From MarketBeat.:

Oracle shares soared to all-time highs due to strong growth in Cloud services. Q3 2024 saw a 25% YoY increase in Cloud revenues at $5.1 billion, with remaining performance obligations over $80 billion. Oracle’s Gen-2 Cloud Infrastructure is predicted to continue hypergrowth. The company is evolving to a subscription model, attracting big names like Modal, Suno, and Twelve Labs to its AI-driven Oracle Cloud Infrastructure. Oracle faces competition from big players like Microsoft, Salesforce, and Amazon. Founder Larry Ellison’s cutthroat business approach propelled Oracle’s success, signaling the importance of outdoing rivals. Fiscal Q3 2024 earnings report showed 29% increase in remaining performance obligations, driven by new cloud infrastructure contracts. Cloud Revenues rose 25% YoY with IaaS revenue up 49% and SaaS revenue up 14%. Oracle’s Cloud business is expected to enter a hypergrowth phase. The daily candlestick chart shows a cup pattern with peaking potential. Key support levels for a possible pullback are identified. Oracle’s analyst ratings and price targets can be found on MarketBeat. Get the latest updates on Oracle and other AI stocks for long-term investment opportunities with MarketBeat’s free report.



Read more at MarketBeat.: Oracle Stock Poised for Upward Move, Prepare for the Next Surge