No, Oracle at the time was big on the "fullstack" play, and thought Sun hardware could provide the last piece of the puzzle: selling absolutely everything to a business, from metal to apps and services, in one neat box. Java would have been safe with IBM too, that wasn't much of a worry - although I'm sure Ellison hoped they could leverage it against competitors invested in it, like they tried to do with Google.

The enemy #1 for Oracle at the time was SAP, which they couldn't force out because it's another cancer (the lock-in is huge); so they developed a strategy of buying loads of ecosystem apps to "surround" it. At that point, they could sell the database and apps in one package, and then slowly erode sap away. Hardware was a natural addition to that strategy.

Unfortunately they borked execution. They didn't invest properly in making solutions ready-made, so after you bought a (very expensive) box, you still had to pay tons to consultants to set it up, making it uncompetitive on the whole. The industry shift to cloud did the rest. Now they're way too busy turning into "bigger Salesforce" to care about metal.