Perfect, thank you. Congrats from me. These are very impressive numbers. Safra, can you try to help us bridge the strong RPO number and how we need to think about feeding that into revenue? Is that just the capacity function? Or is there anything on the customer side that you need to deliver on the technology side you need to deliver? Just help us to bridge the gap on those. Thank you. Safra Catz (CEO): It's all about capacity. As we increase our capacity globally, that's when we start to see those workloads coming in. Much of the engineering work is completed ahead of time so that our customers understand how to operate. They initially bring in smaller workloads, but are mainly waiting for us to go online and make larger workloads available. We're coordinating with them based on our capacity. As I mentioned, our ability to take on more deals relies on us getting that capacity operational and progressing.

So it's just a mechanical problem in a way. Safra Catz (CEO): Yes, it's not a problem; it's just about the schedule. As we bring the data centers online and deliver the computers, everything is straightforward. There's no mystery involved. These customers have performed significant analysis and engineering beforehand, tested us against competitors, and selected us while already understanding our operations. They are simply waiting for us to provide them with more capacity.

Great. Thank you very much and congrats from me as well. Larry, it's great to see the amazing momentum in OCI, especially given it's a competitive market and the leading names in AI are coming to you, wanting to partner with Oracle. Can you talk about the innovation roadmap for OCI and your AI services in particular? And why we should expect Oracle to keep on winning not just today, but over the next several years to come in this market? Larry Ellison (CTO): In OCI, we've discussed our capability to create very compact data centers that can fit in a shipping container, a submarine, or an entire Oracle cloud. Soon, we will offer six standard half racks designed for conventional data centers, allowing virtually any customer to deploy the complete Oracle Cloud in their facilities with access to every service available in the cloud, which can be scaled to a very large extent. This ability to start small is a significant advantage over our competitors. We can cater to individual customers and even small countries. However, we haven't emphasized enough that we're also constructing some of the largest data centers worldwide. For instance, we mentioned a 70-megawatt data center that is spacious enough to accommodate eight 747s lined up. Additionally, we're developing a 200-megawatt data center, and just last quarter, we successfully sold about half of that capacity for a duration. We are currently bringing these large 200-megawatt data centers online. We are essentially building the smallest, most portable, and cost-effective cloud data centers, right up to massive data centers ideal for training extensive language models and ensuring they remain updated. The competition in AI will last for a long time; it's not just about excelling in AI, but also about keeping models current, which necessitates increasingly larger data centers. Some of our future data centers are approaching a capacity of 1 gigawatt, which is equivalent to a sizable city or a massive AI cloud training facility. No other provider can cover this range. In every instance, we are outfitting these data centers with incredibly fast networks, incorporating power plants and direct power transmission into the facilities along with liquid cooling systems. As modern data centers shift from air cooling to liquid cooling, they need to be designed from the ground up, and we have been doing that for quite some time and will continue to do so. Currently, we are at the forefront of delivering data centers with this quality and scale.

Amazing, thank you so much Larry.

Thank you. Larry and Safra, it's impressive to see how fast you ramped OCI as you're now available in 11 data centers. And then now with this Google partners, we'll have Oracle database at Google Cloud. So I have two questions: one is, as you embark on offering this multi-cloud flexibility to customers, when can we see a similar partnership with AWS? And second is, how should we think about these partners helping your customers migrate their on-prem Oracle workloads to the cloud? Safra Catz (CEO): I don't know, Larry you wanted – started with that. Larry Ellison (CTO): I can begin. We believe in providing customers with options, as they want choices. Customers are currently using multiple clouds, not only for infrastructure but also for applications like Salesforce or Workday. Therefore, it's crucial that all clouds are interconnected. We're excited about our partnership with Microsoft and the development of OCI data centers within Azure. This proximity reduces network costs and latency, which benefits everyone. We're pursuing a similar collaboration with Google and would like to establish connections with AWS as well. We aim to be interconnected with all providers as part of our multi-cloud strategy, which we believe is what customers desire. I am hopeful that eventually, data transfer fees between clouds will be eliminated, allowing customers the freedom to select services from their preferred clouds and combine them as they see fit, doing so easily and seamlessly.

Thank you.

Hi guys. Thanks for taking the question. I wanted to dive a bit deeper on just precisely how many deployment models you guys are offering for OCI because it feels as though that is getting particularly differentiated as we start to think of sovereign cloud, GovCloud, more private cloud, given the conservative posture for AI and data privacy. So how do we think about how much of an advantage that is providing in sales cycles? And maybe in that massive $30-plus billion in the second half RPO, but also just comment on the magnitude of that opportunity going forward. Larry Ellison (CTO): I'm going to take a shot at this. Every medium-sized on-premise customer that Oracle has can have a private, full Oracle cloud without any other users. They would be the sole user of that Oracle Cloud, which we can set up in their existing data centers. No one else can provide this; they would have to switch to the public cloud. We currently have a robust public cloud with numerous regions, and we are very supportive of it. However, for very conservative clients who prioritize maximized security, we can establish a complete Oracle Cloud onsite and manage it for them. We cover the hardware costs; it's categorized as an Oracle region. For instance, we could create a cloud region specifically for Samsung, or even two regions, as well as for other large companies like General Motors or Ford. This offer extends to smaller companies too. We are unique in providing an option for a fully capable public cloud operated by Oracle, which includes all our services. Clients only pay for what they use without the associated hardware costs. This setup remains exclusive to them. We can also deploy our services on ships and submarines, which no one else can do, starting very small. All Oracle clouds are uniform apart from their scale and include all Oracle services, being fully automated due to their identical nature. The slight delay in our cloud rollout stemmed from our development of something significantly different from our competitors, which enables us to scale from very small to very large seamlessly using the same automation software. In contrast, some of our competitors may have variations in their large data centers, leading to inconsistencies in service availability across different data centers. Observing what others have done allowed us to choose a different path. Although it took longer, we believe we are now better positioned in terms of security and scalability, meaning we can easily adjust capacity to serve every corner of the globe and maintain a level of data privacy unattainable by other cloud providers. Safra Catz (CEO): Yes. And because as Larry said, because whatever the deployment model is you don't have to compromise. Some of our competitors may offer some level of sovereignty or some level of disconnected, but they don't actually have all the services for us, and the reason we've been so successful is whether it's disconnected or sovereign or whatever it is, the customer always gets everything. All services, not just some services and they get to deploy it any way they want, and they get the security or the regulatory requirements, sovereignty may be very critical. And for most governments, they don't want their data in the public cloud out and about. They want to have its sovereign to their country. And so no compromises, no compromises on the services and no compromises on security.

It also sounds like you guys have a better price in most cases. So thanks again for a tough quarter. Safra Catz (CEO): Much, because we are so much faster when you use our cloud, it is new. It's modern, but it also is technical advantages and so it runs your workload so much more quickly. And when you pay by the minute, the second, the hour, if your workload ends in no time, you pay a fraction of the price. That's very hard to compete with. Larry Ellison (CTO): One last comment. Our cloud was designed not for hundreds, but for thousands or possibly even tens of thousands of data centers and regions. This necessitated a high degree of automation, as managing these data centers manually is impractical. We are building them rapidly, and it's challenging to hire and train enough personnel quickly. Additionally, the risk of human error could jeopardize our customers' data, which is why our systems are highly automated. It's somewhat analogous to the extensive satellite network that Elon Musk has deployed with Starlink, which features more satellites than any other global system because it is tailored for a large number of highly automated satellites. Our approach, similar to Starlink, emphasizes extensive automation to manage these cloud infrastructures effectively.

Yeah. Thanks very much. I'll echo the congrats on the cloud momentum. Larry, Safra, I was wondering if you could just expand a bit on the OpenAI announcement this afternoon. Just what that entails in terms of how you'll be working with them or Microsoft? Are there certain workloads they'll be working on with you directly? Can you just give us whatever additional color you can on that deal, obviously very excited. Thanks. Safra Catz (CEO): Well. Go ahead. No, you can. Go ahead. Larry Ellison (CTO): We are in the process of constructing a large data center, which is significant, about half the size of a very large data center. We are equipping it with many new NVIDIA chips, including their latest interconnect technology, and implementing liquid cooling systems. These resources are primarily focused on training rather than inference. We're managing extensive amounts of training data, which extends beyond just language processing. Although these systems are referred to as large language models, a more accurate description would be neural networks, as they are trained using not only text but also a vast array of images. For instance, Oracle is actively engaged in analyzing biopsy slides with microscopes to capture images and utilize AI for cancer diagnosis. This is one of the initiatives on the medical front we are pursuing. Interestingly, these large language models are also examining biopsies; they are not limited to language interpretation but also involve image analysis, making it a more complex challenge than language understanding. It's particularly exciting to note that Tesla is on the verge of getting full self-driving capabilities sanctioned in China. I am not providing specific details, but it seems the Chinese government is progressing towards authorizing full self-driving technology. Training a vehicle for full autonomy requires processing extensive image data so it can make decisions based on what it sees rather than responding to spoken language. This difference in training models on visual data represents a significant increase in the amount of data and training required, and we are deeply involved in that process.

Thank you.

Thank you for taking my question. My question, I think, is for Safra. Safra, the IaaS revenue growth has been really impressive and it has been for a while here, but perhaps even more so the last couple of quarters, especially is the backlog given its scale. And this may be somewhat of an obvious question for you, but it's based on my conversation with investors. There's two high-profile topics that I want to make sure we understand what the contribution has been today versus next year. And that's Oracle database at Azure and AI in general. We've heard a lot of conversation about the former when we speak to partners and customers in the field. And you've spoken a lot about the latter today. So beyond conversation volume, can you talk a little bit more about what the contribution of these two topics has been to that impressive IaaS revenue growth in this quarter versus what we should expect that contribution to be in fiscal 2025. Safra Catz (CEO): Both the Azure database and the AI workloads are contributing incrementally to our revenues. The Azure database centers are just starting to go live. Although we are currently selling a significant amount in annual recurring revenue, these figures are small but rapidly growing. The revenue for Azure in the fourth quarter was minimal, but we anticipate it will be ten times higher in the first quarter and potentially thirty times higher in the second quarter. This growth is crucial to our current run rate. Additionally, we have been generating AI revenue, which we have announced. The contracts signed at the end of the third and fourth quarters are significantly larger and will also contribute incrementally to our previous year's numbers. This is an exciting time, as all these developments are adding substantially to what we have seen in the past.

That is really clear, and it really speaks to, I think, what you started talking about a long time ago, especially a lot more publicly, I don't know in the fall of 2022, but thanks. That's really clear. null (Operator): Thank you, John. A telephonic replay of this conference call will be available for 24 hours on the Investor Relations website. Thank you for joining us today. And with that, I'll turn the call back to Krista for closing. null (Operator): Ladies and gentlemen this does conclude today's conference call. Thank you for your participation and you may now disconnect.