This year saw the rise of artificial intelligence (AI) into the mainstream thanks to the advent of technologies such as ChatGPT, capable of delivering humanlike responses to whatever you ask it. The AI trend bodes well for tech companies, including (NYSE: ORCL), known for its database products.
One of the reasons Oracle in particular benefits from this trend is because AI requires massive troves of data to successfully execute tasks, and that data is stored in databases, such as the ones Oracle sells. The company stands to gain in other ways as well from the emergence of AI.
For instance, the global AI market provides a multi-year tailwind for Oracle's revenue. Forecasts estimate this market will grow to nearly $2 trillion by 2030 from last year's $142 billion.
Source Fool.com