Bullish case for Oracle (ORCL) could change following deepening of Fuel Cell AI Campus and Google partnership

• In late April 2026, Oracle and BorderPlex Digital Assets announced that Project Jupiter’s AI data center campus in New Mexico will be fully powered by Bloom Energy fuel cells, integrating the facility into a single microgrid and replacing previously planned gas turbines and diesel generators with an installed capacity of up to 2.45 billion watts.
• During the same period, Oracle expanded its collaboration with Google Cloud to offer the Oracle AI Database Agent for Gemini Enterprise, as well as regional availability of Oracle AI Database@Google Cloud, highlighting how deeply Oracle is embedding its AI database and multicloud capabilities into the ecosystem of other hyperscalers.
• Here, we explore how deeper integration between Oracle’s fuel cell-powered AI campus and Google Cloud will impact the company’s AI data center expansion story.

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Oracle Investment Story Summary

To own Oracle today, you need to believe that its massive AI infrastructure bet and multi-cloud database strategy will ensure it can turn its $553 billion RPO backlog into profitable and growing cloud revenue. A key catalyst in the short term is whether the buildout of AI data centers leads to sustained demand from large customers like OpenAI, but the biggest risk is that this demand turns out to be less durable than implied. The tight integration of Project Jupiter Campus with Google Cloud, powered by Bloom, still fundamentally changes that risk-reward balance.

We feel the expanded Google Cloud partnership is most relevant here, specifically the broader deployment of Oracle AI Database Agent for Gemini Enterprise and Oracle AI Database@Google Cloud. This signals that Oracle is looking to diversify the use of its AI infrastructure beyond a few core customers by embedding its AI database directly within another hyperscaler. For investors focused on near-term catalysts, this kind of multicloud traction could be about as important as a fuel cell campus in New Mexico when determining how resilient Oracle’s AI story really is.

But behind Oracle’s clean energy campus and deepening partnerships, there are still AI demand concentration risks that investors should be aware of…

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The Oracle story predicts sales of $169.9 billion and revenue of $35.3 billion by 2029.

We reveal how Oracle’s projections yield a fair value of $243.87, 42% higher than the current price.

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The most pessimistic analysts had already assumed that Oracle’s margins would be compressed even as revenue grew toward about $123.4 billion by 2029, highlighting how an open and interoperable AI platform could slow Oracle’s differentiation more than the base case suggests.

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This article by Simply Wall St is general in nature. We provide commentary using only unbiased methodologies, based on historical data and analyst forecasts, and articles are not intended to be financial advice. This is not a recommendation to buy or sell any stock, and does not take into account your objectives or financial situation. We aim to provide long-term, focused analysis based on fundamental data. Note that our analysis may not factor in the latest announcements or qualitative material from price-sensitive companies. Simply Wall St has no position in any stocks mentioned.

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