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Oracle to report Q3 earnings as Wall Street questions AI spending
Oracle (ORCL) will report its third quarter earnings after the bell on Tuesday, amid reports that the company has axed plans to expand an AI data center with OpenAI (OPAI.PVT) and that it’s preparing to cut thousands of jobs.
The AI infrastructure company is spending tons of cash on data centers, but investors aren’t quite sold on the idea.
Oracle stock has fallen steeply. After climbing to a high of $345.72 in September, the stock was trading at $154 as of Tuesday. Shares are now off 37% over the last six months and 23% since the start of the year.
Oracle’s capital expenditures have ballooned tremendously over the last year, jumping as much as 269% in the first quarter to $8.5 billion, and the company is expected to report a further 139% increase to $14 billion in Q3, according to Bloomberg analyst consensus estimates.
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