I was pretty skeptical about $Oracle(ORCL)$ back when it was at $300. At $115, I'm starting to see it differently.
Left an AI investor meetup recently and one thing stood out to most of us. Once the chip frenzy eventually cools down, what's the next trade? Data.
It reminds me of the old $Cisco(CSCO)$ days. Everyone was chasing the hardware that built the internet until the infrastructure basically became plumbing. AI compute isn't going anywhere, and neither is $NVIDIA(NVDA)$ , but eventually chips become part of the stack rather than the whole story.
The next battleground is proprietary data, enterprise context, retrieval, security and governance. That's where $Oracle(ORCL)$ gets interesting. And on the unstructured side, $Box(BOX)$ sits on the documents and institutional knowledge that AI agents actually need.
Models change. Chips get faster. But AI without trusted data is just an expensive brain with nothing useful to remember.
The next leg of AI isn't just going to be about compute. It'll be about data.
Long term, I'm just buying low and holding.
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