Oracle Joins Google, OpenAI

Also, Rubrik's first financial results.

June 12, 2024

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Today is Wednesday, June 12, 2024.

The Early Bird Index today is 73.00.

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PRESENTED BY MEGACHARTS

Nvidia’s Incredible 3,000% Growth, Explained

Shares of Nvidia (Nasdaq: NVDA) are up over 3,000% in the last 5 years. But beyond the chart, what metrics specific to Nvidia can investors view to truly understand what’s behind this company’s incredible growth?

By Segment: Data Centre, Gaming, Professional Visualization, Automotive, OEM and Other.

By Geography: U.S, Taiwan, China, Other Countries.

By R&D: R&D Expenses and R&D Spending as a Percentage of Revenue.

Final Thoughts: The research platform MegaCharts has free charts with all this data for Nvidia. Check out MegaCharts today and become the smartest investor out of your friend group.

Oracle Joins Google, OpenAI

A pair of major technology partnerships masked awful financial results for Oracle (NYSE: ORCL) on Tuesday, with shares jumping 9.46% in after-hours trading.

Financials: Oracle reported earnings of $1.63 per share in the past quarter and revenue of $14.3 billion; both were worse than expected.

Details: Sales only ticked up 3% in the quarter. The revenue for cloud and on-premise licenses fell 15%.

Powering the Story: Two new blockbuster partnerships saved Oracle’s stock Tuesday.

  • In one deal, OpenAI selected Oracle’s cloud infrastructure through a partnership with the Microsoft (Nasdaq: MSFT) Azure AI Platform.

  • In another deal, Google (Nasdaq: GOOGL) Cloud formed a multicloud partnership with Oracle.

Stock Price: Oracle was up 19% this year before the results.

Final Thoughts: Lower enterprise tech spending has hit Oracle this year. Hopefully, these new partnerships open up business opportunities.

Notables

Notable Earnings Today: Broadcom (Nasdaq: AVGO), Dave & Buster's Entertainment (Nasdaq: PLAY), Torrid (NYSE: CURV), Oxford Industries (NYSE: OXM), Affimed (Nasdaq: AFMD), Vera Bradley (Nasdaq: VRA).

Notable IPOs Today: GRAIL, Inc. Common Stock (Nasdaq: GRALV), Perceptive Capital Solutions Corp Class A Ordinary Shares (Nasdaq: PCSC).

Notable Equity Crowdfunding Campaigns Ending Today: Incredible Tiny Homes (StartEngine), Zoop (Republic).

Notable Economic Events Today: Consumer Price Index / Core CPI (8:30 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), NY Fed 1-Year Consumer Inflation Expectations (11:00 a.m. ET), NY Fed 1-Year Consumer Inflation Expectations (12:00 p.m. ET), Fed Interest Rate Decision / FOMC Statement (2:00 p.m. ET), Federal Budget Balance (2:00 p.m. ET), Jerome Powell FOMC Press Conference (2:30 p.m.).

Rubrik's First Financial Results

Cloud data management company Rubrik (NYSE: RBRK) ticked up 1.45% in after-hours trading on Tuesday after reporting its first financial results since going public.

Financials: Rubrik reported a loss of $1.58 per share in the past quarter and revenue of $187.3 million; both were better than expected.

Details: Subscription annual recurring revenue jumped 46%.

Outlook: The company expects revenue to be between $195 million and $197 million in the current quarter, which is better than expected.

Final Thoughts: Rubrik, down 7% since going public, is growing revenue thanks to its role in the important data security market.

Paramount Deal Talks End

Paramount Global (Nasdaq: PARA) merger talks with Skydance Media ended without a deal, The Hollywood Reporter said Tuesday, causing the stock to fall 7.85%.

Final Thoughts: The stock is down 23% this year. With no deal in place, questions loom about the next steps for the company.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.