Today is Tuesday, June 13, 2023.
The Early Bird Index today is 55.86.
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Oracle Brags About Nvidia, AI
Oracle (NYSE: ORCL) jumped 3.63% in after-hours trading on Monday, hitting an all-time high, thanks to strong financial earnings results.
Financials: Oracle reported earnings of $1.67 per share in the past quarter and revenue of $13.8 billion; both were better than expected.
Big Growth: Overall revenue grew 17% thanks to a 54% increase in cloud revenue. Cloud was the big winner for Oracle in the quarter. Revenue for cloud applications climbed by 45% and revenue for cloud infrastructure soared by 76%. Also, cloud services and license support revenues increased by 23%.
But: It wasn’t perfect for Oracle. Cloud license and on-premise license revenues decreased by 15%. Also, the operating margin slightly dropped.
Quote: “Oracle's Gen2 Cloud has quickly become the number 1 choice for running Generative AI workloads. Why? Because Oracle has the highest performance, lowest cost GPU cluster technology in the world. NVIDIA themselves are using our clusters.” - Oracle Chairman and CTO, Larry Ellison.
Stock Price: Oracle is up 39% this year, including a 19% gain in the last 30 days.
Final Thoughts: Oracle is touting its generative artificial intelligence capabilities and promoting its partnership with Nvidia (Nasdaq: NVDA), which also had strong AI-driven financial results in May. Last week, Oracle invested in the AI firm Coherel. Oracle is leaning on its AI functions right now and this is fueling the stock price surge.
Notable Earnings Today: Motorcar Parts of America (Nasdaq: MPAA), Iteris (Nasdaq: ITI), MamaMancini’s Holdings (Nasdaq: MMMB).
Notable IPOs Today: ETF Series Solutions (NYSE Arca: EVXX), Imperial Petroleum Inc. Common Shares (Nasdaq: IMPPV), C3is Inc. Common Stock (Nasdaq: CISSV), Private Real Estate Strategy via Liquid REITs ETF (Nasdaq: PRVT).
Notable Equity Crowdfunding Campaigns Ending Today: N/A.
Notable Economic Events Today: OPEC Monthly Report (7:00 a.m. ET), Consumer Price Index (8:30 a.m. ET), Core CPI (8:30 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
Solana’s June Freefall Continues
Photo by GuerrillaBuzz / Unsplash
The cryptocurrency Solana dipped 1% on Monday and is still struggling days after regulators spoke out against altcoins.
Background: Last week, the United States Securities and Exchange Commission (SEC) labeled Solana and other cryptos as securities. Over the weekend, the Solana Foundation said that it disagreed with the characterization. And some investors have been selling off Solana.
Price: Solana is down nearly 25% in the past week, thanks in large part to concerns over regulation. Since the start of the year, Solana is up about 50%.
Final Thoughts: Solana, like other cryptos, can be volatile. It might be best to avoid these investments until the potential new regulations become clear.
Harley-Davidson Pauses Some Production
Despite announcing that it is temporarily pausing motorcycle production at its York facility, shares of Harley-Davidson (NYSE: HOG) ticked up 0.63% in after-hours trading on Monday.
Final Thoughts: Harley-Davison attributed the temporary suspension due to a “potential quality issue” with parts from a supplier. Production at the York factory is expected to resume on June 26. The stock is down 19% this year.
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Trends to Watch
Big Tech Wins Again: Apple Shares Close at Record in Latest Sign of Big Tech’s Dominance (Bloomberg)
You Shall Not Pass: FTC files to block Microsoft from buying Activision Blizzard (The Verge)
Great Escape: Investors Have Pulled $417M Out of Crypto Funds in Two Months (Decrypt)
Pickup Investment: GM to invest $632 million to produce next-generation pickups in Indiana (NBC News)
It All Ads Up: Breakup of Google Ad-Tech Business Now on Table in Europe, Too (The Wall Street Journal)
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