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☆ India central bank plans 2025 launch of cloud services, countering dominance of global firms
▼ + stars: | 2024-11-19 | by ( ) www.cnbc.com time to read: +2 min

India's central bank will launch a pilot program in 2025 offering local cloud data storage to financial firms at affordable prices, according to two sources aware of the matter, who declined to be identified as conversations are confidential. The Reserve Bank of India's planned cloud platform will use local IT firms, pitting it against the likes of Amazon Web Services, Microsoft Azure, Google Cloud and IBM Cloud, in a first-of-its-kind initiative from a major global central bank. In December last year, RBI governor Shaktikanta Das announced plans to set up a public cloud for the financial services industry. Initial work on the cloud is being driven by the research wing of the central bank called the Indian Financial Technology and Allied Services. It will then be developed further in partnership with one or more private sector technology firms, according to the sources.

Persons: Shaktikanta Das, EY Organizations: Bank, Reserve Bank of, Amazon Web Services, Microsoft, Google, IBM, International Data Corporation, Indian Financial Technology, Allied Services, Reuters

Companies beat expectations, with some boosted by large cloud growth. AdvertisementThe tech giants Meta, Alphabet, Amazon, Apple, and Microsoft reported earnings this week, and investors were laser-focused on the results of AI investments. Cloud is kingMicrosoft, Alphabet, and Amazon saw significant growth in their cloud businesses, fueled by increased demand. Jeremy Goldman, EMARKETER's senior director of briefings, told BI that Microsoft's cloud business had decelerated from the "breakneck pace" of previous quarters. Related storiesWhile Google reported stronger cloud growth, Microsoft still leads it in cloud market share, and both are behind Amazon Web Services.

Persons: —, Kate Leaman, Jeremy Goldman, EMARKETER's, Amy Hood, Dan Romanoff, Andy Jassy, Tracy Woo, Forrester, AWS's, Jassy, Rufus, Sundar Pichai, Pichai, Mark Zuckerberg, Hood, Michael Field, Jaejune Kim, Lisa Su, we've Organizations: Apple, Companies, Service, Microsoft, Amazon, Morningstar, Google, Amazon Web, Amazon Web Services, Investment, Big Tech, Bank of America Securities, Meta, Nvidia, SK Hynix, Samsung, AMD, Services

☆ Here's what Wall Street analysts are saying after Amazon's third-quarter earnings
▼ + stars: | 2024-11-01 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Wall Street analysts think Amazon is only at the beginning of a new era of growth. Here's what analysts at some of the biggest shops on Wall Street are saying about Amazon's latest earnings report. His $250 per share price target implies more than 34% upside from Thursday's close. "Another margin upside surprise supports our retail margin efficiency upside thesis, while AWS is still in the early innings of a big AI cycle and is investing accordingly," Post said. The analyst also increased his 2025 full-year earnings per share forecast by roughly 4%.

Persons: Doug Anmuth, Anmuth, Justin Post, Lee Horowitz, " Horowitz, Ronald Josey's, Josey Organizations: Web Services, JPMorgan, Bank of America, Deutsche Bank, Citi

☆ Wall Street kicks off historically strong month after wild October
▼ + stars: | 2024-11-01 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

The S & P 500 fell 1% in October, snapping a five-month advance. Now, Wall Street is coming into what has historically proven a strong month for stocks — which could push stocks to new heights. A CNBC analysis of FactSet data showed November has been the second-strongest month for the S & P 500 going back 10 years. Going back 20 years, the S & P 500 averages a 2.2% increase in November. Elsewhere on Wall Street this morning, analysts reacted to the latest quarterly earnings reports from megacaps Apple and Amazon .

Persons: Kamala Harris, Donald Trump, Goldman Sachs, Michael Ng, Doug Anmuth, Anmuth Organizations: Dow Jones Industrial, Nasdaq, Federal Reserve, CNBC, U.S, NBC, Apple Locations: U.S

☆ Sovereign AI explained: An AI cloud CEO unpacks what's behind the trend
▼ + stars: | 2024-10-07 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +7 min

The company started buying Nvidia GPUs in 2021, getting to the AI cloud computing business earlier than most. CEO J.J. Kardwell describes the company as the largest privately-held cloud computing platform in the world. It also makes the Vultr boss well-positioned to explain a phrase frequently on the lips of AI luminaries like Nvidia CEO Jensen Huang: sovereign AI. Sovereign cloud is the delivery of cloud infrastructure as a service, typically inside a country. BI: AI computing is extremely energy intensive, and concerns about the US grid abound.

Persons: —, it's, J.J, Kardwell, Jensen Huang, we'll Organizations: Vultr, Service, Nvidia, Singtel, Department of Defense Locations: Singapore, Malaysia

☆ Microsoft, BlackRock form group to raise $100 billion to invest in AI data centers and power
▼ + stars: | 2024-09-17 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Microsoft CEO Satya Nadella speaks during the company's Build developer conference in Seattle on May 21, 2024. Microsoft and BlackRock are part of a group of companies collaborating to pull together up to $100 billion to develop data centers for artificial intelligence and the energy infrastructure to power them. The group aims to assemble $30 billion of initial capital, with a future goal of bringing in up to $100 billion, including from debt financing. Microsoft said in July that fiscal fourth-quarter capital spending, including assets acquired under finance leases, totaled $19 billion. In January, BlackRock announced its intent to acquire GIP for $3 billion in cash and around 12 million shares of BlackRock common stock.

Persons: Satya Nadella, chatbot, MGX, Abu Dhabi's Mubadala Organizations: Microsoft, BlackRock, Artificial Intelligence Infrastructure Investment Partnership, Global Infrastructure Partners, United, Tech, Nvidia Locations: Seattle, United Arab Emirates, BlackRock

☆ The race in Big Tech to sell customers on AI products is heating up
▼ + stars: | 2024-09-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Meanwhile, in today's newsletter, we're looking at how AWS is ramping up its sales team to pitch customers on AI . The big storySell, sell, sellAmazon; Getty Images; Alyssa Powell/BIWhen it comes to the AI revolution, building is only half the battle. AdvertisementAfter drawing scrutiny from investors about their massive investments in generative AI, tech companies are prioritizing getting returns on their big bets. Amazon; OpenAI; Microsoft; Getty Images; Chelsea Jia Feng/BIAWS' pressure to ramp up AI sales isn't just focused on ROI. And while these companies can't afford not to pitch their customers on AI tech, they also risk turning them off to the idea by selling them products that might not live up to expectations.

Persons: —, Donald Trump, Trump, Alyssa Powell, Insider's Eugene Kim, Eugene, Chelsea Jia Feng, it's, Anna Kim, Getty, Tyler Le, Martha Stewart, Al Capone, Morgan Stanley, Dre, Jeff Chiu, Larry Page's, Wayne Osborne, Elon, Grimes, Ryan Mac, Kate Conger unearths, Musk, Department's, We've, Kamala Harris, Biden, Booker, Dan DeFrancesco, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, FBI, Business, Amazon Web Services, that's, AWS, Microsoft, Getty, Google, Sunshine, Twitter, Huber & Starke, Hollywood, Teamsters Locations: West Palm Beach , Florida, today's, Florida, hustles, New York, London

☆ Oracle's Larry Ellison briefly tops Jeff Bezos to become world's second-richest person
▼ + stars: | 2024-09-13 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Oracle 's best week on the stock market since 2021 has bolstered Chairman Larry Ellison's net worth, briefly edging him past Amazon founder Jeff Bezos on Friday to become the world's second-richest person. Ellison's net worth reached $208.4 billion shortly after the market open, then fell to $199 billion, according to Forbes' real-time billionaires list. Bezos, who has claimed the title of world's second-richest person on and off over the years, is worth $205 billion. Bezos, 60, and Ellison, 80, are jockeying for the title of world's second-richest person three days after their companies forged a new partnership. "With Oracle Database to be able to run AWS, Microsoft and Google, is incredibly important," Ellison said on the call.

Persons: Larry Ellison's, Jeff Bezos, Forbes, Elon Musk, Ellison, Oracle, Jordan Novet, Ari Levy Organizations: Amazon, Oracle, Nvidia, Microsoft, Google Locations: Las Vegas

☆ To pop or not to pop: the smart way to invest in AI without worrying about the bubble
▼ + stars: | 2024-09-13 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

It's also common to draw parallels between the dot-com bubble and today's hype, leading investors to wonder if there's an AI bubble that's about to pop, too. Goldman Sachs' big AI headline of the month is "To buy, or not to buy, that is the question." The note from September 5, led by Peter Oppenheimer, suggests the answer is "to buy" but also to diversify. And the third is the application providers, which are the companies creating services for end users to harness AI. It comes from machine learning or big data workloads that various companies and governments use, Belton noted.

Persons: —, Goldman Sachs, Peter Oppenheimer, John Belton, doesn't, Brian Colello, Nancy Tengler, that's, it's, Tengler, Wall, Larry Ellison, Colello, Belton Organizations: Service, Business, Gabelli Funds, Morningstar Equity Research, Investments, Nvidia, Companies, Microsoft, Intel, Oracle, IBM, Broadcom, AMD, Cadence Design Systems, Google, AWS, Eaton Corporation Locations: GenAI, Belton

☆ Oracle shares jump on earnings and revenue beat
▼ + stars: | 2024-09-09 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Larry Ellison, chairman and co-founder of Oracle Corp., speaks during the Oracle OpenWorld 2017 conference in San Francisco on Oct. 1, 2017. Here is how the company did compared to LSEG consensus:Earnings per share: $1.39 adjusted vs. $1.32 expected$1.39 adjusted vs. $1.32 expected Revenue: $13.31 billion vs. $13.23 billion expectedOracle's revenue increased 8% from $12.45 billion a year ago, according to a statement. For the current quarter, Oracle expects revenue growth of 8 to 10%, CEO Safra Catz said on the earnings call. The company said its cloud services and license support business generated $10.52 billion in revenue. During the quarter, Oracle announced the opening of a second cloud region in Saudi Arabia and said its database software will be available through Google's public cloud.

Persons: Larry Ellison, Safra Catz, Catz, Oracle's, Ellison, Oracle Organizations: Oracle Corp, Oracle, Amazon Web Services Locations: San Francisco, Saudi Arabia

☆ Amazon checkout process hits technical snag during Labor Day sale
▼ + stars: | 2024-08-30 | by ( Jordan Novet | ) www.cnbc.com time to read: +1 min

A worker prepares packages at an Amazon same-day delivery fulfillment center on Prime Day in the Bronx borough of New York, US, on Tuesday, July 16, 2024. Amazon.com Inc.'s Prime Day sales rose about 13% in the first six hours of the event compared with the same period last year, according to Momentum Commerce, which manages 50 brands in a variety of product categories. But the company's Amazon Web Services division was not reporting any technical issues while the checkout feature wasn't working. In the run-up to the long weekend in the U.S., Amazon has started promoting discounts on products as part of a Labor Day sale. Amazon has warned investors that technical incidents can lead to lower sales and a worse perception of the company's products and services.

Persons: Stephanie Keith, X, Mark Mahaney, Uber Organizations: Amazon.com Inc, Momentum Commerce, Bloomberg, Getty, Web Services, Amazon, Labor Locations: Bronx, New York, U.S

☆ AI and security concerns fuel a shift to on-premises IT infrastructure as companies seek more control of data
▼ + stars: | 2024-08-13 | by ( Matthew S. Smith | ) www.businessinsider.com time to read: +9 min

Organizations are shifting to hybrid cloud and on-prem IT infrastructure for more control over data. Rather than depending solely on third-party cloud services, they're looking to operate their IT data networks on-site. Hewlett Packard EnterpriseA push for on-premThis trend is a response to concerns about the reliability, security, and cost-effectiveness of cloud services. Kindo provides a secure management platform for AI systems that lets organizations control which users have access to internal AI resources. The winners will be those that can bridge cloud and on-prem to provide the level of control organizations are demanding.

Persons: —, prem doesn't, Tan, prem, There's, it's, Peter Wang, Anaconda, Wang, Dennis Duckworth, Duckworth, Chris Stegh, Stegh, They've, they've Organizations: prem, Service, Hewlett Packard Enterprise, Anaconda, Anaconda Anaconda, Amazon Web Services, eGroup Enabling Technologies Locations: Germany, Switzerland, Portland , Oregon, San Francisco

☆ Microsoft's cloud is 'no-brainer' for some AI startups, helping Azure gain ground on AWS
▼ + stars: | 2024-08-02 | by ( Jordan Novet | ) www.cnbc.com time to read: +10 min

However, after EzDubs went through the Y Combinator startup program last year, the company made a quick pivot, adding Microsoft's cloud into the mix. That's because EzDubs' founders learned of a partnership that enabled Y Combinator companies to receive $350,000 worth of credits on Microsoft Azure. The current offer includes $350,000 in AWS credits, plus $300,000 reserved for tapping the custom silicon, the spokesperson said. A spokesperson later said 58% of Y Combinator startups had taken up Microsoft's credit offer, a figure that doesn't reflect actual Azure usage. "Leading AI startups use OpenAI to power their AI solutions, therefore, making them Azure customers as well."

Persons: Amrutavarsh Kinagi, Kareem Nassar, Padmanabhan Krishnamurthy, EzDubs, Krishnamurthy, Y, Annie Pearl, it's, Satya Nadella, Sam Altman, Hayden, CNBC InKeep, OpenAI, Nick Gomez, InKeep's, InKeep, Gomez, CNBC's Andrew Ross Sorkin, Prady Modukuru, Modukuru, Anthropic, Daksh Gupta, Gupta, Nassar Organizations: Google, Microsoft, CNBC, Amazon, Services, Alchemist, AWS, Hayden Field, Sync Labs, Sync, OpenAI Locations: Palo Alto , California, OpenAI's, San Francisco

☆ Analysts overwhelmingly say buy Microsoft on postearnings dip, AI story intact
▼ + stars: | 2024-07-31 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Analysts on Wall Street think Microsoft's postearnings pullback is a buying opportunity. Shares of the technology company dipped 1% after Microsoft's disappointing cloud revenue obscured stronger-than-expected overall results for the fiscal fourth quarter. Microsoft's Intelligent Cloud segment raked in $28.52 billion in revenue last quarter, while analysts polled by LSEG expected $28.68 billion. Take a look at what some analysts around the Street said after Microsoft released its results. Goldman Sachs Analyst Kash Rangan maintained a buy rating on Microsoft and reiterated his $515 per share price target.

Persons: LSEG, Goldman Sachs, Kash Rangan, Mark Murphy, Murphy, Michael Turrin, Turrin Organizations: Microsoft, JPMorgan, JPMorgan Chase Locations: FQ4, 1H

☆ Microsoft shares dip as cloud miss overshadows better-than-expected revenue and earnings
▼ + stars: | 2024-07-30 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Microsoft shares dipped on Wednesday as investors looked past better-than-expected earnings and revenue and focused instead on disappointing cloud results. But executives provided a dose of optimism when they predicted a cloud growth speed-up in the first half of 2025. Of the 29% growth for Azure and other cloud services, 8 percentage points came from AI services, Microsoft said. But demand for Azure AI services remained higher than available capacity, said Amy Hood, Microsoft's finance chief. She said Azure growth in June was slightly lower than expected across some parts of Europe.

Persons: Satya Nadella, LSEG, StreetAccount, Nadella, Amy Hood, Hood Organizations: Microsoft, Seattle Convention Center, StreetAccount, CNBC, Google, Amazon Web Services Locations: Seattle , Washington, Europe

Wiz has walked away from a $23 billion deal to be acquired by Google, in what would have been the search giant's largest-ever deal, telling employees it would pursue an initial public offering as it initially planned. The deal would have nearly doubled the $12 billion valuation of the startup from its most recent round of funding. Alphabet's cloud segment has been under pressure to grow amid competition from frontrunners Microsoft and Amazon, something the Wiz deal would have helped with. The shift benefited Wiz, which can flag security issues for applications and data on the Amazon, Google, Microsoft and Oracle public clouds. In an interview with CNBC's Sara Eisen and Carl Quintanilla at the New York Stock Exchange last year, Eisen asked Rappaport if he wants to take the startup public.

Persons: Sundar Pichai, Wiz, Assaf Rappaport, Rappaport, Thomas Kurian, Brendan Burke, It's, Doug Leone, Covid, Sid Trivedi, CNBC's Sara Eisen, Carl Quintanilla, Eisen Organizations: Alphabet Inc, Government, Society, Google, CNBC, Microsoft, Index Ventures, Insight Partners, Lightspeed Venture Partners, Sequoia, PitchBook, Intuit, Ventures, Sequoia Capital, Wiz's, Wiz, Oracle, Foundation Capital, Motorola, Lenovo, New York Stock Exchange Locations: Stanford , California, Sequoia

☆ President Biden's reelection campaign is on its last legs as Democrats' fears extend beyond losing just the White House
▼ + stars: | 2024-07-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, President Biden's comeback plan isn't working , and Democratic leaders are ready to move on . President Joe Biden's reelection campaign appears to be on its last legs as calls within his party have grown from whispers to shouts since his disastrous debate last month. AdvertisementBut perhaps the biggest blow to Biden's reelection campaign came with the news that his former running mate has doubts. But for some Democrats, the risk of Biden continuing his reelection campaign could extend from the White House to Capitol Hill. Still, despite mounting pressure, Biden's campaign has remained steadfast about his reelection bid.

Persons: —, Biden's, Mario Tama, Tyler Le, Joe Biden's, it's, Insider's Brent D, Griffiths, Sen, Bernie Sanders, Biden, doesn't, That's, BI's Bryan Metzger, Chuck Schumer, Hakeem Jeffries, Nancy Pelosi, Sarah Gray, Kelsey Vlamis, Barack Obama, Kent Nishimura, don't, Schumer, Jeffries, Adam Schiff, Quentin Fulks, Cros, Steve Schwarzman, it'll, Michael M, Jensen, Goldman Sachs, Peter Naylor, Amy Reinhard, Jamie Dimon's, cushy, Ernst & Young, Joe Biden, Kamala Harris, It's, Harris, Harvey Weinstein, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, American Airlines, United Airlines, Democratic, Business, Getty, Trump, Biden, Capitol, Case, Senate, Wall, Google, Bank of America, Blackstone, Nvidia, Netflix, EV, Mercedes, Benz, Warner Bros Discovery, Warner Bros, Discovery, WarnerMedia, Investors, JPMorgan, McKinsey, Ernst, American Express, Convention Locations: Crowdstrike, Biden's, AFP, New York, London

☆ Quant prop-trading firm Hudson River Trading hopes to supercharge its trading power by partnering with Google Cloud
▼ + stars: | 2024-07-18 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

New York-based Hudson River Trading is best known for its market-making capabilities. Hudson River Trading winning any trade over its competitors, like Citadel Securities, Virtu, and Jane Street, comes down to its pricing engine. To help it get there, Hudson River Trading turned to Google Cloud, where its quants have been conducting their research for several months without the constraints of an on-premise environment. "Google Cloud allows us to do that without limits to computing power." Advertisement"In other words, what I'm saying is that we need to predict the future of the stock market," Dunning said.

Persons: —, Jane Street, Iain Dunning, Kevin Lee, Dunning, Ken Griffin's, Italo Brito, Brito Organizations: Service, Hudson, Hudson River Trading, Citadel Securities, Virtu, Business, Trading, Google, Nvidia, HRT, Sigma Locations: New York, Hudson

☆ Bank of America calls this chip stock its top AI pick with 'no signs of demand slowing down'
▼ + stars: | 2024-07-16 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Bank of America thinks Broadcom can continue to cash in on the artificial intelligence boom, with the company showing "no signs of slowing down." Broadcom stock has advanced nearly 54% in 2024, as the company emerged as one of the key beneficiaries of the rise of AI outside of Nvidia . A 10-for-1 stock split it recently announced took effect on Monday. AVGO YTD mountain Broadcom stock. The mix of this customer base will help stoke and maintain future demand, Arya noted.

Persons: Vivek Arya, Arya, Hock Tan, Tan, AVGO Organizations: of America, Broadcom, Nvidia, Google, stoke

☆ Shadow AI is a growing threat. Here are 3 ways organizations can safeguard their data.
▼ + stars: | 2024-06-28 | by ( Sponsor Post | ) www.businessinsider.com time to read: +6 min

Shadow AI, or the unsanctioned use of technologies such as GenAI, has emerged as a critical threat for organizations trying to secure corporate IP and data. For organizations getting started with GenAI, it's important to understand why shadow AI is dangerous to best identify how to address it. Why shadow AI presents a credible threatMicrosoft and LinkedIn report1 that 78% of employees are "bringing their own AI technologies to work," (BYOAI) a softer way of describing shadow AI. Shadow IT and shadow AI share the same low barrier to entry and platform dynamics. Dell Technologies is a leader in the growing open ecosystem that is helping organizations build, test, and deploy GenAI services.

Persons: Clint Boulton, ESG, RAG Organizations: Microsoft, LinkedIn, Research, Enterprise Strategy Group, Amazon Web, Dell Technologies, Dell, Insider Studios

☆ Amazon beefs up AI development, hiring execs from startup Adept and licensing its technology
▼ + stars: | 2024-06-28 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +1 min

The front desk of the Amazon office is pictured in New York, May 1, 2019. Amazon is ramping up its development of artificial intelligence technology, hiring top talent from AI agent startup Adept and licensing the company's technology. Luan will oversee Amazon's "AGI Autonomy" division, and report to Prasad, he wrote in the memo, which CNBC obtained. Amazon's cloud unit has launched a range of AI services, including its own models, which are generally viewed as lagging behind the top competitors. Last month, Amazon announced Adam Selipsky, the head of Amazon Web Services, would be stepping down and succeeded by Matt Garman, the head of sales at marketing at AWS.

Persons: Rohit Prasad, David Luan, Luan, Prasad, Geekwire, Anthropic, Adam Selipsky, Matt Garman Organizations: CNBC, Amazon, Microsoft, Google, Alexa, Amazon Web Services, AWS Locations: New York

☆ Tech giants bet next-generation optical networks will reduce AI's climate impact, aid 6G transition
▼ + stars: | 2024-06-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

IOWN Global Forum is a global group aiming to develop technical standards for all-photonics networks. "Mobile traffic is growing more and more every day," Katsuhiko Kawazoe, chair of the IOWN Global Forum, told CNBC via email. "Data centers are becoming bigger and bigger, and hyperscale data centers are a struggle for societies' carbon reductions," Kawashima said. "To deploy antennas, we need optical fiber to connect antennas to radio data centers," Kawashima explained. For now, the IOWN Global Forum is working toward achieving its main goals by 2030.

Persons: —, Kawazoe, Gonzalo Camarillo, OpenAI's, Kawashima, Banks, NTT's Kawashima Organizations: Getty, Microsoft, Google, Intel, Sony, IOWN, photonics, NTT, Ericsson, Nokia, SK Hynix, CNBC, IOWN Global, NTT Corporation, Mitsubishi, Netflix, Amazon, 5G

☆ Larry Ellison is $19 billion richer after Oracle shares rally the most since 2021
▼ + stars: | 2024-06-12 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Larry Ellison, chairman and co-founder of Oracle Corp., speaks during the Oracle OpenWorld 2017 conference in San Francisco on Oct. 1, 2017. Oracle Chairman Larry Ellison is almost $19 billion richer after the software maker he founded in 1977 forecast double-digit revenue growth for the fiscal year, lifting the stock to its sharpest rally since 2021. Ellison owns about 1.15 billion Oracle shares, equal to around 42% of the company's outstanding stock. Oracle shares soared 13% on Wednesday to a record $140.38, their best day since Dec. 10, 2021. Oracle said its database will become available on Google's public cloud and that OpenAI will be able to use Microsoft's cloud-based AI tools atop Oracle's cloud infrastructure.

Persons: Larry Ellison, Ellison, Mark Zuckerberg, Bernstein, Elon Musk, Skydance, David Ellison Organizations: Oracle Corp, Oracle, Forbes, Bank of America, Barclays, JPMorgan, UBS, Street Journal, Indian Wells Tennis Garden, Tesla, Paramount Global Locations: San Francisco, California , Florida, Lanai, California

☆ Forget Nvidia. Here are 5 undervalued tech stocks every investor should own, Goldman Sachs says
▼ + stars: | 2024-05-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Goldman Sachs said this week that there are plenty of cheap tech stocks to buy coming out of earnings. The information technology sector has reported a year-over-year earnings growth rate of 23.2%, according to John Butters, senior earnings analyst at FactSet. CNBC Pro combed through Goldman Sachs' research to find the most underappreciated buy-rated tech stocks. "Second, ANET has growing confidence in its AI position and its > $750 mn AI revenue target for 2025," he added. Second, ANET has growing confidence in its AI position and its > $750 mn AI revenue target for 2025.

Persons: Goldman Sachs, John Butters, Goldman, Noah Poponak, Poponak, Kash Rangan, Rangan, Michael Ng, Arista's, Ng, ANET Organizations: FactSet, CNBC, Microsoft, Teledyne Technologies, Arista Networks, Arista, TAM, Cloud Titans, Cloud Locations: 2H24

☆ How Google Cloud is helping quants like Two Sigma work around the shortage of Nvidia's prized AI chips
▼ + stars: | 2024-05-03 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

Google Cloud, one of the fund's cloud providers, developed new technologies that drew a full room of spectators at Google Cloud Next. When Google Cloud clients request GPUs through DWS, the platform requires clients to specify the region, the machine type and count of machines, and runtime duration. Knowing how many resources a given client needs allows Google Cloud to provision capacity more granularly, which "unlocks additional capacity," Mateo said. As a cloud provider for many financial firms, Google Cloud benefits from helping its clients run these models because many research platforms are hosted on Google's public cloud. In addition to Two Sigma, Citadel Securities has its research platform on Google Cloud.

Persons: Alex Hays, Hays, Sigma's Hays, Mateo, Dax, They'd, it's, Cook Organizations: Sigma, Google, Wall Street, Nvidia, prioritizes, Citadel Securities Locations: Las Vegas, Cook

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