> internal memos at Oracle indicate they're losing money on their hardware

That doesn't mean much does it? Oracle is a huge company. Not just a cloud either. Companies often offer discounts or promotions; so? There could be plenty of managed services, managed databases, CRM and many more that make up for it.

Whilst I'm not sure if Oracle's stock price is right - the memo was more like a way to pressure the stock down for whatever reason.