Oracle CEO Larry Ellison believes his company is poised for big gains in artificial intelligence. The company aims to help businesses use AI on private data, which he thinks will be a more valuable market than using public data. With most of the world’s high-value private data stored in its databases, Oracle is ramping up spending to secure major AI deals.
Ellison has raised spending to $50 billion for the year, a significant jump from previous projections. This move has raised concerns about debt if the AI bubble bursts. However, CFO Doug Kehring said that alternative financing options can help minimize borrowing costs and synchronize payments with revenue.
Source: https://www.inc.com/ava-levinson/oracle-larry-ellison-identifies-next-big-ai-business-opportunity/91277613