Oracle hits record after 50% surge in 2023, defying tech struggles
Summary
For years, the database software developer lagged behind tech rivals in building cloud technology that met the demands of the modern-day enterprise. "Lets give him credit where its finally due," said Eric Lynch, managing director of Scharf Investments, which held $163 million worth of Oracle shares at the end of the first quarter, according to regulatory filings. Now, Oracle is seeing accelerated growth thanks to the craze around generative AI, the technology that can craft images or text from a few words of human input. The company is a significant investor in Cohere, an enterprise-focused generative AI startup whose technology can power copywriting, search and summarization. Oracle is even growing faster, with revenue in the latest quarter increasing 17% from the prior year, compared to 11% growth at Salesforce.
