Oracle Shares Hit Record High on AI-Fueled Cloud Growth
- Company signs partnership agreements with Microsoft, OpenAI
- CEO says cloud infrastructure unit sales to increase by 50%
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Oracle Corp. reported better-than-expected bookings and announced partnership deals with tech rivals, giving a boost to Chairman Larry Ellison’s effort to redefine the software maker as a major competitor in the business of cloud computing. The shares hit a record high.
The company, known for its database software, is focused on expanding its cloud infrastructure unit — which rents computing power and storage — to compete with Amazon.com Inc., Microsoft Corp. and Alphabet Inc.’s Google. While this division produces a small portion of total sales, investors view it as Oracle’s major future growth bet.