Oracle (ORCL)

Database + enterprise apps (ERP/CRM) + OCI cloud infrastructure (hyperscaler) — the database giant going cloud

AI exposure 26% — derived from reported segment revenue, not asserted.

Where it sits

Software Stack → Enterprise & Business Software · figures rebased to FQ4 FY2026, reported 2026-06-10

Cloud applications (Fusion ERP, NetSuite, HCM, CX/CRM, SCM SaaS) + database license support leads 2 businesses in this sub-tier that together are 56% of revenue and the largest business on the map, which is what Enterprise & Business Software holds. The rest is tagged separately: Hyperscalers & Cloud Platforms at 35%; Data & Infrastructure Software at 9%.

Also tagged: secondary in AI Platforms → Hyperscalers & Cloud Platforms; secondary in Software Stack → Data & Infrastructure Software; emerging in Physical Infrastructure → Storage & Server Systems.

Reported segments

Cloud services (IaaS + SaaS) — 51.6% of revenue
Cloud licence & on-premise licence support — 35.4% of revenue
Services — 7.8% of revenue
Hardware — 4.7% of revenue

Oracle ($19.2B Q4 FY2026, +21% YoY — a record). Cloud services 51.6% ($9.9B, +47%, with Cloud Infrastructure up 93% and Cloud Applications up 10%) — the IaaS half is B6 Hyperscalers & Cloud Platforms and the SaaS half B5 Enterprise & Business Software, which remains the primary; licence support and on-premise licences 35.4% ($6.8B, -2% — the declining leg funding the build); Services 7.8% ($1.5B, +13%); Hardware 4.7% ($0.9B, +9%). The IaaS/SaaS split inside cloud is an Atlas estimate consistent with the disclosed growth rates.

How the 26% is built

Cloud services (IaaS + SaaS) — 51.6% of revenue × 45% AI-driven (estimate). OCI is being built out explicitly for AI training capacity and grew 93%; the SaaS half is conventional enterprise applications
Cloud licence & on-premise licence support — 35.4% of revenue × 5% AI-driven (disclosed). Database licence support on the installed base — declining and not AI-linked
Services — 7.8% of revenue × 10% AI-driven (disclosed). Consulting attached to both cloud and on-premise
Hardware — 4.7% of revenue × 15% AI-driven (disclosed). Engineered systems, some of which serve OCI capacity

Investment read

Moat. Database lock-in funding an OCI hyperscaler pivot plus cloud apps (Fusion/NetSuite). OCI is no longer a pivot in progress: FY2026 IaaS revenue was $18.1B (+77%), Q4 IaaS grew 93% YoY, and the Multicloud AI Database (+404% YoY) taxes Oracle workloads running on AWS, Azure and GCP without incremental capex.

Bottleneck / pricing power. Deep database lock-in is structural pricing power; OCI's is scarcity-driven and priced to win share. The order book has gone from the $138B of RPO in the last review to $638B (+363% YoY, up $85B in Q4 alone, ~9.5x annualised revenue) with GPU utilisation at 97.5% — capacity-constrained rather than demand-constrained.

Role in the AI stack. The database + hyperscaler-cloud (OCI) layer.

Connected companies

Advanced Micro Devices (AMD) — ORCL is supplied by: OCI MI300X superclusters up to 16,384 GPUs (Sept 2024); 50k MI450 deployment deal announced Oct 2025
Salesforce (CRM) — ORCL competes with: CRM market leader vs Oracle CX/Fusion
SAP SE (SAP) — ORCL competes with: ERP majors — SAP S/4HANA vs Oracle Fusion/NetSuite
Workday (WDAY) — ORCL competes with: HCM + financials — Workday vs Oracle HCM
ServiceNow (NOW) — ORCL competes with: Limited overlap — ServiceNow ITSM/workflow only partly overlaps Oracle Fusion Service in customer service; Oracle is weak in ITSM
IBM (IBM) — ORCL competes with: IBM Consulting and broad enterprise IT overlap with Oracle, but IBM lacks packaged ERP/CRM apps to rival Oracle Fusion directly
Amazon (AMZN) — ORCL competes with: Cloud infrastructure — OCI vs AWS (AWS ~30% share, OCI GPU price/perf push)
Microsoft (MSFT) — ORCL competes with: Enterprise apps + databases (Dynamics/SQL Server vs Oracle Fusion)
Alphabet (GOOGL) — ORCL competes with: Cloud infrastructure — OCI vs Google Cloud (~13% share)
Snowflake (SNOW) — ORCL competes with: Cloud data platform — Snowflake vs Oracle Autonomous Data Warehouse
Veeva Systems (VEEV) — ORCL competes with: life-sciences clinical/regulatory software — Veeva Vault vs Oracle Health Sciences (Oracle Clinical/Siebel CTMS/Argus)
Digital Realty Trust (DLR) — ORCL is supplied by: hyperscale leasing for Oracle
Arista Networks (ANET) — ORCL is supplied by: AI networking switches for Oracle (recently joined cloud titans; Stargate)
NVIDIA (NVDA) — ORCL is supplied by: AI GPUs/accelerators for ORCL AI data centers

Others in Enterprise & Business Software

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