I'm no fan of Oracle, but you could make the same claim about land developers, or datacenter operators, or REITs. Or a random conglomerate like Unileaver or GE or Siemens.

Ultimately, someone has to provide "commodities", and if you think your ship is the right vessel to do it betting hard on this is some kind of strategic direction.

Whether they are right, and to what extent debtors and the market will put up with cyclic and performance issues, etc.. I certainly won't hold the stock, but I wouldn't have earlier either.

Commodity products can't demand high profit margins. Supermarkets typically have 1% to 3% net profit margin. SaaS often has 70% to 85% profit margins. Data centers hover around 15%. You don't want to sacrifice a high profit margin business in order to gain share in a low profit margin one.