Advanced Micro Devices Inc (NASDAQ:AMD) shares are trading higher Wednesday, reacting to Oracle’s first-quarter financial results. While Oracle narrowly missed Wall Street’s earnings and revenue estimates, its stock soared due to an overwhelmingly positive outlook for its cloud division, creating a ripple effect for key partners like AMD.
What To Know: Investors shrugged off the slight earnings miss, focusing instead on the massive demand for Oracle Cloud Infrastructure (OCI). Oracle’s management highlighted an “aggressive growth outlook” tied to AI, with remaining performance obligations rocketing 359% to an impressive $455 billion. The company forecasts its Cloud Infrastructure revenue will grow 77% this fiscal year alone.
