From Nasdaq: 2024-07-07 03:16:36

Shares of Oracle (NYSE: ORCL) increased by 20.5% in June 2024, following mixed fourth-quarter results. The Oracle Cloud Infrastructure (OCI) platform secured a significant customer in the AI sector, driving investor interest. The company reported non-GAAP EPS of $1.63 on $14.3 billion in sales, beating analyst expectations.

Oracle’s CEO announced a partnership with OpenAI to use the OCI platform for training AI systems. This news, along with strong AI-related enterprise contracts, resulted in a 13.3% stock price increase the next day. Analysts raised price targets for Oracle due to the OpenAI deal and growing cloud platform sales.

Oracle’s stock gained 149% in the first half of 2024, fuelled by its presence in the AI market. The company’s focus on AI infrastructure investments and partnership with OpenAI provided growth potential. Although not cheap, Oracle’s stock offers a balance of growth and value compared to peers.

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Read more at Nasdaq: Why Oracle Stock Gained 20.5% in June