Oracle

Oracle Corporation (NYSE: ORCL) is one of the world's largest enterprise software companies, founded in 1977 by Larry Ellison. Oracle has pivoted hard toward AI cloud infrastructure as its primary growth engine.

Oracle Cloud Infrastructure (OCI) has become a major GPU cloud provider, with the Zettascale10 supercluster connecting hundreds of thousands of NVIDIA GPUs (up to 16 zettaFLOPS). OCI serves OpenAI (the Stargate project), xAI (a $10 billion commitment), and other AI leaders, attracted by 40-70% lower pricing versus AWS and Azure and 4-8 times more cluster networking bandwidth. Oracle operates 101+ cloud regions across 28+ countries.

Oracle is funding one of the industry's most aggressive AI-infrastructure buildouts — largely with debt. FY2026 capital expenditure jumped roughly 162% to $55.7 billion, almost entirely for AI cloud and data-center capacity, and the company has guided to about $70 billion for FY2027. A $30 billion bond sale helped push total debt to roughly $218.7 billion, and the spending drove free cash flow to about negative $23.7 billion for the year. Remaining performance obligations reached $523 billion, and OCI revenue grew 93% to $5.8 billion in the fiscal fourth quarter, with full-year cloud revenue near $34 billion.

The pivot is reshaping Oracle internally as well: the company cut about 21,000 jobs — roughly 13% of its workforce — over the fiscal year ending May 2026, with its own SEC filing attributing part of the reduction to AI adoption and warning that further restructuring may follow. Record capital spending, heavy borrowing, negative free cash flow, and AI-linked layoffs together make Oracle one of the clearest cases of an enterprise incumbent betting its balance sheet on becoming an AI-infrastructure provider.