I think that's the point he's trying to make. He's basically just saying "buzz words suck" and then riffing on the term Cloud Computing for a few minutes. It

I think that's the point he's trying to make. He's basically just saying "buzz words suck" and then riffing on the term Cloud Computing for a few minutes. It only seems contradictory because Techcrunch framed it as commentary on cloud computing rather than the silly joking around it's supposed to be. In fact, Techcrunch actually misquotes him. The Techcrunch article opens with "According to Larry Ellison, it’s nonsense and water vapor" when in fact what Ellison says is "[The Cloud] is NOT water vapor" (the point he was making is that the cloud is just actual computers on the other side of a network not "a cloud" which is where water vapor comes in)