Oracle Stock Price up 36%, Hits Record on Data-Center Forecast, AI Hope
Oracle’s stock is in uncharted territory.
Shares of the software giant stock surged as much as 36% on Wednesday after the company issued a blockbuster outlook for its AI-driven cloud-computing business. It marked the company’s biggest single-day percentage gain since 1992.
Oracle CEO Safra Catz said during an analyst call on Tuesday that the company signed four multi-billion-dollar contracts with three different customers during the fiscal first quarter. That brought a measure of bookings to $455 billion, quadruple where it was a year before.
Catz added that the company expects Oracle Cloud Infrastructure to see revenue increase 77% to $18 billion from the previous year, and issued an aggressive forecast for…
