Oracle stock surges 13% due to AI demand and new partnerships with Google and OpenAI

From CNBC: 2024-06-12 11:08:17

Oracle reported $98 billion in remaining performance obligations in Q4, driven by demand for cloud services in AI training. The company partnered with Microsoft and OpenAI, expanding to Google Cloud. Analysts note $98 billion backlog growth but seek clarity on revenue conversion. UBS sees a narrative boost from AI focus, reiterating a buy rating. Morgan Stanley highlights AI momentum but raises questions about contract nature and margins in the long term.



Read more at CNBC: Oracle stock pops 13% on AI demand, new deals with Google and OpenAI