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Oracle Embraces All AI Chip Makers Beyond Nvidia
11 Dec
Summary
- Oracle's revenue missed expectations, causing a stock price drop.
- The company is committed to working with all AI chip suppliers.
- Oracle's cloud unit revenue increased by 34 percent year-over-year.
Oracle's shares plunged more than 10 percent as the tech giant reported revenue that failed to meet ambitious forecasts, tempering enthusiasm for its artificial intelligence investments.
Despite the market's reaction, Oracle's net income nearly doubled to $6.1 billion, with revenue climbing 14 percent to $16.05 billion. The cloud and business computing segment was a bright spot, generating $8 billion in revenue, a 34 percent increase from the previous year.
Founder Larry Ellison announced a new policy of "chip neutrality," committing Oracle to work with all CPU and GPU suppliers. This move reflects an agile approach to the rapidly evolving AI landscape, as the company seeks to capitalize on the vast opportunities in AI training and model embedding.
