Looking at Oracle's financial report, there is a feeling that you care about him the most, but he is the least capable. In the latest quarterly financial report, Oracle's revenue and cloud business revenue were both lower than expected, with the highlight being: 1) Oracle's GAAP net profit for the second quarter was $6.1 billion. Non GAAP net profit was $6.6 billion, a year-on-year increase of 57% in US dollars; 2) Oracle's GAAP earnings per share for the second quarter were $2.10, a year-on-year increase of 91% in US dollars and 86% in fixed exchange rates. Non GAAP earnings per share were $2.26, a year-on-year increase of 54% in US dollars 3) The remaining performance obligations reached $523 billion, exceeding the average analyst expectation of $519 billion. But these highlights cannot conceal the most concerning issue for everyone: 1) raising the annual capital expenditure guidance, which is expected to be about $15 billion more than previously expected; 2) Huge capital expenditures consume cash flow, with quarterly free cash flow of $10 billion; 3) Recently, $18 billion worth of new investment grade bonds were issued, and its total outstanding debt has exceeded $100 billion, making it the largest debt holder among all large technology companies with investment grade ratings. These issues will further exacerbate market doubts: the accumulation of a huge number of unfulfilled orders is one thing, but whether these orders can truly be converted into revenue can reflect whether the company has the ability to meet demand. If the debt is high and the cash flow is swallowed up, it will make the market worry about the sustainability. This concern is likely to spread to concerns about the performance of other cloud vendors. Under current business pressure, Oracle has provided strong guidance for the next quarter and full year performance: the total revenue growth rate for the next quarter is 19-21%, the cloud business growth rate is 40-44%, and it reiterates that the total revenue for the whole year can reach 66 billion US dollars. But the market's concerns about Oracle will continue in the near future, and it may wait until the next quarter's financial report is released. If orders are converted into revenue beyond expectations and the situation of cash flow erosion improves, then the market will dispel its concerns.