“Underlying that is we remain committed to what we talked about last quarter, which is maintaining the investment-grade rating at Oracle Corporation as well as staying within the financing envelope that we talked about, of which we have announced that we are doing $50 billion this calendar year of that total.”

In context

“I services together, you put sovereignty together, and yes, it is a pretty big halo effect. Doug Caring: Yeah, and, John, let me start by acknowledging the creativity in getting two questions in at the same time. That is always fascinating to watch. So on CapEx, I think we will get back to everyone after the end of the fiscal year and talk about next year’s CapEx at that point in time. But I will state a couple of things. Obviously, from what Clay has gone through, the most interesting thing that you should start thinking about is the uncoupling of CapEx with capital requirements from Oracle Corporation. Obviously, when we have these additional funding mechanisms, there may be additional CapEx, but it does not require out-of-pocket cash from Oracle Corporation, which is quite interesting. Underlying that is we remain committed to what we talked about last quarter, which is maintaining the investment-grade rating at Oracle Corporation as well as staying within the financing envelope that we talked about, of which we have announced that we are doing $50 billion this calendar year of that total. So more to come, John, on the CapEx after next quarter. John DiFucci: Very much appreciate the color on that, Doug. And, Mike, your prepared remarks on AI and how Oracle approaches it—everybody should use that because it is a logical approach. So thanks, and nice job. Operator: Our next question will come from the line of Mark Murphy with JPMorgan. Please go ahead. Mark Murphy: Thank you. Congrats on the acceleration. Clay, as Oracle Corporation transitions to higher levels of AI inferencing, what do you view as the right strategy for trying to optimize the location of your data centers? For instance, if you have these huge centralized data centers in Texas and Wyoming, they are very close to power, but they are pretty far from the population centers and the fiber routes that are out ther”