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Oracle Corporation (NYSE:ORCL) has emerged as an unexpected victor in the artificial intelligence revolution, marking a significant week for the tech giant.
The notable advancement for Oracle in AI technology was underscored by a surge in market capitalization to nearly $400 billion, driven by its successful pivot to cloud computing.
Oracle’s cloud services have been crucial for AI innovators like OpenAI, utilizing Oracle’s infrastructure to support expansive language models, reported Financial Times.
Oracle’s shift in strategy has proved fruitful, with shares soaring by 13% on Wednesday alone, adding $45 billion in market value.
This increase is attributed to Oracle’s “remaining performance obligations” (RPO), which reflect future revenue potential from customer commitments, the report noted.
Also Read: Oracle Rides Strong On The AI Wave, Despite Q4 Revenue Miss: 8 Analysts’ Insights
The RPO surged by 44% from the previous year, signaling strong customer trust and financial health.
Larry Ellison, Oracle's co-founder, pinpointed 2020 as the pivotal year for Oracle's transformation.
The company said it signed over 30 AI sales contracts in the fourth quarter totaling more than $12.5 billion, including one contract with Open AI to train ChatGPT in the Oracle Cloud.
While Oracle has excelled, its peer Salesforce Inc (NYSE:CRM) has experienced a more turbulent financial journey, with its market cap currently standing at $230 billion.
Oracle's strategic bets and infrastructure have positioned it favorably as the tech world rapidly shifts towards AI integration, distinguishing it from other software-as-a-service providers grappling with the AI transition.
In another development, Panasonic Information Systems, the IT subsidiary of Panasonic Holdings Corporation (OTC:PCRFF), has selected Oracle Exadata Database Service on Oracle Cloud Infrastructure (OCI) as the cloud database platform to support the internal systems used by all companies within the Group. This entails migrating more than 2,000 database environments from hundreds of internal systems to Oracle Exadata Database Service on OCI.
Price Action: ORCL shares are trading higher by 0.26% at $140.01 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Michael Vi/Shutterstock
