One of Silicon Valley’s original powerhouses is well and truly back. Shares of Oracle are up 55% for the year, trailing only Nvidia's nearly 150% rally in that span. The stock popped 11% Tuesday—the first time in over two years shares rose by double-digits in a single day—after Oracle beat earnings expectations, highlighting how the company has rapidly grown its cloud business while simultaneously partnering with the industry’s major players.
The AI boom has so far not been as kind to other legacy tech names. Chief among them is Intel, whose “breathtaking fall from grace,” as Bloomberg’s Ian King put it, contrasts mightily with Oracle’s revitalization. Once the world’s biggest chipmaker, Intel announced it would cut 15,000 jobs, or about 15% of its workforce, as revenue continues to drop and its own forecast remains dim.
