ORCL (Oracle) Thorough Anatomy (Analysis benchmark date: as of February 6, 2026) — Is it the mainstay of AI infrastructure, or the burden of massive investments? Analyze why capital is currently flowing from a market perspective.

Oracle (ORCL) has stood at the “center of the market” in this week’s trading volume.
The reason is simple: the market iswatching two narratives at once.

① Bullish narrative: OCI is being reevaluated due to AI demand
AI consumes computing resources. Therefore, cloud (infrastructure) takes the lead.
Oracle has a strong foundation that holds the “core enterprise data,” making it easier for funds to flow into the cloud.

② Bearish narrative: huge CAPEX and financing may erode shareholder value
Infrastructure battles are capital expenditure battles. If investment leads, free cash flow suffers.
The market is now seeking not growth rates but “proof of investment recovery (turning into FCF).”

In other words ORCL is
to be re-rated if it enters the “win-outcome for AI infrastructure”,
butif recovery is delayed, the multiple will shrink.
This tug-of-war amplifies volume and price movements.

In the main blog, we整理 the necessary investment materials all at once, including

• Changes in stock price and supply-demand

• Performance trends over the past five years

• Finance/CF (visibility of investment burden)

• Competitive comparison (why ORCL is chosen)

• 3–5 year scenarios

• Short-term indicators (1–3 months) of “moving away from the center”

• Pullback zones / exit targets / retreat lines