Oracle Corporation (NYSE:ORCL) stock surged 4.4% to a session high heading into the close on Friday after Bloomberg reported the company is in talks with Meta Platforms (NASDAQ:META) for a cloud computing deal worth approximately $20 billion.
The potential multiyear agreement would see Oracle provide Meta with computing power for training and deploying artificial intelligence models, according to people familiar with the matter. The total commitment amount could increase, and other terms may change before a final deal is reached, the sources said.
This potential contract would add to Oracle’s recent string of successes in the cloud infrastructure space. Last week, the company reported a substantial increase in bookings that drove its stock price to an all-time high.
Source :
https://www.investing.com/news/stock-market-news/oracle-stock-surges-on-potential-20b-meta-ai-cloud-deal-4247430
