Oracle, the US software giant, is best known for its databases, enterprise applications (ERP, CRM) and cloud services. Its business is based on the sale of software licenses, cloud subscriptions, particularly via Oracle Cloud Infrastructure (OCI), and technology services for large companies. Its OCI platform is a direct competitor to well-established players such as AWS (Amazon) and Azure (Microsoft).
For a listed company, meeting market expectations is often a balancing act. Against this backdrop, Oracle's Q4 was closely watched, particularly regarding its order book growth. The consensus was already expecting solid growth of 40%, but Oracle did even better, announcing +41% growth and anticipating a doubling of the order book in FY 2026 (excluding Stargate). This performance demonstrates a strong strategic position in the development of artificial intelligence. The group also expects to see a significant acceleration in its cloud growth, to 40% from 24% in 2025, with the IaaS (Infrastructure as a Service) segment in particular expected to grow by 70%, compared with 51% in the previous year.
Oracle therefore seems poised to return to a more bullish trajectory, with its all-time high dating back to the end of 2024. In addition, the company founded by Larry Ellison still has untapped growth potential, particularly with Stargate, the AI-focused joint venture set up with Softbank and OpenAI. While the project remains vague at this stage, the establishment of a clearer roadmap and concrete prospects could boost market confidence in the long term.
But it won't be that simple. The group's capex will need to be closely monitored, as this is still largely underestimated in current prices. As we pointed out, Oracle's spending is already becoming an issue, and Stargate could cause the bill to skyrocket.
