Oracle, OpenAI Sign $300 Billion Computing Deal
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Jim Cramer attributes Oracle's monumental $455 billion backlog to the 'Stargate' AI infrastructure project, questioning the 359% surge.
Oracle shares surged about 43% to a record high, putting the company on track to join the elite trillion-dollar club and propelling co-founder Larry Ellison closer to the top of the world's richest list.
Oracle is soaring as investors cheer its aggressive data-center forecast as a positive sign for AI demand.
Oracle began building up its cloud-computing business to compete with Amazon and Microsoft a decade ago. AI has supercharged its growth.
Oracle reported weaker-than-expected results but touted a $30B OpenAI cloud contract and growing AI demand as proof its long-term growth trajectory remains strong.
Oracle's shares skyrocketed 35% following increased demand for its cloud services from AI companies. This growth positions Oracle in the AI industry's forefront and raises its market valuation significantly.