(NYSE: ORCL) is still a small player in the cloud infrastructure market. The company generated $1.4 billion in cloud infrastructure-as-a-service (IaaS) revenue in the fiscal fourth quarter, which ended May 31. That's a small fraction of the $21.4 billion in revenue produced by market leader Amazon Web Services (AWS) in the latest quarter.

What Oracle does have, though, is a much higher growth rate. Oracle's IaaS revenue grew 76% year over year in the fiscal fourth quarter, far faster than the largest players. AWS managed 16% growth in Amazon's latest quarter, Microsoft's Azure posted 27%, and Alphabet's Google Cloud expanded by 28%.

While other cloud infrastructure providers have seen their growth rates drop as businesses pull back on spending in a tough economy, Oracle's growth has accelerated dramatically. In the fiscal fourth quarter of last year, Oracle's IaaS revenue was growing at a 36% rate. A year later, that rate has more than doubled. The popularity of Oracle's cloud for running generative artificial intelligence (AI) workloads has contributed to this acceleration.

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Source Fool.com