#cloud-revenue

#cloud-revenue

Larry Ellison, executive chair and chief technology officer, founded Oracle Corp. ( NYSE: ORCL) in 1977. Recently, it has become a tech behemoth, largely because of its key position in the burgeoning artificial intelligence (AI) business. His net worth, according to the Bloomberg Billionaire list, is $283 billion, which makes him the second-richest person in the world. That net worth has risen by $91 billion since the start of the year, largely because of Oracle's success.

Chief financial officer Amy Hood said: "This quarter, roughly half of our spend was on short-lived assets, primarily GPUs [graphics processor units] and CPUs [central processor units], to support increasing Azure platform demand, growing first-party apps and AI solutions, accelerating R&D by our product teams, as well as continued replacement for end-of-life server and networking equipment." There is also longer term expenditure, which includes $11bn of finance leases that are primarily for large datacentre sites.

Our downgrade looks pretty foolish right now. No need to hide from it. The company subsequently put up one of its best quarters in recent memory.