From RTT News: 2024-06-12 01:25:00

Oracle Corp. shares surged 10 percent in extended trading after partnering with Microsoft, OpenAI, and Google Cloud on AI infrastructure. Despite falling short of Q4 estimates, Oracle expects strong AI demand through fiscal 2025 to drive double-digit revenue growth. OpenAI’s ChatGPT is utilized by over 100 million users monthly. Larry Ellison praised OCI’s Gen2 AI infrastructure. (49 words)

Oracle, Microsoft, and OpenAI are collaborating to expand the Microsoft Azure AI platform to OCI. OpenAI’s CEO, Sam Altman, stated that OCI will enhance Azure’s capabilities and support OpenAI’s scalability. OCI is used by leading AI innovators globally, including Adept, Modal, NVIDIA, and others. Oracle also partnered with Google Cloud for customer application migrations. (50 words)

Oracle reported a decrease in net profit for Q4, falling short of expectations. Despite this, revenue rose by 3.3 percent to $14.29 billion. Following these results, Oracle shares closed at $123.88 in regular trading, dropping 0.50 percent. However, in after-hours trading, the shares surged by 9.5 percent to $135.60. (45 words)



Read more at RTT News: Oracle Stock Up On Deals With OpenAI, Microsoft, Google Amid Strong AI Demand