Oracle gains as cloud infrastructure business gets AI boost

📆 6/12/2024 11:09 AM
📰 YahooFinanceCA

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Cloud Infrastructure News

Microsoft,Oracle Cloud Infrastructure,Google

If the gains hold, the company will add more than $28 billion to its market valuation of $340 billion as of Tuesday market close. Oracle has been ramping up...

- Oracle shares jumped nearly 9% on Wednesday as investors cheered a boom in demand for the company's relatively low-cost cloud infrastructure services from artificial intelligence applications.

Oracle's cloud infrastructure, pitched as a less-expensive option to its rivals, has attracted business from venture capital-funded generative AI startups, including Elon Musk's xAI.Oracle said on Tuesday it had tied-up with ChatGPT-maker OpenAI and Google Cloud to extend its own cloud infrastructure to customers.

Oracle's stock was trading 19.59 times to its forward earnings estimates, lower than that of Amazon.com's 36.35, Microsoft's 32.60 and Alphabet's 21.85. Another Tesla shareholder came out against Elon Musk's multibillion-dollar pay package, saying the billionaire should 'focus on going to Mars'

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