We're back here live in Oracle Open World. I'm John Furrier, the founder of SiliconANGLE and I'm joined here with Dave Vellante for our wrap-up for Oracle Open World. Dave, this is day three of live coverage of Oracle Open World. Great event, amazing interviews of three days of wall-to-wall coverage. We saw America's Cup, victory, unbelievable by Larry Ellison.  Actually, probably one of the better Oracle Open Worlds I've been to in four years. All the lead-up, great crowd. And all of a sudden, it's just what a turn. Larry Ellison doesn't show up for the event, for the keynote, they're winning all the comeback and then they finally win the America's Cup. So what a lot of action, Dave. A lot of action we're on the ground. We've interviewed a lot of the tech athletes here as well as the America's Cup. What's your take? Well, you know, the Oracle Open World was kind of a sideshow this year, John, but a sideshow for the America's Cup, right? And first, the Open World I've been to where Larry didn't give his amazing mid-week keynote. His early week keynote is always a little dry, but at any rate, some of my takeaways, John, some of the things I'll remember from this event, obviously 12C, the DBAs we heard are absolutely loving 12C, the multi-tenant capabilities of that. I think there's more cloud to come. The whole in-memory piece, Mark Herd, basically Poo Poo's Hannah. You can't even compare Hannah to our in-memory option. With our in-memory option, you flick a switch. So those wars, you know, they've begun in earnest. I think the whole notion of engineered systems, is Sun better off?  Or Oracle better off after the Sun acquisition? We heard from Elizabeth earlier today. He said, not yet. Oracle said it's the most profitable acquisition ever. I think ultimately it's going to pan out very, very well for Oracle. You know, human capital management, still loving Workday, although we heard again from Elizabeth, the truth is somewhere in between what Workday is saying and what Oracle is saying. Whole customer's experience thing. Oracle in the cloud, David Floyer, I was talking to him this morning. He's very impressed with the comprehensive nature of Oracle's cloud offering. And the other thing, John, is Oracle seems to have impeccable timing of when it weaves and bobs with regard to its ecosystem. In the last several years, Oracle's been very aggressive with what used to be a lot of its infrastructure partners. Guys like EMC and NetApp and other server vendors, be they Dell or whomever. And I think Larry's absence this year, mid-week, is actually, you know, ironically, kind of, I don't know if it's by design, but it works out well for Oracle in that it allows the ecosystem to be, you know, part of the news. It's a good feeling. Oh, Oracle's great. We love this. It was a lot of business opportunity. So it's almost like Oracle's just sucking in the ecosystem. Yeah, keep helping us, keep helping us, keep helping us. Well, we buy time to become best of breed and then we're going to eat you alive. I mean, I honestly believe that's part of the Machiavellian strategy of Oracle.  Larry's not here. It's like the actual workers get to do their job without being, you know, watched. Larry's too busy drinking champagne on the boat. Everyone's actually doing their job for once and that's all fun. I got to say, the ecosystem message here has been vibrant. It used to be kind of quiet, right? Four years ago, it was like packed with all these big names, all the big industry partners, and it was almost like they're all walking on eggshells, Dave. It was really quiet and almost like it's scared. EMC also, this is the year before Exadata came out. Again, huge. They knew it was coming down. Oracle was retooling. Now, four years into it, Oracle's looking strong. I got to say, the ecosystem partners are doing well. A nice balance. Again, but there's some Machiavellian concepts out there that you're talking around, I agree with, but I think ultimately they're better off and it's improving. You know, Jim Harbaugh says you're either getting better or you're getting worse. I think Oracle is getting better. They're not getting worse. And that's ultimately a good thing for everybody.  So at some point, Larry else is not going to be here anymore. I think he's still got a ways to go. You know, another three, four, five, seven years. Who knows? I mean, Larry's in good shape and, you know, mentally is clearly all there, at least for the most part. So, you know, he's engaged, put it that way. A guy's obviously incredibly sharp and still driving this company.  Joe Chucci, we saw the avuncular chairman and CEO of EMC, who's someone else who's probably going to pass the baton this decade. So you're seeing a generation of great CEOs, you know, put their stamp on their legacy and sort of winding down their franchises or handing it off and winding down, but winding down their tenure, handing it off potentially to some others. Not that that's a signal by Larry, but you kind of get a flavor of what open world might be like, what Oracle might be like without Larry Ellison. And I think ultimately my takeaway is obviously big data, cloud, mobile and social, big part of it, the definitions. Again, social media is driving it, a lot of social CRM kind of things. SRM, social relational management going on. You're seeing human capital. I think the threat of work day is causing Oracle to take notice. And also you've got people here like Red Hat, you've got competitors like SAP, you've got VMware out there. I mean, Oracle was going to be a force. I think ultimately they're getting better. And I think everyone realizes that, you know what, Oracle can coexist. It's not an Oracle winner take all market. I think they're realizing that there's a place for them and it's still billions and billions of dollars in revenue. Interesting to hear from the analysts this morning about some of the financials and they got some work to do. But Larry's going to continually pump up the market.  That's what the story is here. And under the hood, Oracle is trying to reinvent themselves to be relevant because if they don't, they'll lose more share. But I think ultimately they're going to still maintain a big part of the market share in their business and business software. And I think the opportunity in the enterprise is going to be for startups, right? I think Oracle, EMC, and the big companies are going to be buying up these startups. And again, enterprise is one of the hottest sectors right now. And I was talking to Jerry Chen at Greylock just a while ago, a couple of weeks ago. And you look at what Greylock's doing from an investment standpoint of venture capitals and Silicon Valley, they're absolutely investing in the enterprise. All the top VCs are building out their enterprise practice, Dave. You know, it's great. It's in our wheelhouse. You know, four years ago, the enterprise, no one wanted to talk about it. You know, we were in the enterprise, we cover the enterprise. You know, one of the top analysts in the enterprise. The enterprise is hot and the enterprise where the action is. Because without work, without business, consumers can't buy more big screen TVs and more cell phones and more mobile phones. So the consumerization of business, big data socials driving the trend and that ultimately is going to create a new generation of wealth. I've always said at the new software paradigm, the new computer scientists coming out, Dave, are programming in a new style. This is a new generation. It's very much a PC like inflection point. Back when I was growing up, the PC industry created massive change. This generation with the mobile internet generation is creating massive software opportunities. You heard the CTO from VC saying, what, three terabytes of a heap of RAM for a programmer to have available. What I've programmed in college is 64K of RAM. Three terabyte heap. That's not even direct access memory. So you got persistent flash, you got new storage tiering, huge under the covers, under the hood capabilities in the infrastructure. That's going to be a massive boot in the enterprise. And we heard Mark Herd talk about the fact that the average age of the enterprise application, legacy applications is 19 years. And he said that in the context of, customers have challenges. They got to get from point A to point B without disrupting those legacy apps. That is Oracle's ace in the hole. That's where the inertia is. That's where the lock in is. That's where the advantages for Oracle. And so that very fact allows Oracle to buy time. The fact that Oracle spends and focused spending on R&D allows them throughout their stack, their end-to-end strategy to invest and try to get into best of breed. That's my two big questions are, can Oracle get to best of breed at each of the component levels of the stack? And secondly, can it appeal to those 60,000 attendees here, 30,000 are probably from companies that Oracle acquired. Eliqua, Tileo, right now, PeopleSoft, JD Edwards, et cetera. PeopleSoft acquired JD Edwards. But in the like, that Oracle has brought in Acme Packet and so forth, can Oracle appeal as an innovator to that crowd? Can it maintain those individuals? And I think the way Oracle does that is it brings out function, it spends money on R&D, it markets like crazy, very aggressively to customers. It, as I said before, it ticks the box on all the features and functions that people want. It does listen to its customers. We saw today some customer experience activity going on, some discussions there. They're just in every single market. Thomas Curian claims they're a market leader in 92 particular product segments. I don't know, it depends on how you define leadership, but there's no doubt that by the Jack Welch's measure of leadership, number one and number two, Oracle's there in probably 90 plus segments. So I think that I'm actually confident that Oracle's model is working and will continue to work. As much as I complain about Oracle, as much as I try to help customers negotiate better pricing and the like, I think that at the end of the day, John, it's all about what business value you can deliver. So I want to get your take, John.  What's your take on all this? My take at Silicon Valley right now is Silicon Valley's expanding beyond Silicon Valley. A couple of key news items this week that were interesting is the whole general solicitation of investments, the whole VC industry's under siege, and there's a lot of posts out there. Oh, Malak wrote a post from Giga Ohm. Everyone's proposing, oh, it's a massive change, seat change, here's the deal. At the end of the day, the VC business is not going away. The best deal's going to be done by the best investors. The private markets will stay private. No one's going to open up the kimono on the VC side. If you're a good VC, you're going to get the best deals. The not so good deal's going to be open to the general public. So I think you're going to see a lot of crappier deals being funded from the general solicitation of the market. And then I think the big upside for all the angel lists and these alternative financing is more access to capital for emerging categories. I mean, we were just joking the other day, medical marijuana is going to start to see funding from the VCs.  That was a story on 60 minutes recently. That's a viable option. Buying business. Corn, you know, these industries that aren't VC backed, but are lucrative. So you're going to see investment criteria come into those and get VC backed like funding. You see vertical markets really get hot. I think the big upside to the whole capital markets transition is the democratization of capital. They're the impact in the vertical markets. These niche markets that are exploding categories. The traditional tech companies, the big deals, the next Pinterest, the next Twitter, that these things are all going to come from the big VCs. And that's where the action is going to be. So developers will still go to, and entrepreneurs will still go to the top to your guys for the big money, for scale. It's just at the lower end and at the entry level of the capital, you're going to see these angel networks kick in. So that's one point. The other point is the constant focus on the enterprise in Silicon Valley and beyond in New York and Europe and in Asia, Asia Pacific, including India. The enterprise market is absolutely on fire. Massive growth is just the beginning. But the problem, Dave, is that you know, is that as we know, it's hard to do that. You can't just come out of college and build an enterprise company by accident. Consumer side, you can do that, but you can't do that on the enterprise. You need expertise. You need to be like a Gary Bloom. You need to be like a D Raj at Newtonix. You got to be, you got to have some experience. Being young doesn't mean you're going to be successful in the enterprise. You may get lucky and there might be some good karma there if you have the right investors, but ultimately it's an experienced game. And I think what's going to be interesting about the enterprise, Dave, is the experience will matter. So I'm watching box, I'm watching Dropbox. I'm not sure they have the experience to pull it off in the DNA of the company, being a consumer company. So, you know, I'm watching them. If they get the right mentoring, the right investors, which they do have, then it's a whole different ball game. I want to talk about a couple of things we got going on in SiliconANGLE Wikibon. So we're doing a lot of work, as you know, in big data. Jeff Kelly just released a recent survey on big data adoption. We're going to be adding and enhancing to that. We've been doing a ton of stuff, you know, leading up to Oracle OpenWorld on best practices for Oracle practitioners, how they can optimize their infrastructure, virtualization adoption within Oracle. And then, of course, in SiliconANGLE, SiliconANGLE.com, you got all the news. So check out SiliconANGLE.com, check out Wikibon.org, go to YouTube.com slash SiliconANGLE.  You'll see the playlists from Oracle OpenWorld. And then, John, we've got Splunk. Splunk.conf conference is coming up next week. Splunk is the master at machine data. They ingest machine data. They make sense out of log data. They help IT people. They really deal with the problems that they're having and trying to figure out and diagnose some of those challenges. They got a huge, you know, following fan base. And so, check that out. And then, in October, end of October, we're going to be down at Hadoop World, the big data NYC. We're going to be using that hashtag. The cube is going to be down there. We got tons of guests that week. We hope we'll be at IOD again. We were at IOD last year, November 4th. And then, re-invent in November, the week of November 12th. Amazon AWS re-invent. We were at the AWS Summit in June. So, check out our coverage of Amazon's re-invent conference on November 12th. And finally, we're going to be in HP Discover in Barcelona, December 12th, for several days coverage. That's going to be another great show, John. Of course, we're here inside the Q-Logic booth, right? Every year, Q-Logic is so generous. They give us a major part of their booth. So, shout-out to Q-Logic. We would not be here without the sponsorship of Q-Logic and some others, John. Yeah, I mean, it's very important to us to recognize the sponsors that help us get to the events to track the ceiling from the noise. Q-Logic is our fourth year with Q-Logic. We'll be back next year that's got the word from the Q-Logic team. Bigger, bigger and better booth. You know, it's a tradition. We stay with the people who brought us, as they say, you dance with the ones who bring you to the dance floor. That's Q-Logic. I want to thank Q-Logic. Long time support of the Q from day one. EMC, EMC from day one. We were born at EMC World 2010. EMC really, really stepped up and has continued to be a great supporter of the Cube. BRS back up and recovering. Another great support from EMC. Atune, a big sponsor, Sandisk Accenture. I mean, a lot of great names, Dave. Yeah, Sandisk and Accenture, I was very excited, you know, that they provided support. They've been in the Cube before, at least Accenture has. Sandisk had never, to my knowledge, been in the Cube, so we're really grateful for them. Again, making this coverage possible so why, so we can deliver free research to practitioners that we can deliver all this video to our audience. No paywalls, no issues going to the news site. It's all there, it's free, it's open source, and we're glad you enjoy it. I also want to thank Oracle for having Oracle Open World. And again, the Oracle Open World coverage of the Cube, as we said earlier, as a joke is true, we love Oracle Open World. And I want to thank everyone for watching, I also thank the team here, doing a great job, as usual, SiliconANGLE, Wikibon teams, all shout out, the team's getting so big now, it's too long a list to mention. But again, watch us this year, we've got a lot more good events. Amazon conference, we're going to have a big stage at Amazon ReInvent, the big premier developer and customer conference. Amazon is changing the game. We're going to be at HP Barcelona, as Dave mentioned. We're also going to be a lot of great places. Next week is going to be a Splunk conference, dot conference in Vegas. Stay tuned, watch SiliconANGLE TV, and Wikibon.org, and SiliconANGLE.com. Stay with us for those odd events. This is a wrap up for Oracle Open World. I'm John Furrier with Dave Vellante. That's a wrap here. We'll see you next time on the Cube.


discussion right now. Let's bring in Melissa Armo, owner of the stock swoosh to talk about Apple's upgrades. Good morning. Good to see you. Good morning. Thanks so much for having me this morning, Lauren. All right. So first off, what do you make about Apple's announcement of iPhone 10? Well, first of all, the stock had a crazy day yesterday. First it fell in the morning, then they started the conference and the stock rallied and it almost made a new high. So, you know, there's a lot of optimism right now in the overall market itself and, you know, Apple's a market leader. So, the previous high was 164-ish for Apple and I think it's going to make another new high soon. The only thing that happened yesterday is they announced that they're not going to be able to have the phone until November, but they're launching the new TV, the new watch, all that stuff you're going to be able to order and get in the next couple of weeks. So, I think the phone, the new iPhone 10 phone is going to be the hot Christmas gift this year. Since we're looking at a chart of the stock, if it gains $34 more and shares hit $194, Apple is a $1 trillion company looking at market value, which is unbelievable, but I think the disappointment comes with the delayed launch of the high end, the $999 iPhone. It's not going to, you know, get to customers until November. Yeah, that's the thing. That's why I said it's going to be really, that was the only thing yesterday. I think that's surprised people because the other products are going to be available almost immediately. And that's typically how Apple launches the product. So, who knows why? I don't think it matters. It's going to be available for the Christmas, but Apple reports on October 24th. So, that's not going to be part of the sales of that product isn't going to be part of that, which, you know, probably investors were expecting. However, the stock is so strong. It's, you know, and I think people are going to expecting that in 2018. You know, earnings for the first quarter of 2018 are going to be really, really good for the stock based on the sales of this. Again, you were mentioning the the $999 price point. I don't know.  I don't even know how else to say it, but it's like the watch, the TV. I mean, now they're going to be streaming these live sports. You know, I mean, people are going to love that. So, we might see customers hold off on purchasing, let's say, the eight or the eight plus and waiting for the X, but I do want it. You were talking about live sports, live news available on the new 4K Apple TV. You have pretty high expectations about that. I think this is, I mean, I think this is big. This is really, really big. Apple TV has been out for a while, but not everybody has it. But now this is like a reason for people to have it, because you can go and watch news and the sports live streaming. And I think in the future, Apple could possibly end up having their own content just like Netflix. And that would be amazing for the stock. And I mean, anything's possible. If anybody can do it, Apple can do it. And they've proven that they can do it better than so many other companies. So why not? I mean, this new live streaming stuff, that's like a window into the future of what they're potentially going to do, which is could they could create their own content. And then you've got to get it. You've got to get the Apple TV then to watch those shows. See, that's what Netflix started to do, and Netflix has done an amazing job with it. I actually thought that one more thing yesterday was going to be an original TV show. Anyway, Melissa, thank you. So, so good to see you this morning. Thanks for having me.


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What is unavoidable is stagflation. I think that most likely what we're going to have is a period of stagflation. Stagflation is your base case scenario. Why is that? Stagflation. Everyone and their uncle, especially if they're invested in the stock markets, is talking about it right now. Now, what is it? It's obviously two words combined into one. One is stagnation. The other is inflation. Stagnation here means economic stagnation, which is a slowdown, along with a general lack of jobs and inflation is a general rise in prices of goods and services. Now, till the mid-1960s, economists believed that it is simply not possible for economic stagnation and inflation to exist side by side. Why? Because if there was a general slowdown, what would happen? Companies would produce less and if they produced less, they would sack people or at least pay lower wages and workers just to have a job would agree to take home lesser pay. If they took home less, what would happen? They would have to cut down on their expenditure. Now, the companies which sell goods and services, they would have a pile of goods in their go downs, which they would have to sell by slashing prices so that more people could afford them. But once they've got rid of their stocks, they would not want to produce more because lower prices means less profit, so they would invest less and that would generally cause a drop in prices. So, if unemployment went up, demand would drop and if demand dropped, companies would have to reduce prices. That would cause inflation to drop. That was what was believed to happen every time there would be a slowdown. But from the mid-60s and especially from the mid-70s after oil prices shot up, there was a general rise in inflation and at the same time, since cost of inputs went up, companies produced less, the sacked people unemployment went up and inflation shot up, unemployment shot up simultaneously. And that period is called the period of stagflation. People are saying it's coming back right now because across the world inflation has risen and as inflation rises, unemployment is also showing signs of rising, especially in the developed world. Now, how did the developed world deal with stagflation in the late 70s and in the 80s? They did it by increasing interest rates and cutting down on employment because there was a new breed of economists. So, now the ruling mainstream economists in the world who believed that the real problem which causes stagflation, which causes inflation is workers, their wages. When their wages go up, what happens is that they start spending more and there comes a time when everyone is employed. And when everyone is employed, what happens? Workers demand even more wages. Poor companies cannot afford it anymore. So, what they do is that they have to pass it on to consumers. They raise prices.  Now, companies start to cut back. So, inflation rises and that causes companies to cut back and sack people. Unemployment rises. And how did governments deal with it till the 80s? They basically gave unemployment benefit because there were people getting unemployed. They fixed minimum wages saying, telling capitalists that look, you cannot pay less than this because if you do that, people will not consume and the economy would start to stagnate. And central banks lose in this purse strings. They flooded the economy with money, with easy money so that companies could borrow and invest and consumers could borrow and spend. But since businesses are forced to hire people at a minimum wage, they say it's not worth it. There's no profit to be made. So, they begin to contract. And workers, since they're getting unemployment benefit, they say we don't need to work at all because we're getting free money. So, consumption continues because of easy money, credit flow, but the economy contracts and unemployment continues to be hired because workers naturally don't want to work anymore. So, stagflation continues. So, what did the new mainstream economists prescribe? They said increase interest rates and cut down on government spending, remove minimum wages because you need to cool the economy down. You need to reduce demand. There's too much demand coming from workers. They need to consume less so that inflation goes down and the economy comes back on track. Note our profits don't come into the picture at all. Economists seem to believe that it is absolutely okay for profits to be made at any rate at any time in the economy. There should be no limit on it. Remember, inflation can also be curtailed by telling capitalists that there's a limit beyond which you cannot have profit margins. There is a basic wage you have to pay. The costs have to be shared by workers and by capitalists. So, if wages are curtailed, so will prices be. So, profits will be limited. But that is never going to be a prescription from mainstream economists ever. Profiteering must be allowed. Why? Because stagflation actually helps big business. It is a system by which big businesses prosper. They continue to control their market. They continue to have pricing power. They continue to push prices up to consumers because they control the market. So, their profits increase even when the overall economy slows down. Now, you would say mainstream economists, free market economists should love that. They actually tend to support big business, right? But here's the problem. What happens when inflation goes up is that the financial sector which rules capitalism today is affected. Why? Because financial assets become less valuable. Think about it. You get a stock market return of 10% on an inflation of 7%. You are left with 3%. You get a stock market return of 5%. But inflation is just 1%. You are left with 4%. So, for the financial sector, for finance capital, inflation is the biggest thing to target. Even if it means more unemployment, a slowdown that the poor become poorer, the lifestyles and the living standards of the working class is affected. That is why they tell governments and central banks cut down spending, increase interest rates, bring inflation down so that financial assets can once again continue to give the same real returns. That's the show today. Keep watching NewsClick. Like us, subscribe to us and do share this video.


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