Larry Ellison, chief executive officer of Oracle Corporation (NYSE:ORCL) was upbeat to kickoff the company’s annual convention in San Francisco on Sunday after the Oracle Team USA won two races in the America’s Cup. The Oracle Team is hopeful that it would be able to keep its title in the sailing competition.

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Ellison introduced the new products of Oracle

In his opening remarks at the Oracle Open World 2013, Ellison introduced the new products of Oracle Corporation (NYSE:ORCL), such as its new database, which he described as faster, more reliable and affordable.

According to Ellison, the new ‘in-memory’ database of Oracle Corporation (NYSE:ORCL) saves information on memory chips instead of disk drives, and its speed is 100 times faster compared with traditional databases. Ellison emphasized that the in-memory database allows retailers to analyze their sales trends immediately and make necessary adjustments.

In-memory database of Oracle is becoming more popular

“We can process data at ungodly speeds,” said Ellison. The in-memory database has the ability to scan columns of data at “billions of rows per second.” The in-memory database of Oracle Corporation (NYSE:ORCL) is becoming more popular in the market because of cheaper memory chips and changes in technology.

During the event, Ellison also revealed a new database storage device called Oracle Database Backup Logging and Recovery Appliance, which is three times cheaper than the system offered by International Business Machines Corp. (NYSE:IBM). Ellison joked about the name of the product. He said, “You’re probably asking yourself who was the genius that named this product. You’re looking at him. That’s why they pay me the big bucks.”

In addition, Ellison also discussed an alternative cloud service for companies to back-up critical data on servers operated by Oracle Corporation (NYSE:ORCL), which are also accessible to consumers over the Internet. However, he emphasized that its corporate clients are free to use traditional databases and software. He said, “What we think is important is we’re giving you choices.”

Stock price of Oracle

The participants in the Oracle Open World 2013 paid $3,450 each. The organizers projected that the attendance to the event would increase by 20 percent to around 60,000. They also anticipated that approximately 2.1 million would watch the live streaming of activities online.

The stock price of Oracle Corporation (NYSE:ORCL) is slightly down at $33.95 per share on Monday around noon in New York.