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Core News Facts
Nvidia (NASDAQ: NVDA) has recently reached new all-time highs, driven largely by news from Oracle (NYSE: ORCL), which reported impressive earnings and forecasts related to AI infrastructure demand. This week, Oracle’s stock surged over 30% after announcing it secured four major contracts in the first quarter, resulting in a backlog surpassing $450 billion, four times its level a year prior.
Oracle’s Cloud Infrastructure division, crucial for AI spending, is expected to grow 77% year-over-year, reaching $18 billion in revenue, and projected to hit $144 billion by 2030. This positive outlook for Oracle bolsters Nvidia’s growth prospects, as Nvidia produces the leading GPUs essential for AI processes, highlighting a symbiotic relationship between the two companies.
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