Oracle's AI Demand Sparks Rally Among SoundHound, Nvidia, Meta Stocks
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Oracle reported strong earnings growth driven by increasing demand for AI, sparking a rally among AI stocks like SoundHound, Nvidia, and Meta.
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Oracle's cloud revenue grew 25% and its cloud infrastructure grew 52%, outpacing competitors and suggesting high demand for AI services.
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Oracle's remaining performance obligation grew 29%, indicating continued sales growth ahead.
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Oracle is rapidly expanding its cloud data centers to meet AI demand that "substantially exceeds supply."
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SoundHound, Nvidia, and Meta are well positioned to benefit from the accelerating adoption of AI across industries.