Oracle shares rise further to record high on bumper AI-fueled forecast

Investing.comSep 13, 2024 12:36 AM

View all comments（0）



Investing.com-- Shares of Oracle Corporation (NYSE:ORCL) surged in aftermarket trade on Thursday, pushing further into record-high territory after the cloud computing firm flagged strong revenue growth in the coming years on artificial intelligence demand.

Oracle jumped 6.4% to an indicated record high of $171.51, extending its recent run of gains after it posted strong quarterly earnings earlier this week and also clinched an agreement with Amazon (NASDAQ:AMZN).com’s web services.

The firm hiked its fiscal 2026 annual revenue forecast to $66 billion from a prior forecast of $65 billion- higher than Bloomberg estimates of $64.5 billion. The company said annual revenue will hit at least $104 billion by fiscal 2029.

The company has benefited from increased cloud computing requirements from the rapidly-growing artificial intelligence industry, although it does compete on this front with tech giants GOOG, Microsoft (NASDAQ:MSFT) and Amazon.

Oracle is one of the best-performing software stocks so far this year and is trading up around 53% as of Thursday’s close.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

Tesla Stock Forecast: TSLA Triangle Breakout Targets $411.90 as Cybercabs Overtake Model Ys

TradingKey - Tesla stock forecast: TSLA breaks out of a triangle above $388.85 as Cybercabs overtake Model Ys in Texas, with $411.90 the next hurdle on the 4-hour chart.

Micron Rises Over 3% Pre-Market as Musk Predicts Robot Memory Demand Will Surpass Other Sectors

TradingKey - In pre-market trading on October 28 ET, as of press time, Micron Technology (MU) rose 3.8% to $964.02.

SK Hynix Surges Over 4% as Q3 Results Hit Record High, Returning $75 Billion to Shareholders

SK Hynix reported a record-breaking Q3 operating profit while announcing a massive 100 trillion won (approximately $75 billion) shareholder return plan, sending its stock price surging 4%.

US Stocks Close: Nasdaq Rises Over 1%, Philadelphia Semiconductor Index Gains Over 3%; Chip Stocks Extend Rally, CoreWeave Gains Nearly 8%

On Tuesday, October 27, Eastern Time, U.S. stocks moved higher, with chip stocks extending their rally to drive the Nasdaq to lead the gains. Amid falling oil prices, investors continued to assess a heavy slate of corporate earnings reports while focusing on the Federal Reserve's interest rate meeting. At the close, the Dow Jones Industrial Average rose 0.03% to 52,377.57 points; the Nasdaq Composite Index gained 1.18% to 26,477.81 points; and the S&P 500 Index advanced 0.60% to 7,722.60 points.

Amazon Q3 Earnings Preview: AWS Growth Expected to Rise to 41%, Wall Street Top Price Target $400

TradingKey - Amazon (AMZN) will release its third-quarter 2026 financial results after the U.S. market close on October 29, Eastern Time, and hold an earnings conference call at 17:00 on the same day.

Featured Tools