Oracle’s shares hit a record high, driven by cloud growth and major deals with OpenAI and TikTok, forecasting aggressive future expansion
Oracle surged to a record high in extended trading after the company posted a major increase in bookings and gave an aggressive outlook for its cloud infrastructure business.
Known for its database software, Oracle has recently found success in the competitive cloud computing market.
Earlier this summer, it signed an unprecedented commitment with OpenAI for 4.5 gigawatts of data centre capacity – enough energy to power millions of American homes.
It also counts companies such as ByteDance’s TikTok and Nvidia as major cloud customers.
