Matt Maley, chief market strategist at Miller Tabak, stated on CNBC that the AI infrastructure race initially had five or six major players, and he expects only one or two to ultimately emerge victorious. Maley believes that Amazon and Google have the "full package" and are poised to win this race. He noted that Amazon AWS revenue grew approximately 37% year-over-year in the latest quarter, with an operating profit margin close to 39%, and backlog orders increasing to about $496 billion, indicating strong revenue visibility. Additionally, Amazon's advertising revenue grew 26%, and third-party seller services and subscription revenue also provide growth momentum.

Maley listed Oracle as a potential "loser," pointing out that Oracle is concerned its main client (widely believed to be OpenAI) might abandon some data center lease commitments. He cited Oracle's own statements that its AI investments might not yield returns as expected by management. Oracle's Oracle Cloud Infrastructure (OCI) revenue grew approximately 93% year-over-year, and remaining performance obligations (RPO) surged to about $638 billion. However, there is a risk between its highly leveraged, long-term bet on AI infrastructure (lease obligations lasting 15-19 years) and shorter customer contract terms. If AI demand weakens or customers cut spending, it could lead to insufficient asset returns.