John DiFucci's questions to Oracle Corp (ORCL) leadership • Q4 2025
Question
John DiFucci of Guggenheim Partners sought to unpack CEO Safra Catz's strong growth forecast, asking if the 'Stargate' project is a key driver of the expected >70% IaaS growth and >100% RPO growth in fiscal 2026.
Answer
CEO Safra Catz confirmed the strong outlook is based on massive demand that is outstripping supply for AI, database, and application workloads. She noted that while Stargate is still in formation, related partnerships are part of the growth. CTO Lawrence Ellison added that other large contracts, like one with TIMU, and astonishing growth in multi-cloud are also major contributors. Ellison concluded that if Stargate meets expectations, the RPO guidance may be an understatement.