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Oracle Corporation (NYSE:ORCL) shares are trading slightly higher on Wednesday.
The Information reported that the company is reportedly on the verge of finalizing a $10 billion contract with Elon Musk‘s AI startup, xAI, for cloud services.
The discussions are ongoing between the companies, with no assurance of reaching an agreement.
In September of last year, Oracle Chairman Larry Ellison revealed that the company had secured a contract to furnish cloud infrastructure for xAI’s AI model training, withholding details on the contract’s value and duration, Bloomberg added.
“Boy, did they want a lot more” computing power, Ellison said of Oracle’s work with xAI during a December event, Bloomberg reported. “They wanted more and we are in the process of getting them more.”
Bloomberg reported last week that the AI startup was finalizing a $6 billion funding round, which would value the company at approximately $18 billion.
However, it remains unclear if Oracle participated in this round, as reported by The Information, Bloomberg noted.
Meanwhile, three years after Oracle relocated its headquarters from California to Texas, Ellison recently revealed plans for yet another move, this time to Nashville.
Documents indicate that Oracle's Texas move saw limited employee relocation, with California still housing more office workers, despite the headquarters shift, according to a report from Bloomberg.
The company received substantial incentives from the city and state to create jobs.
Austin's leaders expressed surprise at Ellison's announcement, with uncertainties looming over Oracle's future presence in the city.
While Oracle's intentions for Austin remain undisclosed, history suggests a Nashville move may not drastically alter its operations, despite the buzz surrounding the announcement.
Price Action: ORCL shares are trading higher by 0.8% to $121.89 at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Michael Vi/Shutterstock
Posted In: ORCL
