{"@context":"https://schema.org","@type":"NewsArticle","generatedAt":"2026-07-28T06:20:51.496Z","headline":"甲骨文与OpenAI的3000亿美元交易后股价暴跌，市场对循环融资模式失去信心","description":"2025年9月10日甲骨文宣布与OpenAI达成3000亿美元交易后股价一度飙升43%，但如今已从307美元跌至约120美元。市场对循环融资模式日益警惕，昨日英伟达考虑为OpenAI主导的数据中心提供2500亿美元支持的消息传出后，其股价开盘下跌超4.5%。苹果因未过度投资AI反而市值超越英伟达，SpaceX则从6月高点225美元下跌超50%。","url":"https://www.aioga.com/news/cms3elgxt0010rozq0zhpcthz/","mainEntityOfPage":"https://www.aioga.com/news/cms3elgxt0010rozq0zhpcthz/","datePublished":"2026-07-27T15:29:08.000Z","dateModified":"2026-07-27T15:29:08.000Z","inLanguage":"zh-CN","publisher":{"@type":"NewsMediaOrganization","name":"Aioga","url":"https://www.aioga.com"},"citation":["https://garymarcus.substack.com/p/circular-financing-aint-what-it-used","https://aihot.virxact.com/items/cms3elgxt0010rozq0zhpcthz"],"canonicalUrl":"https://www.aioga.com/news/cms3elgxt0010rozq0zhpcthz/","directAnswer":{"@type":"Answer","text":"Aioga 编辑摘要：2025年9月10日甲骨文宣布与OpenAI达成3000亿美元交易后股价一度飙升43%，但如今已从307美元跌至约120美元。 Aioga 将其归入「技巧观点」方向，重点关注它对真实使用和行业竞争的影响。","url":"https://www.aioga.com/news/cms3elgxt0010rozq0zhpcthz/","dateCreated":"2026-07-27T15:29:08.000Z","author":{"@type":"Organization","@id":"https://www.aioga.com/authors/aioga-editorial/#editorial-team","name":"Aioga Editorial Team","url":"https://www.aioga.com/authors/aioga-editorial/"}},"evidence":[{"@type":"CreativeWork","name":"garymarcus.substack.com source article","url":"https://garymarcus.substack.com/p/circular-financing-aint-what-it-used","datePublished":"2026-07-27T15:29:08.000Z","provider":{"@type":"Organization","name":"garymarcus.substack.com","url":"https://garymarcus.substack.com/p/circular-financing-aint-what-it-used"}},{"@type":"CreativeWork","name":"AIHot archive record","url":"https://aihot.virxact.com/items/cms3elgxt0010rozq0zhpcthz","datePublished":"2026-07-27T15:29:08.000Z","provider":{"@type":"Organization","name":"AIHot","url":"https://aihot.virxact.com/items/cms3elgxt0010rozq0zhpcthz"}}],"aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","originalPublisher":{"name":"garymarcus.substack.com","url":"https://garymarcus.substack.com/p/circular-financing-aint-what-it-used"},"article":{"id":"cms3elgxt0010rozq0zhpcthz","slug":"cms3elgxt0010rozq0zhpcthz","url":"https://www.aioga.com/news/cms3elgxt0010rozq0zhpcthz/","title":"甲骨文与OpenAI的3000亿美元交易后股价暴跌，市场对循环融资模式失去信心","title_en":"Circular financing ain't what it used to be","summary":"2025年9月10日甲骨文宣布与OpenAI达成3000亿美元交易后股价一度飙升43%，但如今已从307美元跌至约120美元。市场对循环融资模式日益警惕，昨日英伟达考虑为OpenAI主导的数据中心提供2500亿美元支持的消息传出后，其股价开盘下跌超4.5%。苹果因未过度投资AI反而市值超越英伟达，SpaceX则从6月高点225美元下跌超50%。","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","sourceUrl":"https://garymarcus.substack.com/p/circular-financing-aint-what-it-used","aiHotUrl":"https://aihot.virxact.com/items/cms3elgxt0010rozq0zhpcthz","publishedAt":"2026-07-27T15:29:08.000Z","category":"技巧观点","score":58,"selected":false,"articleBody":["Nine months ago, on September 10, 2025 Oracle announced what seemed to many to be the deal of the century：https://www.nytimes.com/2025/09/10/technology/openai-oracle-data-centers-deal.html?smid=nytcore-ios-share ! A $300 billion deal with OpenAI.","The market went wild. Oracle stock briefly went up by 43% (and ultimately even a bit higher). Larry Ellison’s net worth briefly leapt by $100 billion. The Wall St. Journal gushed:","The whole thing never made sense though. The next morning, inn an essay called Peak Bubble：https://garymarcus.substack.com/p/peak-bubble?utm_source=publication-search I warned that","But not for long. Its stock stood at $307 per share at the close of trading on September 10, and briefly closed as high as $328 ten days later. Now, as I write this, it’s hovering around $120.","In the intervening nine months, the market has grown wary of all this circular financing stuff. Mocking illustrations like this one (from yesterday) have become widespread:","All of which brings me to the present. Yesterday, news broke that Nvidia is considering offering a $250 billion backstop for an OpenAI-led data center. Which led last night to considerable skepticism","and this morning led to a dramatically different reaction from the market, nothing like the bounce like Oracle had back in September. Instead, in the first couple hours of trading Nvidia is down over 4.5%:","The market isn’t reading the latest potential Nvidia-OpenAI deal as good news; they are reading it as desperation. As one investor put it to me in an email this morning, “[the deal] seems incredibly desperate by both parties. Two drunks leaning on each other to stand up.”","Meanwhile, Apple, the butt of jokes for a while because “it didn’t invest in enough AI” just overtook Nvidia","and SpaceX, which tried to position itself as an AI company is in free fall, dropping over 3% today, and by over 25% in the last month, more than 50% from its June high of 225:","Meanwhile, creditors are getting pretty leery of the whole thing, too, as Axios just reported：https://stocks.apple.com/A1ZnlGyRuQvig2ze-8Q8CNg :","And then there’s all the off-balance-sheet financing that is coming to light：https://x.com/hedgiemarkets/status/2079335039720952144?s=61 . And the sudden need for so-called “ creative financing：https://www.theinformation.com/articles/ai-financing-gets-creative?rc=dcf9pt&shared=0c719478871b7a58 ”. If that’s not a warning sign, I don’t know what is.","The GenAI boom hasn’t been sustained by profits; it has been sustained by hope and circular financing. That may no longer be enough.","Circular financing will become a circular firing squad","O'Reilly last night telling trump to take a month off ... it is that bad ...","all chickens coming home to roost ..."],"articleImages":[{"sourceUrl":"https://pbs.substack.com/media/HOLgIS1WkAAe-TR.jpg","alt":"","afterParagraph":4,"url":"/media/articles/cms3elgxt0010rozq0zhpcthz/b489367da582fed8.jpg"}],"mediaStatus":"ok","articleBodyZh":["九个月前，即2025年9月10日，甲骨文宣布了一项被许多人视为世纪交易的协议：https://www.nytimes.com/2025/09/10/technology/openai-oracle-data-centers-deal.html?smid=nytcore-ios-share！与OpenAI达成了3000亿美元的交易。","市场疯狂波动。甲骨文股票短暂上涨了43％（最终甚至更高）。拉里·埃里森的净资产短暂增加了1000亿美元。《华尔街日报》赞叹道：","不过，这整个事情从来没有道理可言。第二天早上，在一篇题为“峰值泡沫”的文章中：https://garymarcus.substack.com/p/peak-bubble?utm_source=publication-search，我警告说","但没过多久。9月10日收盘时其股价为每股307美元，十天后最高短暂达到328美元。现在，当我写下这些时，它徘徊在约120美元。","在这九个月的时间里，市场对这些循环融资的事情越来越谨慎。像这样的恶搞插图（取自昨天）已经广泛传播：","这一切把我引到了现在。昨天，有消息称英伟达正在考虑为OpenAI主导的数据中心提供2500亿美元的支撑。这导致昨晚出现了相当多的怀疑","而今天早上，市场反应则截然不同，完全不像甲骨文在九月份那样的反弹。相反，在交易的前几个小时，英伟达下跌超过4.5％：","市场并不把最新的潜在英伟达-OpenAI交易视为好消息；他们把它看作是一种绝望。正如一位投资者今天早上在给我发的一封电子邮件中所说，“[这笔交易]看起来双方都非常绝望。两个醉汉靠在一起才能站起来。”","与此同时，苹果曾一度因为“投资AI不够”而成为笑柄，现在刚刚超过了英伟达","而试图把自己定位为AI公司的SpaceX正自由下跌，今日跌幅超过3%，过去一个月下跌超过25%，比6月的225美元高点跌幅超过50%：","与此同时，债权人对整个事情也变得相当谨慎，Axios刚刚报道：https://stocks.apple.com/A1ZnlGyRuQvig2ze-8Q8CNg：","然后，还有所有浮出水面的表外融资：https://x.com/hedgiemarkets/status/2079335039720952144?s=61。以及所谓“创意融资”的突然需求：https://www.theinformation.com/articles/ai-financing-gets-creative?rc=dcf9pt&shared=0c719478871b7a58。如果这还不是一个警告信号，我就不知道什么才是。","生成式人工智能的热潮并非由利润支撑，而是靠希望和循环融资维持。而这很可能不再足够。","循环融资将变成循环自伤。","O'Reilly 昨晚告诉特朗普休息一个月……情况确实糟糕至此……","所有的坏事都自食其果……"],"translationStatus":"translated","bodyOrigin":"source-page","editorial":{"summary":"Aioga 编辑摘要：2025年9月10日甲骨文宣布与OpenAI达成3000亿美元交易后股价一度飙升43%，但如今已从307美元跌至约120美元。 Aioga 将其归入「技巧观点」方向，重点关注它对真实使用和行业竞争的影响。","background":"背景分析：公司与行业类动态需要放在竞争格局、商业化路径、资本信号和监管环境中观察，单条公告不能代表最终结果。","viewpoint":"Aioga 判断：这条动态更适合作为行业观察信号，当前信息足以建立线索，但不足以推导长期结论。","implications":"影响分析：对相关团队而言，短期应先核对来源、可用范围和实际成本，再判断是否值得接入或跟进。","nextStep":"后续观察：继续观察官方文件、合作落地、收入或用户信号、竞品动作和监管后续。","evidenceRefs":["title","summary","articleBody"],"confidence":"medium","status":"published","aiGenerated":false,"autoApproved":true,"generatedBy":"rule-safe-fallback","generatedAt":"2026-07-28T06:29:10.458Z","sourceHash":"e60ab1a613fd8448","validation":{"passed":true,"mode":"rule-safe-fallback","checks":["schema","length","source-attribution","no-html"]}},"tags":["技巧观点","Gary Marcus：The Road to AI We Can Trust（RSS）"],"translations":{"zh-CN":{"title":"甲骨文与OpenAI的3000亿美元交易后股价暴跌，市场对循环融资模式失去信心","summary":"2025年9月10日甲骨文宣布与OpenAI达成3000亿美元交易后股价一度飙升43%，但如今已从307美元跌至约120美元。市场对循环融资模式日益警惕，昨日英伟达考虑为OpenAI主导的数据中心提供2500亿美元支持的消息传出后，其股价开盘下跌超4.5%。苹果因未过度投资AI反而市值超越英伟达，SpaceX则从6月高点225美元下跌超50%。","category":"技巧观点","source":"garymarcus.substack.com","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"甲骨文与OpenAI的3000亿美元交易后股价暴跌，市场对循环融资模式失去信心 - Aioga AI资讯","description":"2025年9月10日甲骨文宣布与OpenAI达成3000亿美元交易后股价一度飙升43%，但如今已从307美元跌至约120美元。市场对循环融资模式日益警惕，昨日英伟达考虑为OpenAI主导的数据中心提供2500亿美元支持的消息传出后，其股价开盘下跌超4.5%。苹果因未过度投资AI反而市值超越英伟达，SpaceX则从6月高点225美元下跌超50%。","url":"https://www.aioga.com/news/cms3elgxt0010rozq0zhpcthz/"},"en":{"title":"After the $300 billion deal between Oracle and OpenAI, the stock price plummeted, and the market lost confidence in the cyclic financing model","summary":"On September 10, 2025, Oracle announced a $300 billion deal with OpenAI, causing its stock to surge 43% at one point, but it has since fallen from $307 to about $120. The market is becoming increasingly wary of cyclical financing models. Yesterday, news broke that Nvidia was considering providing $250 billion to support the data centers led by OpenAI, and its stock opened down more than 4.5%. Apple, having not over-invested in AI, has surpassed Nvidia in market value, while SpaceX has dropped more than 50% from its June high of $225.","category":"Insights","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"After the $300 billion deal between Oracle and OpenAI, the stock price plummeted, and the market lost confidence in the cyclic financing model - Aioga AI News","description":"On September 10, 2025, Oracle announced a $300 billion deal with OpenAI, causing its stock to surge 43% at one point, but it has since fallen from $307 to about $120. The market is...","url":"https://www.aioga.com/en/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:03:54.157Z"},"ja":{"title":"甲骨文とOpenAIの3000億ドルの取引後、株価が暴落し、市場は循環型資金調達モデルへの信頼を失った","summary":"2025年9月10日、オラクルはOpenAIとの3,000億ドルの取引を発表した後、株価は一時43％急騰しましたが、現在は307ドルから約120ドルに下落しています。市場は循環型資金調達モデルに対してますます慎重になっており、昨日、NVIDIAがOpenAI主導のデータセンターに2,500億ドル支援を検討しているというニュースが伝わると、株価は取引開始時に4.5％以上下落しました。AppleはAIに過剰投資しなかったため、NVIDIAを上回る時価総額を記録し、SpaceXは6月の高値225ドルから50％以上下落しました。","category":"ヒントと視点","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"甲骨文とOpenAIの3000億ドルの取引後、株価が暴落し、市場は循環型資金調達モデルへの信頼を失った - Aioga AIニュース","description":"2025年9月10日、オラクルはOpenAIとの3,000億ドルの取引を発表した後、株価は一時43％急騰しましたが、現在は307ドルから約120ドルに下落しています。市場は循環型資金調達モデルに対してますます慎重になっており、昨日、NVIDIAがOpenAI主導のデータセンターに2,500億ドル支援を検討しているというニュースが伝わると、株価は取引開始時に4...","url":"https://www.aioga.com/ja/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:04:10.357Z"},"ko":{"title":"갑골문과 OpenAI의 3천억 달러 거래 후 주가 폭락, 시장은 순환 금융 모델에 대한 신뢰를 잃다","summary":"2025년 9월 10일, 오라클이 OpenAI와 3천억 달러 거래를 체결했다고 발표한 후 주가는 한때 43% 급등했지만, 현재는 307달러에서 약 120달러로 하락했다. 시장은 순환 금융 모델에 점점 더 경계하고 있으며, 어제 엔비디아가 OpenAI 주도의 데이터 센터에 2,500억 달러 지원을 고려한다는 소식이 전해진 후, 주가는 장 시작과 함께 4.5% 이상 하락했다. 애플은 AI에 과도하게 투자하지 않아 오히려 시가총액이 엔비디아를 넘어섰고, 스페이스X는 6월 고점인 225달러에서 50% 이상 하락했다.","category":"인사이트","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"갑골문과 OpenAI의 3천억 달러 거래 후 주가 폭락, 시장은 순환 금융 모델에 대한 신뢰를 잃다 - Aioga AI 뉴스","description":"2025년 9월 10일, 오라클이 OpenAI와 3천억 달러 거래를 체결했다고 발표한 후 주가는 한때 43% 급등했지만, 현재는 307달러에서 약 120달러로 하락했다. 시장은 순환 금융 모델에 점점 더 경계하고 있으며, 어제 엔비디아가 OpenAI 주도의 데이터 센터에 2,500억 달러 지원을 고려한다는 소식이 전해진...","url":"https://www.aioga.com/ko/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:05:05.424Z"},"es":{"title":"Después del acuerdo de 300.000 millones de dólares entre Oracle y OpenAI, el precio de las acciones se desplomó, y el mercado perdió confianza en el modelo de financiamiento cíclico","summary":"Después de que el 10 de septiembre de 2025 Oracle anunciara un acuerdo de 300 mil millones de dólares con OpenAI, sus acciones se dispararon hasta un 43%, pero ahora han caído de 307 dólares a aproximadamente 120 dólares. El mercado se está volviendo cada vez más cauteloso con el modelo de financiamiento cíclico, y después de que ayer se difundiera la noticia de que Nvidia estaba considerando proporcionar 250 mil millones de dólares en apoyo a los centros de datos liderados por OpenAI, sus acciones bajaron más del 4,5% al abrir. Apple, al no invertir en exceso en IA, superó en valor de mercado a Nvidia, mientras que SpaceX cayó más del 50% desde su punto máximo de 225 dólares en junio.","category":"Ideas","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"Después del acuerdo de 300.000 millones de dólares entre Oracle y OpenAI, el precio de las acciones se desplomó, y el mercado perdió confianza en el modelo de financiamiento cíclico - Aioga Noticias de IA","description":"Después de que el 10 de septiembre de 2025 Oracle anunciara un acuerdo de 300 mil millones de dólares con OpenAI, sus acciones se dispararon hasta un 43%, pero ahora han caído de 3...","url":"https://www.aioga.com/es/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:04:49.409Z"},"fr":{"title":"Après l'accord de 300 milliards de dollars entre Oracle et OpenAI, le cours de l'action a chuté brutalement, le marché perdant confiance dans le modèle de financement circulaire","summary":"Le 10 septembre 2025, après qu'Oracle a annoncé un accord de 300 milliards de dollars avec OpenAI, son cours de l'action a temporairement grimpé de 43 %, mais il est désormais passé de 307 dollars à environ 120 dollars. Le marché devient de plus en plus prudent face au modèle de financement cyclique. Hier, après que la nouvelle selon laquelle Nvidia envisagerait de soutenir à hauteur de 250 milliards de dollars le centre de données dirigé par OpenAI a été rendue publique, son cours d'ouverture a chuté de plus de 4,5 %. Apple, n'ayant pas trop investi dans l'IA, a vu sa capitalisation boursière dépasser celle de Nvidia, tandis que SpaceX a chuté de plus de 50 % depuis son sommet de 225 dollars en juin.","category":"Analyses","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"Après l'accord de 300 milliards de dollars entre Oracle et OpenAI, le cours de l'action a chuté brutalement, le marché perdant confiance dans le modèle de financement circulaire - Aioga Actualités IA","description":"Le 10 septembre 2025, après qu'Oracle a annoncé un accord de 300 milliards de dollars avec OpenAI, son cours de l'action a temporairement grimpé de 43 %, mais il est désormais pass...","url":"https://www.aioga.com/fr/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:05:52.721Z"},"de":{"title":"Nach dem 300-Milliarden-Dollar-Deal zwischen Oracle und OpenAI stürzte der Aktienkurs ab, und der Markt verlor das Vertrauen in das Kreislauffinanzierungsmodell","summary":"Am 10. September 2025 kündigte Oracle nach der Bekanntgabe eines 300-Milliarden-Dollar-Deals mit OpenAI einen kurzzeitigen Anstieg des Aktienkurses um 43 % an, doch inzwischen ist er von 307 US-Dollar auf etwa 120 US-Dollar gesunken. Der Markt wird gegenüber dem Modell der zyklischen Finanzierung zunehmend vorsichtig. Nachdem gestern die Nachricht verbreitet wurde, dass NVIDIA in Erwägung zieht, OpenAI-geführte Rechenzentren mit 250 Milliarden US-Dollar zu unterstützen, fiel der Aktienkurs beim Handelseröffnung um mehr als 4,5 %. Apple überholte NVIDIA in Bezug auf die Marktkapitalisierung, da das Unternehmen nicht übermäßig in KI investierte, während SpaceX seit dem Höchststand von 225 US-Dollar im Juni um mehr als 50 % gefallen ist.","category":"技巧观点","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"Nach dem 300-Milliarden-Dollar-Deal zwischen Oracle und OpenAI stürzte der Aktienkurs ab, und der Markt verlor das Vertrauen in das Kreislauffinanzierungsmodell - Aioga KI-News","description":"Am 10. September 2025 kündigte Oracle nach der Bekanntgabe eines 300-Milliarden-Dollar-Deals mit OpenAI einen kurzzeitigen Anstieg des Aktienkurses um 43 % an, doch inzwischen ist...","url":"https://www.aioga.com/de/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:05:50.114Z"},"pt-BR":{"title":"Após a negociação de US$ 300 bilhões entre a Oracle e a OpenAI, o preço das ações despencou, e o mercado perdeu a confiança no modelo de financiamento cíclico","summary":"Em 10 de setembro de 2025, a Oracle anunciou um acordo de 300 bilhões de dólares com a OpenAI, após o qual suas ações dispararam 43%, mas agora caíram de 307 dólares para cerca de 120 dólares. O mercado está cada vez mais cauteloso com o modelo de financiamento em ciclos. Ontem, após a notícia de que a Nvidia estaria considerando fornecer 250 bilhões de dólares em apoio ao data center liderado pela OpenAI, suas ações abriram em queda de mais de 4,5%. A Apple superou a Nvidia em valor de mercado por não ter investido excessivamente em IA, enquanto a SpaceX caiu mais de 50% desde o pico de 225 dólares em junho.","category":"技巧观点","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"Após a negociação de US$ 300 bilhões entre a Oracle e a OpenAI, o preço das ações despencou, e o mercado perdeu a confiança no modelo de financiamento cíclico - Aioga Notícias de IA","description":"Em 10 de setembro de 2025, a Oracle anunciou um acordo de 300 bilhões de dólares com a OpenAI, após o qual suas ações dispararam 43%, mas agora caíram de 307 dólares para cerca de...","url":"https://www.aioga.com/pt-BR/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:06:30.610Z"},"ru":{"title":"После сделки Oracle и OpenAI на 300 миллиардов долларов акции рухнули, рынок потерял доверие к модели циклического финансирования","summary":"10 сентября 2025 года компания Oracle объявила о заключении сделки с OpenAI на 300 миллиардов долларов, после чего её акции на мгновение подскочили на 43%, но теперь они упали с 307 долларов до около 120 долларов. Рынок становится все более осторожным к модели циклического финансирования, вчера, после того как появилась информация о том, что NVIDIA рассматривает возможность предоставления поддержки в размере 250 миллиардов долларов для дата-центров, управляемых OpenAI, её акции при открытии упали более чем на 4,5%. Apple, благодаря тому что не инвестировала чрезмерно в ИИ, превысила по рыночной капитализации NVIDIA, тогда как акции SpaceX с июня снизились более чем на 50% с максимума в 225 долларов.","category":"技巧观点","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"После сделки Oracle и OpenAI на 300 миллиардов долларов акции рухнули, рынок потерял доверие к модели циклического финансирования - Aioga Новости ИИ","description":"10 сентября 2025 года компания Oracle объявила о заключении сделки с OpenAI на 300 миллиардов долларов, после чего её акции на мгновение подскочили на 43%, но теперь они упали с 30...","url":"https://www.aioga.com/ru/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:06:36.503Z"},"ar":{"title":"انخفضت أسعار أسهم Jiǎgǔwén بشكل حاد بعد صفقة بقيمة 300 مليار دولار مع OpenAI، وفقد السوق الثقة في نموذج التمويل الدائري","summary":"في 10 سبتمبر 2025، أعلنت أوراكل عن صفقة بقيمة 3000 مليار دولار مع OpenAI، مما أدى إلى ارتفاع سعر سهمها بنسبة 43% في فترة وجيزة، لكنه الآن انخفض من 307 دولارات إلى حوالي 120 دولارًا. السوق أصبح أكثر حذرًا من نموذج التمويل الدائري، وبعد أن تم نشر خبر بالأمس عن أن إنفيديا تفكر في تقديم دعم بقيمة 2500 مليار دولار لمركز البيانات الذي تقوده OpenAI، انخفض سعر سهمها عند الافتتاح بأكثر من 4.5%. أما أبل، فلم تستثمر بشكل مفرط في الذكاء الاصطناعي ومع ذلك تجاوزت قيمتها السوقية إنفيديا، في حين انخفضت أسهم SpaceX أكثر من 50% منذ ذروتها في يونيو عند 225 دولارًا.","category":"技巧观点","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"انخفضت أسعار أسهم Jiǎgǔwén بشكل حاد بعد صفقة بقيمة 300 مليار دولار مع OpenAI، وفقد السوق الثقة في نموذج التمويل الدائري - Aioga أخبار الذكاء الاصطناعي","description":"في 10 سبتمبر 2025، أعلنت أوراكل عن صفقة بقيمة 3000 مليار دولار مع OpenAI، مما أدى إلى ارتفاع سعر سهمها بنسبة 43% في فترة وجيزة، لكنه الآن انخفض من 307 دولارات إلى حوالي 120 دولارًا...","url":"https://www.aioga.com/ar/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:07:24.204Z"},"hi":{"title":"जियाजी ऑरकल और OpenAI के 3000 अरब डॉलर के सौदे के बाद शेयर मूल्य में भारी गिरावट, बाजार ने रीसाइक्लिंग फाइनेंसिंग मॉडल से विश्वास खो दिया","summary":"2025 年 9 月 10 日, जियागुईवेन ने OpenAI के साथ 3000 अरब डॉलर के सौदे की घोषणा के बाद शेयर कीमत एक समय के लिए 43% तक बढ़ गई, लेकिन अब यह 307 डॉलर से गिरकर लगभग 120 डॉलर हो गई है। बाजार चक्रवर्ती वित्तपोषण मॉडल के प्रति अधिक सतर्क हो गया है। कल जब यह खबर आई कि NVIDIA OpenAI प्रमुख डेटा सेंटर के लिए 2500 अरब डॉलर का समर्थन देने पर विचार कर रही है, तो इसका शेयर मूल्य खुलते ही 4.5% से अधिक गिर गया। Apple ने AI में अति निवेश नहीं किया और इसके बजाय इसकी बाजार पूंजीकरण NVIDIA को पार कर गई, जबकि SpaceX ने जून के उच्च बिंदु 225 डॉलर से 50% से अधिक गिरावट देखी।","category":"技巧观点","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"जियाजी ऑरकल और OpenAI के 3000 अरब डॉलर के सौदे के बाद शेयर मूल्य में भारी गिरावट, बाजार ने रीसाइक्लिंग फाइनेंसिंग मॉडल से विश्वास खो दिया - Aioga AI समाचार","description":"2025 年 9 月 10 日, जियागुईवेन ने OpenAI के साथ 3000 अरब डॉलर के सौदे की घोषणा के बाद शेयर कीमत एक समय के लिए 43% तक बढ़ गई, लेकिन अब यह 307 डॉलर से गिरकर लगभग 120 डॉलर हो गई है। बाजा...","url":"https://www.aioga.com/hi/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:07:33.851Z"},"it":{"title":"Il prezzo delle azioni è crollato dopo la transazione da 300 miliardi di dollari tra Oracle Bone e OpenAI, il mercato ha perso fiducia nel modello di finanziamento ciclico","summary":"Il 10 settembre 2025, dopo che Oracle ha annunciato di aver raggiunto un accordo da 300 miliardi di dollari con OpenAI, il suo prezzo azionario è balzato del 43%, ma ora è sceso da 307 dollari a circa 120 dollari. Il mercato è sempre più cauto riguardo al modello di finanziamento ciclico e ieri, dopo la notizia che Nvidia stava considerando di fornire un supporto da 250 miliardi di dollari per i data center guidati da OpenAI, il suo prezzo di apertura è sceso di oltre il 4,5%. Apple, non avendo investito eccessivamente nell'IA, ha superato in capitalizzazione di mercato Nvidia, mentre SpaceX è scesa di oltre il 50% dal picco di 225 dollari a giugno.","category":"技巧观点","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"Il prezzo delle azioni è crollato dopo la transazione da 300 miliardi di dollari tra Oracle Bone e OpenAI, il mercato ha perso fiducia nel modello di finanziamento ciclico - Aioga Notizie IA","description":"Il 10 settembre 2025, dopo che Oracle ha annunciato di aver raggiunto un accordo da 300 miliardi di dollari con OpenAI, il suo prezzo azionario è balzato del 43%, ma ora è sceso da...","url":"https://www.aioga.com/it/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:08:14.279Z"},"nl":{"title":"Na de 300 miljard dollar deal tussen Oracle en OpenAI stortte de aandelenkoers in, waardoor het marktsentiment ten aanzien van het circulaire financieringsmodel verslechterde","summary":"Op 10 september 2025 kondigde Oracle aan een deal van 300 miljard dollar met OpenAI te hebben bereikt, waarna de aandelenkoers een piek van 43% bereikte, maar sindsdien is gedaald van 307 dollar tot ongeveer 120 dollar. De markt wordt steeds voorzichtig met cyclische financieringsmodellen. Gisteren daalde de aandelenkoers van Nvidia bij de opening met meer dan 4,5% na berichten dat het bedrijf overwoog om 250 miljard dollar te ondersteunen voor door OpenAI geleide datacenters. Apple heeft door niet te veel in AI te investeren de beurswaarde van Nvidia overstegen, terwijl SpaceX sinds het hoogtepunt van 225 dollar in juni met meer dan 50% is gedaald.","category":"技巧观点","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"Na de 300 miljard dollar deal tussen Oracle en OpenAI stortte de aandelenkoers in, waardoor het marktsentiment ten aanzien van het circulaire financieringsmodel verslechterde - Aioga AI-nieuws","description":"Op 10 september 2025 kondigde Oracle aan een deal van 300 miljard dollar met OpenAI te hebben bereikt, waarna de aandelenkoers een piek van 43% bereikte, maar sindsdien is gedaald...","url":"https://www.aioga.com/nl/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:08:09.666Z"},"tr":{"title":"Oracle hisseleri, OpenAI ile 300 milyar dolarlık anlaşmanın ardından sert düştü, piyasa döngüsel finansman modeline olan güvenini kaybetti","summary":"2025 yılının 10 Eylül'ünde Oracle, OpenAI ile 300 milyar dolarlık bir anlaşma yaptığını açıkladıktan sonra hisse fiyatı bir süreliğine %43 yükseldi, ancak şu an 307 dolardan yaklaşık 120 dolara düştü. Piyasalar döngüsel finansman modellerine karşı giderek daha temkinli. Dün NVIDIA'nın OpenAI'nin yönettiği veri merkezlerine 250 milyar dolarlık destek sağlamayı düşündüğü haberinin yayılmasının ardından hisseleri açılışta %4,5'ten fazla düştü. Apple, AI'ye aşırı yatırım yapmaması sayesinde piyasa değeriyle NVIDIA'yı geride bırakırken, SpaceX haziran ayındaki 225 dolarlık zirveden %50'den fazla düştü.","category":"技巧观点","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"Oracle hisseleri, OpenAI ile 300 milyar dolarlık anlaşmanın ardından sert düştü, piyasa döngüsel finansman modeline olan güvenini kaybetti - Aioga AI Haberleri","description":"2025 yılının 10 Eylül'ünde Oracle, OpenAI ile 300 milyar dolarlık bir anlaşma yaptığını açıkladıktan sonra hisse fiyatı bir süreliğine %43 yükseldi, ancak şu an 307 dolardan yaklaş...","url":"https://www.aioga.com/tr/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:09:02.995Z"},"vi":{"title":"Giá cổ phiếu của Jiaguwen giảm mạnh sau thương vụ 300 tỷ USD với OpenAI, thị trường mất niềm tin vào mô hình tài trợ tuần hoàn","summary":"Vào ngày 10 tháng 9 năm 2025, sau khi Oracle thông báo đạt thỏa thuận trị giá 300 tỷ USD với OpenAI, giá cổ phiếu đã từng tăng vọt 43%, nhưng hiện nay đã giảm từ 307 USD xuống khoảng 120 USD. Thị trường ngày càng cảnh giác với mô hình tài chính vòng lặp, và hôm qua, sau khi xuất hiện tin NVIDIA xem xét hỗ trợ 250 tỷ USD cho trung tâm dữ liệu do OpenAI dẫn đầu, giá cổ phiếu đã mở cửa giảm hơn 4,5%. Apple vì không đầu tư quá mức vào AI mà giá trị vốn hóa thị trường vượt qua NVIDIA, trong khi SpaceX đã giảm hơn 50% từ mức cao điểm 225 USD vào tháng 6.","category":"技巧观点","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"Giá cổ phiếu của Jiaguwen giảm mạnh sau thương vụ 300 tỷ USD với OpenAI, thị trường mất niềm tin vào mô hình tài trợ tuần hoàn - Tin tức AI Aioga","description":"Vào ngày 10 tháng 9 năm 2025, sau khi Oracle thông báo đạt thỏa thuận trị giá 300 tỷ USD với OpenAI, giá cổ phiếu đã từng tăng vọt 43%, nhưng hiện nay đã giảm từ 307 USD xuống khoả...","url":"https://www.aioga.com/vi/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:08:53.145Z"},"id":{"title":"Harga saham jatuh tajam setelah transaksi 300 miliar dolar antara Oracle dan OpenAI, pasar kehilangan kepercayaan pada model pembiayaan sirkular","summary":"Pada 10 September 2025, setelah Oracle mengumumkan kesepakatan senilai 300 miliar dolar AS dengan OpenAI, harga sahamnya sempat melonjak 43%, tetapi kini telah turun dari 307 dolar menjadi sekitar 120 dolar. Pasar semakin waspada terhadap model pembiayaan siklikal, kemarin setelah beredar kabar bahwa Nvidia mempertimbangkan untuk memberikan dukungan sebesar 250 miliar dolar untuk pusat data yang dipimpin oleh OpenAI, harga sahamnya dibuka turun lebih dari 4,5%. Apple, karena tidak berinvestasi secara berlebihan di AI, justru nilai pasarnya melampaui Nvidia, sedangkan SpaceX turun lebih dari 50% dari titik tertinggi 225 dolar pada bulan Juni.","category":"技巧观点","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"Harga saham jatuh tajam setelah transaksi 300 miliar dolar antara Oracle dan OpenAI, pasar kehilangan kepercayaan pada model pembiayaan sirkular - Berita AI Aioga","description":"Pada 10 September 2025, setelah Oracle mengumumkan kesepakatan senilai 300 miliar dolar AS dengan OpenAI, harga sahamnya sempat melonjak 43%, tetapi kini telah turun dari 307 dolar...","url":"https://www.aioga.com/id/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:09:40.632Z"},"th":{"title":"หุ้นของ甲骨文 ร่วงหนักหลังการซื้อขายมูลค่า 300 พันล้านดอลลาร์กับ OpenAI ตลาดสูญเสียความเชื่อมั่นต่อรูปแบบการเงินหมุนเวียน","summary":"หลังจากวันที่ 10 กันยายน 2025 ออราเคิลประกาศข้อตกลงมูลค่า 300 พันล้านดอลลาร์กับ OpenAI ราคาหุ้นพุ่งขึ้นถึง 43% แต่ตอนนี้ได้ร่วงจาก 307 ดอลลาร์เหลือประมาณ 120 ดอลลาร์ ตลาดเริ่มระมัดระวังต่อรูปแบบการเงินหมุนเวียนมากขึ้น เมื่อวานนี้มีข่าวว่า NVIDIA กำลังพิจารณาสนับสนุนศูนย์ข้อมูลที่ OpenAI เป็นผู้นำด้วยมูลค่า 250 พันล้านดอลลาร์ ราคาหุ้นของ NVIDIA เปิดตลาดลดลงกว่า 4.5% แอปเปิลเนื่องจากไม่ได้ลงทุนใน AI อย่างมาก กลับมีมูลค่าบริษัทสูงกว่า NVIDIA ในขณะที่ SpaceX ร่วงกว่า 50% จากจุดสูงสุดที่ 225 ดอลลาร์ในเดือนมิถุนายน","category":"技巧观点","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"หุ้นของ甲骨文 ร่วงหนักหลังการซื้อขายมูลค่า 300 พันล้านดอลลาร์กับ OpenAI ตลาดสูญเสียความเชื่อมั่นต่อรูปแบบการเงินหมุนเวียน - ข่าว AI Aioga","description":"หลังจากวันที่ 10 กันยายน 2025 ออราเคิลประกาศข้อตกลงมูลค่า 300 พันล้านดอลลาร์กับ OpenAI ราคาหุ้นพุ่งขึ้นถึง 43% แต่ตอนนี้ได้ร่วงจาก 307 ดอลลาร์เหลือประมาณ 120 ดอลลาร์ ตลาดเริ่มระมัด...","url":"https://www.aioga.com/th/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:09:50.669Z"},"pl":{"title":"Po transakcji o wartości 300 miliardów dolarów między Oracle a OpenAI akcje gwałtownie spadły, a rynek stracił zaufanie do modelu finansowania cyklicznego","summary":"10 września 2025 roku Oracle ogłosił zawarcie transakcji z OpenAI o wartości 300 miliardów dolarów, po czym cena akcji wzrosła o 43%, ale obecnie spadła z 307 dolarów do około 120 dolarów. Rynek coraz bardziej obawia się modelu cyklicznego finansowania. Wczoraj pojawiła się wiadomość, że Nvidia rozważa udzielenie wsparcia w wysokości 250 miliardów dolarów dla centrum danych kierowanego przez OpenAI, po czym jej cena akcji otworzyła się ze spadkiem o ponad 4,5%. Apple, nie inwestując przesadnie w AI, wyprzedził pod względem wartości rynkowej Nvidię, natomiast SpaceX spadł o ponad 50% od szczytu 225 dolarów w czerwcu.","category":"技巧观点","source":"Gary Marcus：The Road to AI We Can Trust（RSS）","aggregationSource":"Gary Marcus：The Road to AI We Can Trust（RSS）","pageTitle":"Po transakcji o wartości 300 miliardów dolarów między Oracle a OpenAI akcje gwałtownie spadły, a rynek stracił zaufanie do modelu finansowania cyklicznego - Aioga Wiadomości AI","description":"10 września 2025 roku Oracle ogłosił zawarcie transakcji z OpenAI o wartości 300 miliardów dolarów, po czym cena akcji wzrosła o 43%, ale obecnie spadła z 307 dolarów do około 120...","url":"https://www.aioga.com/pl/news/cms3elgxt0010rozq0zhpcthz/","contentTranslated":true,"sourceHash":"1a3d4b43c620977b","translatedAt":"2026-07-27T16:10:42.082Z"}}}}