Oracle gains as cloud infrastructure business gets AI boost
Oracle shares jumped nearly 9% on Wednesday as investors cheered a boom in demand for the company's relatively low-cost cloud infrastructure services from artificial intelligence applications.
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If the gains hold, the company will add more than $28 billion to its market valuation of $340 billion as of Tuesday market close. The shares have so far this year gained 18%.
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Oracle's cloud infrastructure, pitched as a less-expensive option to its rivals, has attracted business from venture capital-funded generative AI startups, including Elon Musk's xAI.
Oracle said on Tuesday it had tied-up with ChatGPT-maker OpenAI and Google Cloud to extend its own cloud infrastructure to customers.
«The announcement that OpenAI will now be using OCI (Oracle Cloud Infrastructure) only adds to Oracle's credibility as
