Oracle

Oracle's emergence as a serious hyperscaler is the most underrated story of 2025. The Stargate I co-funding role (Abilene TX, $500B/4yr plan with OpenAI + SoftBank) plus their own AI campus build-outs makes them a credible #4 hyperscaler. They lack the consumer surface area of MSFT/Google/AWS/Meta but have deep enterprise relationships and aggressive cap-ex appetite.

Oracle's edge is willingness to do unconventional deals — Stargate was unprecedented in scale and structure. Watch their next moves on SMR partnerships and renewable PPAs. The Larry Ellison personal commitment to AI infrastructure is real and shows up in deal velocity.