• In late April 2026, Oracle and BorderPlex Digital Assets said Project Jupiter’s AI data center campus in New Mexico would be fully powered by Bloom Energy fuel cells, consolidating the facility into a single microgrid and replacing the previously planned gas turbines and diesel generators with up to 2.45 billion watts of installed capacity.
• Over the same period, Oracle’s expanded collaboration with Google Cloud to bring the Oracle AI Database Agent for Gemini Enterprise and wider regional availability of Oracle AI Database@Google Cloud highlighted how deeply Oracle is embedding its AI database and multicloud capabilities into other hyperscalers’ ecosystems.
• We’ll now explore how Oracle’s fuel-cell-powered AI campus and deeper Google Cloud integration may influence its AI data center expansion narrative.

Find 51 companies with promising cash flow potential yet trading below their fair value.

Oracle Investment Narrative Recap

To own Oracle today, you need to believe its huge AI infrastructure bets and multicloud database strategy can reliably turn its US$553 billion RPO backlog into profitable, growing cloud revenue. The key near term catalyst is whether AI data center build outs translate into sustained demand from large customers like OpenAI, while the biggest risk is that this demand proves less durable than implied. The Bloom powered Project Jupiter campus and tighter Google Cloud integration do not fundamentally change that risk reward balance yet.

The expanded Google Cloud partnership, particularly Oracle AI Database Agent for Gemini Enterprise and the broader rollout of Oracle AI Database@Google Cloud, feels most relevant here. It shows Oracle trying to diversify AI infrastructure usage beyond a few headline customers by embedding its AI database directly inside another hyperscaler. For investors focused on near term catalysts, this kind of multicloud traction may matter almost as much as the New Mexico fuel cell campus when judging how resilient Oracle’s AI story really is.

Yet behind Oracle’s clean energy campus and deepening partnerships, there is still the concentrated AI demand risk that investors should be aware of...

Oracle's narrative projects $169.9 billion revenue and $35.3 billion earnings by 2029.

Uncover how Oracle's forecasts yield a $243.87 fair value, a 42% upside to its current price.

Exploring Other Perspectives

The most pessimistic analysts were already assuming Oracle’s margins compress even if revenue climbs toward about US$123.4 billion by 2029, highlighting how open, interoperable AI platforms could blunt Oracle’s differentiation much more than the base case suggests.

Explore 28 other fair value estimates on Oracle - why the stock might be worth 10% less than the current price!

Decide For Yourself

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Oracle research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision.
• Our free Oracle research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Oracle's overall financial health at a glance.

No Opportunity In Oracle?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.