Oracle Stock Climbs On Reports Of Deal With Musk's xAI: Is There More Upside Ahead?
Portfolio Pulse from Surbhi Jain
Oracle Corp (NYSE:ORCL) shares are trading higher following reports of a potential $10 billion deal with Elon Musk's AI startup, xAI, to rent Oracle’s AI servers. This deal would significantly boost Oracle's cloud infrastructure business. Oracle's stock has shown strong bullish momentum, supported by positive technical indicators and analyst ratings suggesting a 20% upside. However, caution is advised due to potential overbought conditions.
May 15, 2024 | 6:07 pm
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Oracle's stock is trading higher on news of a potential $10 billion deal with Elon Musk's AI startup, xAI, to rent Oracle’s AI servers. This deal would make xAI one of Oracle’s largest customers, significantly boosting Oracle's cloud infrastructure business. The stock has shown strong bullish momentum, supported by positive technical indicators and analyst ratings suggesting a 20% upside. However, caution is advised due to potential overbought conditions.
The potential $10 billion deal with xAI would significantly boost Oracle's cloud infrastructure business, making xAI one of its largest customers. This news has driven the stock higher, supported by strong bullish momentum and positive technical indicators. Analyst ratings also suggest a 20% upside. However, the stock is approaching overbought conditions, which could lead to a pullback.
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