Oracle has reached an all-time high in extended trading following a significant increase in bookings and a robust outlook for its cloud infrastructure. Known for its database software, Oracle is gaining traction in the competitive cloud computing market. Recently, it secured a landmark agreement with OpenAI for 4.5 gigawatts of data center capacity, capable of powering millions of homes in the U.S. Prominent clients, including TikTok and Nvidia, have contributed to a surge in remaining performance obligations, which hit $455 billion at the end of the fiscal first quarter—over four times higher than last year. As a result, Oracle’s shares skyrocketed more than 26% in after-hours trading, closing at $241.51. If these gains persist, it could surpass its previous record high of $256.43. Notably, Oracle’s stock has risen 45% this year, significantly outperforming the S&P 500.
Source link
