Oracle Jumps on Potential Deal with Musk AI Startup
May 14, 2024 By MarketDepth
Oracle (ORCL) is in talks with xAI about a $10 billion multi-year cloud computing deal. Musk’s xAI would become Oracles single largest customer if the deal closes. This caused Oracle stock to close higher on the day.
Oracle stock is up almost 15% on the year and 3.5% on the day.
Oracle has been in deep competition with heavyweights Amazon and Microsoft in the cloud computing space. The deal with xAI would be a big win for the company. As sales slowed last year the company needed a major revenue event to help push stock price up.
