Oracle: At What Price to Enter?

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Oracle just reported Q3 FY2026 earnings with numbers that beat market expectations.

Revenue and cloud segment continued strong growth, especially Oracle Cloud Infrastructure (OCI) – the segment directly benefiting from the AI boom.
Oracle shares swung sharply after the report, as investors were excited by cloud growth but worried about three escalating factors:
- Massive data center spending
- Rapid debt buildup to fund AI infrastructure projects
- Growing dependence on OpenAI.

This has sparked a major question Wall Street is starting to debate: Is Oracle truly transforming into an AI giant, or is this just a legacy software company using financial leverage to catch the AI wave?

This isn't the first time this question has arisen. In a 2024 article, Viet Hustler asked whether Oracle was really becoming an “AI giant.”

But back then, the AI wave was just beginning, and much of the story was about expectations.

Two years later, with the AI boom driving unprecedented demand for compute and data centers, we have more data – from cloud growth, tens of billions in infrastructure investment plans, to Oracle's financial structure.

In today's blog, Viet Hustler takes a look back at Oracle's AI strategy after two years of the artificial intelligence market explosion.