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Oracle raises fiscal year cloud infrastructure revenue expectations, big pump after hours

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Jin10 data reported on September 10 that Oracle (ORCL.N) announced on Tuesday that due to the growing demand for its cloud services from artificial intelligence companies, it expects its Oracle Cloud Infrastructure (OCI) business to rise by 77% this year, up from the previously expected 70%, with the stock price rising by 22% in after-hours trading. The company is actively investing in building data centers to support the growth of its Oracle Cloud Infrastructure solutions. Analysts say that although the OCI base is relatively small, its growth rate is faster than that of its hyper-scale peers, and it has the potential to capture market share from them. Oracle also stated that in the first quarter, it signed four contracts worth billions of dollars with three different clients, helping the company achieve a revenue rise of 12%, to $14.93 billion.

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