Oracle has built up a war chest of $32 billion in cash. Oracle is not like Apple and Google, who mindlessly build up cash. Larry Ellison has been shrewd in the use of Oracle's cash over the years. He has made both strategic acquisitions and repurchased shares at opportune times to make Oracle one of the better performing large cap tech stocks of the last decade.
I was surprised to see that Oracle only repurchased $800 million worth of shares this quarter, even though the stock traded as low as $25 or a little over ten times this year's estimated earnings. If Larry Ellison is not interested in repurchasing shares at these valuations, this leads me to believe that he is on the hunt for an acquisition.