Morgan Stanley: Oracle's Financing Path Becomes Clearer, Target Price Maintained at $210 According to TechFlow, Morgan Stanley's research report dated October 29, 2026, indicates that Oracle expects approximately $220 billion in capital expenditure for its remaining 6 gigawatts of construction. Supplier financing, customer-brought hardware, and upfront payments can reduce initial cash pressure, and the company expects to need to raise an additional $20 billion. Management expects free cash flow to turn positive in the second half of fiscal year 2028. Morgan Stanley maintains its "Equal-weight" rating and $210 target price, believing that the funding and return framework is clearer, and the key going forward is timely capacity delivery and maintained profit margins. Oracle aims to reach approximately 10 gigawatts of capacity by the end of fiscal year 2028. The pace of construction will affect revenue release and cash flow improvement, while expense leverage and financing mix will also affect the quality of expansion.