The most interesting thing about $ORCL is that they have given very explicit 4-year financial targets, so it would be pretty easy to back into the returns they expect to generate from their data centers under construction once they reach capacity.
$ORCL is expecting a three-year earnings CAGR of 38% from FY27-FY30. It would not surprise me if this analysis would result in 25-30% annual earnings growth for the other hyperscalers, making their current stock prices look very appealing.
If you then extrapolate those returns to $GOOG, $MSFT, $AMZN and $META, my gut says the market is materially underestimating earnings power in the FY28-FY30 period. My finance days are behind me, but I am going to find the time to run this analysis.
