Oracle Stock Falls After AI Day, but Don't Bite Just Yet
Software giant Oracle (NYSE: ORCL) has been an early winner at the dawn of generative artificial intelligence (AI). Before ChatGPT went viral in late 2022, the old software service provider announced a groundbreaking deal to load up its small Oracle Cloud Infrastructure (OCI) service with Nvidia GPUs. It then announced it would be the first to host Nvidia's DGX Cloud used to train AI models.
But after hitting fresh all-time highs earlier this summer, Oracle stock is falling -- and a recent AI event sent shares falling further still. Don't be quick to buy the dip. Here's why.
Oracle and Nvidia announced in mid-October that the DGX Cloud service for training and deploying generative AI is now available. As I've written about before, Nvidia's pioneering AI work has leveled the playing field in cloud infrastructure, and Oracle has been a big beneficiary as it has sought to play catch-up with leaders Amazon Web Services, Microsoft Azure, and Alphabet Google Cloud. OCI is reporting stellar growth.
Source Fool.com
Oracle Corp. Stock
The stock is an absolute favorite of our community with 41 Buy predictions and no Sell predictions.
With a target price of 140 € there is a slightly positive potential of 8.38% for Oracle Corp. compared to the current price of 129.18 €.
