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Oracle Smashes Q1 Targets on Booming AI Cloud Demand, Tech Eyes Uplift

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The Story

News Summary

  • Oracle shares jumped over 6% in extended trading after delivering record fiscal first-quarter earnings and upbeat guidance.
  • Cloud infrastructure revenue doubled to $7.4 billion, driven by surging AI demand.
  • Oracle booked over $30 billion in new AI cloud contracts, expanding its backlog to a record $664 billion.
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