One analyst is clear: some of the biggest AI infrastructure players won’t survive this shakeout, and Oracle is at the top of his worry list. Matt Maley, chief market strategist at Miller Tabak, recently said in a program on CNBC that the AI infrastructure race started with five or six major players. But bears say Oracle is making a highly leveraged, long-duration bet on AI infrastructure that may not generate adequate returns. Bulls say Amazon’s AI spending is beginning to pay off as accelerating AWS growth validates years of heavy infrastructure investment. Advertising revenue rose 26% in the recent quarter, third-party seller services continue to gain share, and subscription revenue provides recurring cash flow.