Ellison Shoots Hole In Cloud

REDWOOD CITY, CALIF. - As far as Larry Ellison is concerned, clouds are for the birds--not for computers. The Oracle (nasdaq: ) chief executive told shareholders at the company's annual meeting Friday that the technology is a fad that doesn't have a clear business model, despite the fact that Google (nasdaq: ) and practically every other tech company is singing its praises. "I think it's ludicrous that cloud computing is taking over the world," Ellison told about 100 shareholders who attended the meeting at the software maker's headquarters. "We think it's very hard to make money in this thing." Ellison said open source and software-as-a-service (SaaS) technologies were similarly hyped a few years ago, but neither have become multibillion-dollar industries. "There's one profitable open source company: Red Hat (nasdaq: The... [read full story]