Oracle topped fourth-quarter revenue estimates on Monday, boosted by growing demand for its cloud offerings from companies deploying AI, sending its shares up nearly 3% in extended trade.
The cloud and software company has also boosted its AI cloud offerings, including its partnership with Nvidia
to make the chip company's AI software and chips available to Oracle customers via its cloud services. Analysts believe that given the company's partnership with Nvidia, Oracle Cloud Infrastructure is well-positioned to become a major AI/ML development platform, which could be another leg of emerging growth.
"Companies doing LLM development such as Mosaic ML, Adept AI, Cohere plus 30 other AI development companies have recently signed contracts to purchase more than $2 billion of capacity in Oracle's Gen2 Cloud," Oracle Chairman and Chief Technology Officer Larry Ellison said in a statement. Revenue at the Austin, Texas-based company's cloud services and license support unit, its largest, rose to $9.37 billion in the quarter from $7.61 billion a year earlier.Our Standards:
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