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Oracle is already underwater on its ‘astonishing’ $300bn OpenAI deal
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It’s too soon to be talking about the Curse of OpenAI, but we’re going to anyway.
Since September 10, when Oracle announced a $300bn deal with the chatbot maker, its stock has shed $315bn* in market value:
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OK, yes, it’s a gross simplification to just look at market cap. But equivalents to Oracle shares are little changed over the same period (Nasdaq Composite, Microsoft, Dow Jones US Software Index), so the $60bn loss figure is not entirely wrong. Oracle’s “astonishing quarter” really has cost it nearly as much as one General Motors, or two Kraft Heinz.
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