Oracle, a multinational computer technology firm, has recently shared details about its latest financial performance, driven by its dedication to cloud computing and artificial intelligence (AI).
The company’s impressive bookings and strategic cloud partnerships demonstrate its ongoing progress in challenging top industry players like Amazon, Microsoft, and Google. One of the significant announcements was Oracle’s collaboration with OpenAI, Microsoft Corp., and Google, enhancing the Microsoft Azure AI platform on Oracle Cloud Infrastructure (OCI) to support OpenAI’s generative AI services for over 100 million users monthly.
Sam Altman, OpenAI’s CEO, expressed enthusiasm about working with Microsoft and Oracle, emphasizing the potential for OCI to expand Azure’s platform. Larry Ellison, Oracle’s chairman and CTO, echoed this sentiment, noting the high demand for Oracle’s Gen2 AI infrastructure in the race to develop superior large language models.
Oracle’s leading AI infrastructure is fueling innovation, with OpenAI among the many AI innovators leveraging OCI Supercluster for training and inference of advanced AI models. The purpose-built AI capabilities on OCI enable startups and enterprises to develop and train models efficiently across Oracle’s distributed cloud.
In terms of financial performance, Oracle reported a remarkable 44% increase in total remaining performance obligations, reaching $98 billion in the fiscal fourth quarter. CEO Safra Catz attributed this growth to the strong demand for AI workloads, forecasting double-digit revenue growth for the fiscal year ending in May 2025.
Furthermore, Oracle’s cloud unit revenue surged by 42% to $2 billion in the quarter ended May 31, surpassing analysts’ expectations. Despite facing a slowdown in its application software business, Oracle’s partnerships with Google and Microsoft are anticipated to drive growth in its cloud infrastructure business.
Overall, Oracle’s strategic focus on cloud computing and AI, coupled with key partnerships and increasing demand, positions the company for sustained growth and success in the competitive tech industry.
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