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The FIRST biggest difference: Transaction control. In Oracle EVERYTHING is a transaction and it is not permanent until you COMMIT. In SQL Server, there is (by default) no transaction control. An error half way through a stored procedure WILL NOT ROLLBACK the DDL in previous steps.
The SECOND biggest difference: MVCC. In SQL Server and Oracle is different. SQL Server will allow dirty reads, and writes can block reads in MS SQL (Again, it's configurable but the default in SQL Server is for performance and not read consistency, unlike Oracle where read consistency is default and unbendable.
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