TECH - AI-Fueled Oracle Is On Cloud Nine | Benzinga
For a decade, Oracle Corporation (NYSE: ORCL) has been on a journey of remaking its identity from being only a traditional software company to becoming an important player in cloud computing. With its latest earnings report, Oracle officially made it.
Upon reporting its cloud revenue surpassed its software licensing sales during its fiscal third quarter, shares soared more than 13% on Monday.
Although taking less than 5% of the global cloud market, Oracle gained its place by offering a more affordable alternative to the offerings of the tech titans, Amazon.com Inc (NASDAQ: AMZN), Microsoft Corporation (NASDAQ: MSFT) and Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL). In addition, Oracle also had some big news during its earnings call and it has to do with an AI chip titan, Nvidia Corporation (NASDAQ: NVDA).
A hint of a game-changing deal
What also lifted Oracle in the eyes of the market is its teaser that a joint announcement with Nvidia will be made ...