Oracle projected current-quarter revenue below Wall Street targets on Monday and narrowly missed expectations for the first quarter as a tough economy pressured cloud spending by businesses, sending its shares down 9% in extended trading.
Still, analysts have said that the rise in adoption of artificial intelligence applications could boost Oracle's cloud infrastructure business because the advances made in its networking technology are more suited to take on AI workloads. Ellison, a self-described close friend of Elon Musk, announced that the Tesla CEO's AI startup xAI had signed a contract to train AI models in Oracle’s Gen2 Cloud.
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