The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Brad Zelnick - Deutsche Bank - Analyst
: Congrats on just remarkable booking strength. Larry, I'm hoping you can expand more on Stargate because this is just a massive
scale American first venture with Oracle joined by undisputed AI leaders like OpenAI and NVIDIA and they chose you over several
other choices in the market. What is Oracle's unique value add here? What can Oracle do that others can't?
Question: Brad Zelnick - Deutsche Bank - Analyst
: Larry, if I could maybe just sneak in a very quick one for Safra. When Stargate does hit as it is a related party. Is there anything that
you can share with us as to how we should expect it might flow through the financials?
Question: Derick Wood - TD Cowen - Analyst
: Safra and Larry, congrats on a strong bookings quarter. I wanted to drill into the growth under current around OCI, especially in light
of such a huge RPO number that didn't even include Stargate. In some quarters, we hear about particular demand for AI contracts
certainly seems to be a lot of favorable developments going on there.
But other times, we hear about emerging adoption in multi-cloud and database on hyperscalers and we can hear about strength in
dedicated as well with sovereign clouds and alloy. I guess as you look at Q3 bookings and pipeline trends, can you give us a sense
as to how demand is unfolding across those three different environments and how you feel about the growth durability and really
the infrastructure capacity serviceability of each of these vectors.
Question: Alex Zukin - Wolfe Research - Analyst
: And echoing the congratulations for unbelievable bookings number. I guess maybe, Larry opine on the current kind of state of the
AI training versus inferencing opportunity. You have potentially investors worried about diminishing returns to training, even some
of your hyperscaler peers seemingly walking back on some of their CapEx commitments.
What are you seeing out there with respect to training versus inference, both in the incremental bookings that you're adding in the
pipeline? And maybe just how Oracle is differentiated on the inferencing side versus both hyperscalers and Neo clubs, particularly
with this AI data platform product that you just announced?
Question: Alex Zukin - Wolfe Research - Analyst
: Super helpful. And maybe just Safra, how to think about RPO trends and trending over the course of the next few quarters in light
of that?
Question: John DiFucci - Guggenheim Securities LLC - Analyst
: You said you were live on 33 cloud regions and another 40 planned with Azure --
Question: John DiFucci - Guggenheim Securities LLC - Analyst
: I got it. Yes, I got you way ahead of yourself. I'm sorry, ever. But anyway, I know you said you had another 40 planned Azure, AWS
and Google, this quarter, we saw a big uptick like in discussions between partners and large enterprise regarding Oracle database
pick your hyperscaler like the discussions seem to be in like happening in mass, but not the deals yet. And one of the things a limiting
factor and talk partners was that some of these global enterprises needed it to be global because the global enterprises.
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MARCH 10, 2025 / 9:00PM, ORCL.N - Q3 2025 Oracle Corp Earnings Call
Those 40, I guess, does that get you there for that? And when -- like when do those 40s get deployed? Are they going to be deployed
over the next year? Or is it going to be over the next, I don't know, about how long does that take?
Question: Kirk Materne - Evercore ISI - Analyst
: I'll add my congrats on the ARPO and booking strength this quarter. Larry, you mentioned some of the agents you've been building
out on top of your application platform earlier. I was just wondering, are you now starting to see the demand for those technologies
or those functionality that agents are bringing starting to have an impact on your strategic SaaS business? And perhaps the pace of
conversions from any legacy on-prem systems that still might be out there?
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MARCH 10, 2025 / 9:00PM, ORCL.N - Q3 2025 Oracle Corp Earnings Call
Question: Kirk Materne - Evercore ISI - Analyst
: (inaudible), if I could just ask a really quick follow-up. Is this the tipping point for any customer that hasn't moved to the cloud to
have to get there now to get this functionality, talking some partners, it feels like anybody that's been holding out is now ready to
go because they can't get any of this functionality if they're still on-prem.
Question: Mark Moerdler - Bernstein Research - Analyst
: And really, congratulations on how incredibly well this is being executed. We know Oracle spends less on CapEx per dollar of IaaS
pass revenue. than your larger hyperscale cloud provider peers. But how should we understand why CapEx is lower? And how should
we think about the trajectory of CapEx given the strength of RPO and especially the strength of OCI and OCI AI?
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