Oracle Jumps on Report of $10 Billion Cloud Deal With Musk’s xAI

Oracle Corp. offices in Redwood City, California. — Oracle Corp. offices in Redwood City, California.
Photographer: David Paul Morris/Bloomberg

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By Brody Ford

May 14, 2024 at 4:35 PM UTC

This article is for subscribers only.

Oracle Corp. gained as much as 5.3% after the Information reported the company is close to a deal for a $10 billion cloud contract with Elon Musk’s artificial intelligence startup xAI.

Oracle Chairman Larry Ellison said last September that the company had a deal to provide cloud infrastructure to xAI to train artificial intelligence models. Ellison didn’t release the value or the duration of the contract at that time.