苹果克制AI支出获回报，甲骨文激进资本开支考验投资者耐心

The mood has changed. Investors are no longer rewarding expenditure simply because it carries an AI label. They are examining how projects will be funded, when new capacity will produce revenue and whether the eventual returns can justify years of reduced cash flow. Two sharply different strategies have placed Apple and Oracle on opposite sides of that reassessment. Apple’s shares moved into record territory in July after rising more than 20% over three months. Its once-criticized restraint in AI infrastructure has become part of the attraction. Oracle, meanwhile, has faced pressure across its stock and debt as the enormous cost of expanding cloud capacity raised concerns about borrowing, margins and the time required to turn contracts into cash. …