2026年纽约AI世界巡回展的收获
RatingBuy CompanyOracle Date 10 April 2026 ReutersORCL.N BloombergORCL US North AmericaUnited States TMTSoftware Valuation & Risks Takeaways from 2026 NYC AI World Tour Brad ZelnickResearch Analyst+1-212-250-8563 We attended the New York stop of Oracle's AI World Tour on Thursday, April 9th,and had the opportunity to hear from senior sales executives as well as engagewith customers and partners. Most relevant to investors, we come away betterappreciating(1)Oracle’s view on the advantages of having AI embedded directlyinto workflows rather than bolted-on,(2)a pace of product development andinnovation that several partners suggested is moving faster than ever, and(3)customer interest appears to be buildingalthough adoption still appears early. Bhavin Shah, CFAResearch Analyst+1-212-250-6775 Daniel KnauffResearch Associate+1-415-2622041 AI built in, not bolted on.The clearest takeaway from the event was that Oracle’sAI proposition resonates most when AI is native to the application workflow itself,operatingdirectly within systems of record,rather than introduced as anadditional layer customers have to integrate. We heard this not only from mgmt.throughthe keynote but also echoed in conversations with partners andcustomers. One partner we spoke with expressed a view that using a "Palantir-like" approach of layering AI orchestration capabilities on top of the customer'sexisting data estate had not worked as well as expected and that customers, inmultiple different instances, had to modernize theirback-officeapplications withOracle before AI could create meaningful value. That framing was reinforced intheFusion Agentic Applications session,where we came away betterappreciating howpurpose-builtAI applications can allow the degree of autonomyto be dialed up or down depending on the workflow and the customer’s comfortlevel. Yash KejriwalResearch Associate+1-212-250-1203 Strong product velocity.A recurring theme in conversations with partners wasthat Oracle is moving faster than it historically has from an innovation and productdevelopment perspective. One SI mentioned that they had never seen Oraclemove at this pace, with new capabilities being released on a more continuousbasis. The same conversation also highlighted a second order effect wherecustomers were described as struggling to keep up though, prolonging the needfor implementation and support even after a major project is completed. Notably,the partner did not think customers were simply pausing projects in anticipationofnew releases a few months later.Rather,customers were cited to berecognizing that they need to start somewhere, even if the roadmap seems to beevolving quickly. Interest is real, but early.While we picked up genuine customer curiosity and earlyexcitement, large-scale adoption and deployments of AI still appear to be limited.One example that stood out was commentary from a solutions engineer who saidthat much of the work involving performance management (EPM) had been 10 April 2026Oracle relatively unchanged for roughly two decades, with excitement only starting toreturn over the last 6-12mos. He mentioned this was less about broad proof ofmonetization and more about where the value prop may be starting to resonate,potentially enablingcustomers to close books faster, gather more context aroundnumbers, and reliably automate tasks like reconciliation. That said, he was explicitthat customer proof points remain limited at this stage, which we view asconsistent with broader feedback fromthe event. Appendix 1 Important Disclosures Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localexchanges via Reuters, Bloomberg and other vendors. Other information is sourced from Deutsche Bank, subjectcompanies, and other sources. Important Disclosures Required by U.S. Regulators 1-Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for thiscompany, for which it received fees. 2-Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instrumentsissued by this company. 7-Deutsche Bank and/or its affiliate(s) has received compensation from this company for the provision of investmentbanking or financial advisory services within the past year. 8-Deutsche Bank and/or its affiliate(s) expects to receive, or intends to seek, compensation for investment bankingservices from this company in the next three months. 14-Deutsche Bank and/or its affiliate(s) has received compensation from this company within the past year for non-investment banking related services. 15-This company has been a client of Deutsche Bank Securities Inc. within the past year during which time it receivedinvestment banking services. 21-This company has been a client of Deutsche Bank Securities Inc. within the past year, during which time it receivednon-investment banking securities-related services. Impor
