Oracle's Cloud Dream: Accelerating to Nowhere? Oracle's latest financials have sent shockwaves through the tech world, with a 121% jump in cloud infrastructure revenue and a backlog of $664 billion.
CFO Hilary Maxson described the quarter as "acceleration," but beneath this triumphant language lies a more complex reality.
The growth story is built on two pillars: Oracle's massive backlog of contracts and its positioning as a supplier of AI capacity to hyperscalers. According to Gartner, worldwide AI spending is expected to reach $2.