AI
Oracle declines on concerns about fulfilling AI cloud demand
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Oracle fell the most in almost nine months after giving its long-range financial outlook, suggesting investors anticipated a bigger boost from its investment in AI infrastructure.
Oracle has inked multibillion-dollar deals to develop data centers to power artificial intelligence work for customers like OpenAI, Meta Platforms and Elon Musk’s xAI. Last month, the company said the cloud infrastructure business would produce $144 billion in sales by fiscal 2030. On Thursday, Oracle said overall annual revenue would total $225 billion by then.
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