Oracle stock pops 10% on AI demand, new deals with Google and OpenAI
Publishing timestamp: 2024-06-12 12:03:50
Summary
Oracle shares rose after announcing strong RPO backlog in fourth-quarter results, driven by demand for cloud services for AI training. Despite missing revenue expectations, Oracle's partnerships with Microsoft and OpenAI, as well as bringing its database to Google Cloud, boosted sentiment among analysts. Some concerns remain about the nature of contracts and gross margin implications.
Sentiment: MIXED
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