Oracle founder and chief technology officer Larry Ellison says the business cloud computing titan is going to work with all AI chip makers, not just Nvidia, as it invests in the technology
Oracle founder and chief technology officer Larry Ellison says the business cloud computing titan is going to work with all AI chip makers, not just Nvidia, as it invests in the technology
Shares in business computing giant Oracle fell more than 10 percent on Wednesday on word its revenue missed heady expectations, dampening artificial intelligence euphoria in the market.
The slide in after-market trades came despite Texas-based Oracle reporting that net income in the recently-ended quarter nearly doubled to $6.1 billion in revenue, up 14 percent from the same period a year earlier to $16.05 billion.
Oracle's cloud and business computing unit accounted for $8 billion of that revenue, an increase of 34 percent from the same quarter in 2024, according to the earnings report.
"AI training and selling AI models are very big businesses," Oracle chief executive Mike Sicilia said in the release.
"We think there is an even larger opportunity -- embedding AI in a variety of different products."
But investors are wary of the massive investments tech companies are making in artificial intelligence models and infrastructure, wondering how and when they will pay off.
Oracle has taken on billions of dollars in debt to pay for AI infrastruture and is reported to be considering borrowing even more.
The company has also announced it is putting significant resources into partnerships with AI chip makers and model builders, such as OpenAI and Meta.
"We are now committed to a policy of chip neutrality where we work closely with all our CPU and GPU suppliers," Oracle founder and chief technology officer Larry Ellison said in the earnings release.
"There are going to be a lot of changes in AI technology over the next few years, and we must remain agile in response to those changes."
Oracle shares were down some 10.7 percent to $199.50 in after-market trades that followed release of the earnings figures.
Keep it Clean. Please avoid obscene, vulgar, lewd,
racist or sexually-oriented language. PLEASE TURN OFF YOUR CAPS LOCK. Don't Threaten. Threats of harming another
person will not be tolerated. Be Truthful. Don't knowingly lie about anyone
or anything. Be Nice. No racism, sexism or any sort of -ism
that is degrading to another person. Be Proactive. Use the 'Report' link on
each comment to let us know of abusive posts. Share with Us. We'd love to hear eyewitness
accounts, the history behind an article.
...COLD WEATHER ADVISORY REMAINS IN EFFECT FROM 6 PM THIS EVENING TO
7 AM CST MONDAY FOR ALL OF CENTRAL ALABAMA...
* WHAT...Very cold wind chills as low as 5 degrees north to as low
as 15 degrees south early Monday morning.
* WHERE...All of Central Alabama.
* WHEN...From 6 PM this evening to 7 AM CST Monday.
* IMPACTS...Frostbite and hypothermia will occur if unprotected skin
is exposed to these temperatures. An extended period of
subfreezing temperatures could cause pipes to burst.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Use caution while traveling outside. Wear appropriate clothing, a
hat, and gloves.
Keep pets indoors as much as possible.
Make frequent checks on older family, friends, and neighbors. Ensure
portable heaters are used correctly. Do not use generators or grills
inside.
If you do not have heat in your home or lack shelter, you can call
211 or visit 211connectsalabama.org for assistance locating
appropriate shelter from the cold.
To prevent freezing and possible bursting of pipes they should be
wrapped, drained, or allowed to drip slowly.
&&
Currently in Selma
34°
Clear
46° / 34°
7 PM
33°
8 PM
30°
9 PM
29°
10 PM
26°
11 PM
25°
Get Black Belt News headlines for free in your inbox every day!
Success! An email has been sent to with a link to confirm list signup.
Error! There was an error processing your request.
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.