limits of Wall Street’s lending capacity.</li><li>Banks have struggled to distribute risk tied to Oracle-leased data centers, while the company has separately announced plans to raise up to $50 billion through debt and equity financing.</li></ul>

Oracle Corporation has become one of the most important companies in the artificial intelligence infrastructure race, but its latest chapter is less about software brilliance and more about financial endurance.The company is tied to massive AI data-center expansion, including a reported $300 billion OpenAI-linked infrastructure commitment that has started testing the limits of Wall Street’s lending capacity.Banks have struggled to distribute risk tied to Oracle-leased data centers, while the company has separately announced plans to raise up to $50 billion through debt and equity financing.

Oracle’s $300 Billion AI Bet Is Testing The Limits Of Global Finance!

Adventurous Investing For Grown Ups, The Adventurous Investor

Adventurous Investor

Adventurous Investing For Grown Ups

The Adventurous Investor

Introducing private investors to adventurous investment ideas. What does this mean in practice? I’d identify several core themes: Exchange-traded funds (ETFs) both in the US and the UK. I’ll look both at the theory underlying these very popular funds as well as the constant stream of new launches. I’ll also feature some model portfolios, with a simple mix of ETFs to suit all tastes. Alternative investment ideas. This is a deliberately wide brief but takes in everything from real asset-backed funds (property and infrastructure for instance) through to music and art…and most things in between. I’ll also journey on adventures overseas and look at alternative emerging and frontier countries and markets that should feature in your portfolio. From Russia to Africa and plenty of exciting places in between. For a UK audience I will also continue to regularly analyze and comment on the listed closed-end fund segment and investment trusts. Last but by no means least I’ll try and make sense of the big macro stories that impact investors. I’ll also weave into this my own slightly idiosyncratic views which I’m afraid mark me out as a liberal/ social-democratic inclined centrist Dad (which is I fear sometimes seen as a tag of shame in these radicalized days).

Cross Asset Strategy

<ul><li>A quiet week ahead overall, though for UK investors there’s a key number to watch at the end of the week: <strong>UK GDP data</strong>.</li><li>The consensus estimates for UK monthly GDP (July) is for flat growth (0.0% month-on-month), following June’s surprise 0.3% jump (which had itself beaten the 0% consensus, helped by World Cup-related spending and a summer heatwave, effects economists expect to fade quickly).</li><li>On a year-on-year basis, the consensus is around +1.0%, easing slightly from June’s 1.1% YoY pace.</li></ul>

A quiet week ahead overall, though for UK investors there’s a key number to watch at the end of the week: UK GDP data.The consensus estimates for UK monthly GDP (July) is for flat growth (0.0% month-on-month), following June’s surprise 0.3% jump (which had itself beaten the 0% consensus, helped by World Cup-related spending and a summer heatwave, effects economists expect to fade quickly).On a year-on-year basis, the consensus is around +1.0%, easing slightly from June’s 1.1% YoY pace.

Oracle Reports This Week, UK GDP Numbers. Remember, September Is Always Volatile ...

United States

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

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Oracle Corp (ORCL US)

Oracle's AI Bet Is Paying Off in Backlog

Oracle ended FY2026 with $638 billion in RPO (+363% YoY). Free cash flow turned negative after $55.7 billion of capex. The stock trades in line...

GSBR Research

Oracle Q426. The Records Are Real, So Is The Cash Burn

Unprecedented Backlog Expansion: Remaining Performance Obligations (RPO) skyrocketed 363% YoY to $638 billion, heavily boosted by $75 billion in...

William Keating

This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

This week in AI: DeepSeek releases V4.1-Flash and hires Shanghai IPO underwriters. US agencies and Anthropic accuse Chinese labs of model...

Ke Yan, CFA, FRM

Oracle’s $300 Billion AI Bet Is Testing The Limits Of Global Finance!

Oracle Corporation has become one of the most important companies in the artificial intelligence infrastructure race, but its latest chapter is...

Baptista Research

Oracle Reports This Week, UK GDP Numbers. Remember, September Is Always Volatile ...

The consensus estimates for UK monthly GDP (July) is for flat growth (0.0% month-on-month), following June’s surprise 0.3% jump (which had itself...

Adventurous Investor

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52-week Range

Market Cap (USDm)

P/E

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