Wedbush's Dan Ives is increasingly excited and optimistic about the AI revolution. He thinks the latest piece of the puzzle is hidden in software giant Oracle Corp.'s (NYSE:ORCL) fiscal third-quarter earnings.
What Happened: Ives underscored the fact that Oracle is bullish about its AI efforts, which the company described as being in a "hypergrowth" phase during a post-earnings call with analysts on Monday.
"Investors are trying to put a puzzle together around AI and we got another big clue from Ellison/Oracle last night."
Ives is referring to the fact that Oracle has reported a 29% year-on-year increase in its revenue performance obligation (RPO) to $80 billion on the back of persistent "hypergrowth" in AI.
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"We expect that 43% of our current $80 billion of Remaining Performance Obligations will be recognized ...