Oracle Surpasses Expectations, Announces New Partnership Deals with Google and OpenAI

Oracle reported better-than-expected bookings and announced new partnership deals with tech rivals like Google and OpenAI, boosting its effort to become a major player in cloud computing. Revenue from Oracle's cloud infrastructure unit that rents computing power and storage grew 42% to $2 billion in the recent quarter. Oracle signed its largest sales contracts ever in the past two quarters, driven by demand for training large AI language models in its cloud. Revenue growth is expected to increase by double digits in the current fiscal year, fueled by strong demand for artificial intelligence workloads.