Why Oracle Stock Zoomed 39.9% Higher in May
Shares of (NYSE: ORCL) shot up 39.9% in May, according to data from S&P Global Market Intelligence. After rising to over $300 a share last summer, Oracle's stock tumbled in the ensuing quarters, falling below $150 in April amid continued concerns about its partner, OpenAI, and its market-share struggles.
Since then, it has been all sunshines and rainbows for the enterprise software and database provider that is transitioning to a cloud infrastructure player for artificial intelligence (AI). Here's why Oracle stock made a comeback in May, and whether now is a good time to buy shares for your portfolio.
Known for decades as a provider of enterprise software and database solutions, Oracle has recently pivoted to become an infrastructure provider for AI companies, specifically OpenAI. Its cloud infrastructure revenue grew by 81% in constant currency last quarter to $4.9 billion, which is rapid growth but still well below that of other AI cloud players like Amazon.
Source Fool.com
