Oracle’s explosive database business is smart, humanless, CEO Mark Hurd says
Mark Hurd, the CEO of Oracle, one of the largest technology companies in the world, has reallocated assets in order to drive faster growth over the next two years.
In its dominating database business, for example, Oracle has released a new product called the autonomous database, which is driven by artificial intelligence, and described by Hurd as “somebody doing all the work for you.”
“The database is now automatically tuned,” he said during an interview with FOX Business’ Maria Bartiromo,. “The database will get smarter, smarter and smarter and smarter. Performance will get better and better and better.”
Hurd added that he expects the business to grow “a gajillion percent.”
The company also has a combination of businesses that are getting bigger, including its NetSuite business growing 30 percent and its Enterprise Resource Planning (ERP) Cloud business growing 70 percent. In addition, some of its business that were acquired years ago that were not growing are now climbing, according to Hurd.
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While some global economies are slowing, Oracle is still attracting market share in the U.S., according to Hurd. The chief executive said the nation's economy is strong and people are spending money.
“I think the U.S. is good -- I think the U.S. has been solid for a while,” he said. “I think the thing we opened up with NetSuite is a great example of the U.S. economy. Most of NetSuite is sold in to small and medium business. Mostly companies that are domestic and their growth is outstanding. They are investing.”
When asked about buying back stock, Hurd responded: “we love the price of our stock at this level.”