Oracle shares hit record high on AI, cloud growth

Emerging force: The Oracle logo is seen at its office in Virginia. The database software company’s shares have risen 33% so far this year. — Reuters

NEW YORK: Oracle Corp is reporting better-than-expected bookings and announced partnership deals with tech rivals, giving a boost to chairman Larry Ellison’s effort to redefine the software maker as a major competitor in the business of cloud computing. The shares hit a record high.

The company, known for its database software, is focused on expanding its cloud infrastructure unit – which rents computing power and storage – to compete with Amazon.com Inc, Microsoft Corp and Alphabet Inc’s Google.