CLSA starts Oracle at Hold with $145 target, flags up to $500 billion of funding need

CLSA initiated coverage of Oracle with a Hold rating and a $145 price target on July 20, 2026. Analyst Bhavtosh Vajpayee argues that Oracle's AI build-out could need up to $500 billion of capital by 2030, with about $400 billion from external funding. He also flags that OpenAI makes up roughly half of the order book and that about $261 billion of data center lease commitments add complexity.

• Rating Hold, price target $145
• Up to $500 billion of capital needed by 2030, about $400 billion from external funding
• OpenAI accounts for roughly half of the order book
• About $261 billion of lease commitments tied to long-term data center arrangements