Oracle Corporation

Blowout quarter; strong acceleration in recurring growth (good/surprising) - Q3 “exceeded expectations across the board.” - Organic total revenue and organic non‑GAAP EPS grew at 20%+ in USD—the call highlighted this as the first time in 15+ years both metrics grew 20% or better. - Applications (SaaS) momentum: constant-currency cloud applications revenue +11%, annualized run-rate $16.1B. - Segment examples (constant currency): Fusion ERP +14%, Fusion SCM +15%, Fusion HCM +15%, Fusion CX +6%, NetSuite +11%. - Industry SaaS +19% (hospitality, retail, banking, local government, telecom, etc.). - Go-lives: 2,000+ customers went live in Q3 (multi-pillar); median time to go-live decreased.

AI narrative: “AI doesn’t kill SaaS”—Oracle argues it amplifies integrated ecosystems (opportunity) - Management directly pushed back on an “AI apocalypse for SaaS” thesis: Oracle claims it is adopting AI rapidly and embedding AI agents/features into existing application suites. - 1,000+ agents delivered inside horizontal back-office and industry applications (plus customer-built agents and internal fleets). - New CX products built using AI tooling: lead generation/qualification, sales orchestration/automated selling, and a website generator (oracle.com launch cited). - Practical claim behind adoption: Oracle says it can create faster value by exposing private, mission-critical enterprise data (custodian in apps) to AI features and by bundling AI tightly into business workflows.

Cloud infrastructure & database: major demand > supply; multicloud is accelerating (good) - Multicloud database revenue +531% YoY (huge growth). - AI infrastructure revenue +243% YoY. - Demand outstrips supply; $553B RPO cited (large forward backlog). - Multicloud milestone: global region coverage in partner clouds - Microsoft: 33 regions live - Google: 14 regions live - AWS: 2 regions live at start of Q3 → 8 exiting Q3 → 22 expected to exit Q4 - Management attributes growth to customer desire to run Oracle Database across cloud environments plus AI adoption that requires cloud data + advanced security/vector capabilities.