Yahoo Finance Oracle’s Ellison Touts Generative AI as a Game-Changer in Tech Industry
Oracle (NYSE:ORCL) Chief Technology Officer and founder Larry Ellison has expressed high hopes for the future of generative artificial intelligence (AI), calling it a revolutionary breakthrough that will fundamentally change how applications are built and run at Oracle. Speaking at Oracle CloudWorld 2023 in Las Vegas on Tuesday, Ellison endorsed a radical vision of what generative AI could achieve in the near future.
Ellison, whose company has long been involved in data analytics and artificial intelligence, emphasized the potential of generative AI, a technology capable of creating new content. He highlighted its transformative power, stating that it is likely the most important new computer technology ever. The Oracle executive predicted that we will soon find out the true impact of generative AI as countless billions of dollars are being invested in this technology.
In his keynote speech, Ellison pointed out that generative AI has already started to revolutionize various sectors. Large language models such as ChatGPT and Cohere have developed capabilities to generate not only language but also images, music, poetry, and even computer code. He also mentioned the imminent arrival of self-driving cars from Tesla (NASDAQ:TSLA) powered by generative AI.
Addressing the impact of this development on Oracle, Ellison revealed that the company is quite satisfied with its progress so far. He explained that Oracle's unique network interconnection to the cloud sets them apart from other cloud vendors. This remote data memory access network allows one computer in the network to access another's memory without interrupting its function, enabling faster data transfer than conventional models.
Oracle has been integrating artificial intelligence into its Oracle Fusion suite of cloud-based applications. The company claims that these new capabilities can detect and connect relevant account records in Oracle Fusion Cloud ERP, providing sellers with actionable insights. In addition, AI has been added to Oracle Fusion Cloud Customer Experience (CX) to assist marketers, sellers, and service agents in enhancing customer experience.
Rob Tarkoff, general manager of Oracle Cloud CX, emphasized the transformative role of pre-trained large language models (LLMs) in changing how we interact with people, content, and critical knowledge in enterprises. He highlighted the efficiency and accuracy brought about by the unique combination of traditional and generative AI running on Oracle Cloud infrastructure.
The company also announced the integration of generative AI services for healthcare organizations. Integrated with Oracle's electronic health record (EHR) systems, an Oracle Clinical Digital Assistant is said to assist healthcare providers in reducing manual work so they can focus more on patient care.
Ellison concluded his speech by announcing that new applications at Oracle will be generated by AI rather than being written in Java. The company is using Oracle APEX, its enterprise low-code and no-code application platform, to generate most new Oracle applications. He promised that this new development methodology would be faster, more secure, and more reliable than traditional methods.
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