Oracle also has been linked to the Trump administration’s negotiations to keep TikTok operating in the US. The company has served as TikTok’s primary cloud infrastructure provider for years. On Wednesday, the White House extended the deadline for its ban of the Chinese video-sharing app until Dec 16 while talks continue. Oracle shares edged lower Wednesday, falling 1.9% after two consecutive days of gains.
For anyone concerned that artificial intelligence is fueling a bubble in technology stocks, Oracle Corp has entered the conversation.
Shares of the database software company have soared more than 80% this year, the seventh-best performance in the S&P 500 Index, as scorching demand for AI computing turbocharges its revenue growth. The latest leg of the rally came after Oracle projected revenue in its cloud-computing business will jump 700% in the next three fiscal years, sending the stock up 36% on Sept 10.
