DIRS.INFO The most relevant business & tech news

Rubrik, a data-management software company backed by Microsoft , priced its IPO at $32 a share, according to a person familiar with the matter. Rubrik raised $752 million through the initial public offering, valuing the company at $5.6 billion. Rubrik now gets 91% of its revenue from subscriptions, up from 59% two years ago. Revenue increased less than 5% in the fiscal year that ended on Jan. 31, but annual recurring revenue from subscriptions jumped 47%. "Our key top-line metric is subscription ARR," Rubrik finance chief Kiran Choudary said in a videotaped presentation for the company's IPO roadshow.

Persons: Rubrik, Reddit, Kiran Choudary, Bipul Sinha, Sinha Organizations: Microsoft, New York Stock, Nasdaq, Astera Labs, Barclays, Carhartt, Venture Locations: U.S, Rubrik

☆ IBM to acquire HashiCorp in $6.4 billion deal, reports another revenue miss
▼ + stars: | 2024-04-24 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

On Tuesday, The Wall Street Journal reported that IBM was getting close to acquiring HashiCorp, sending shares upward. In 2021 HashiCorp shares started trading on the Nasdaq. HashiCorp shares moved 4% higher in extended trading following the acquisition announcement. Revenue from software, at $5.90 billion, increased about 6% and was below the $5.96 billion consensus among analysts surveyed by StreetAccount. Notwithstanding the after-hours move, IBM shares are up about 13% so far this year, outperforming the S&P 500 index, which is up 6% over the same period.

Persons: Arvind Krishna, Dave McJannet, Rob Thomas, IBM's, HashiCorp Organizations: Economic, IBM, HashiCorp, Street Journal, Bloomberg, Linux, Nasdaq, LSEG, StreetAccount, Weather Company, Francisco Partners Locations: Davos, Switzerland

☆ HashiCorp shares spike on report that IBM is in talks to buy the cloud software maker
▼ + stars: | 2024-04-23 | by ( Jordan Novet | ) www.cnbc.com time to read: +1 min

HashiCorp shares jumped as much as 26% on Tuesday following a media report claiming IBM was in talks to acquire the cloud software maker. Citing unnamed sources, The Wall Street Journal said a deal could materialize in the next few days. Cisco held early acquisition talks with HashiCorp, according to a 2019 report. IBM shares slipped after publication of the Wall Street Journal article but quickly recovered. Read the full Wall Street Journal report here.

Persons: HashiCorp, Mitchell Hashimoto Organizations: IBM, Microsoft, Street, CNBC, Nasdaq, Revenue, Cisco, HashiCorp, Wall

☆ 3 reasons organizations should bring AI to their data
▼ + stars: | 2024-04-16 | by ( Sponsor Post | ) www.businessinsider.com time to read: +5 min

The public cloud model has been a boon for organizations in terms of flexibility and scalability, and many organizations might think running AI workloads in the public cloud would be a logical choice. Organizations are beginning to see real advantages when they shift AI models closer to where the data originates for processing. Here are three reasons organizations should bring AI to their data. When both your AI model and data reside securely within your environment, you are in complete control, and better able to safeguard against unauthorized access and leaks. Gain cost efficienciesOperating AI technologies in your own environment can also help curb the potential for burgeoning costs associated with public cloud services.

Organizations: Gartner, Dell Technologies, Insider Studios

☆ Blackstone hires Walmart AI whiz to supercharge its portfolio companies
▼ + stars: | 2024-04-15 | by ( Bianca Chan | ) www.businessinsider.com time to read: +4 min

Private equity is ramping up its AI hiring efforts, with Blackstone snagging a key executive to oversee how AI will be applied at its some 230 portfolio companies. Mehrotra will lead Applied AI within Blackstone's data science team, Matthew Katz, Blackstone's global head of data science, told Business Insider in a written statement. Mehrotra comes to Wall Street from Walmart, where he led applied AI efforts at the retailer and managed a team of more than 400 data scientists. Related storyWhile at Walmart, Mehrotra was the vice president of applied AI, leading a team responsible for how AI was mixed into merchandising, including assortment, pricing, and inventory management. AdvertisementLike its peers, Blackstone is eager to take advantage of AI, which stands to shake up businesses across virtually all industries.

Persons: Blackstone, Prakhar Mehrotra, Mehrotra, Matthew Katz, Blackstone's, Franz Edelman, Katz, Deepali Vyas, Zac Maufe, Manoj Mahenthiran, Thomas H, Lee Organizations: Service, Walmart, Twitter, CalTech, Blackstone, Blackstone . Data Locations: Boston, Blackstone

☆ Inside Andy Jassy's plan for Amazon in the generative AI era
▼ + stars: | 2024-04-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. By the way, we're wrapping up voting for the championship matchup in our business, tech, and innovation bracket. In today's big story, we're looking at Amazon CEO Andy Jassy's letter to shareholders, which details the tech giant's plan in the age of generative AI . What's on deck:AdvertisementBut first, Amazon, AI, and a letter. The big storyAmazon in the AI ageMichael M. Santiago/Getty Images; Chelsea Jia Feng/BIThe generative AI revolution is coming, and Amazon wants in on the ground floor.

Persons: —, We've, Andy Jassy's, Michael M, Chelsea Jia Feng, Andy Jassy, Ana Altchek, Jassy, that's, Andy Jassy Mike Blake, Eugene Kim, Jassy's, Phillip Faraone, Gregor Fischer, Noam Galai, Here's, it's, Morgan Stanley, Ben Bergman, Rebecca Zisser, Adam Neumann, Neumann, Samantha Lee, Bon Appétit, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Amazon, Getty, AWS, Bridgewater Associates, Pfizer, Reuters, Prime, TechCrunch, Games, New York Times, Visual China, BI, JPMorgan Chase, Citigroup, Coachella Locations: Wells Fargo, New York, London

☆ Private equity firms are 'clamoring' to hire AI executives with some offering pay packages of up to $2 million
▼ + stars: | 2024-04-11 | by ( Bianca Chan | ) www.businessinsider.com time to read: +3 min

PE firms are eager to hire leaders with AI and machine-learning experience. She is now engaged in more than 10 more assignments for similar hires among middle-market and large PE firms. PE firms have more recently started to embrace cloud and AI technology and see it as a business differentiator. Unlike other Wall Street firms that invest billions in their own tech stacks, PE firms are upgrading their portfolio companies' technology. It's not just at the leadership level where PE firms are looking for this kind of talent.

Persons: Deepali Vyas, Vyas, It's, Thomas H Organizations: Service, Business, Blackstone, JPMorgan, Artificial Intelligence Management, Lee Partners Locations: Boston, Swedish

☆ Microsoft will unveil new Windows and cloud AI features in May
▼ + stars: | 2024-04-10 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Microsoft has reported significant revenue growth from clients running AI models in its Azure public cloud, and the company wants to keep the trend going by rolling out new AI features for developers. The new head of Microsoft AI, Mustafa Suleyman, will take the stage alongside CEO Satya Nadella and other longtime executives during the show's opening keynote in Seattle. Suleyman — a cofounder of DeepMind, the AI startup that Google acquired in 2014 — joined Microsoft last month from startup Inflection AI. The software maker will also talk about new AI features "that allow users deeper interaction with their digital lives on Windows," according to one session description. At Build, Microsoft plans to discuss how Windows apps will be able to tap Arm-based neural processing engines, or NPUs, for AI.

Persons: Mustafa Suleyman, Nadella, Satya Nadella, Suleyman —, —, Dan Ives Organizations: Ltd, Economic, Microsoft, Microsoft's, DeepMind, Google, Windows, Intel Locations: Davos, Switzerland, Seattle

☆ 3 keys to curbing data security risks when adopting generative AI
▼ + stars: | 2024-04-03 | by ( Sponsor Post | ) www.businessinsider.com time to read: +5 min

Generative AI is poised to boost annual profits by $2.6 to $4.4 trillion, according to consulting firm McKinsey & Company. As is the case with any nascent technology, generative AI services come with their fair share of risks and uncertainties, but running generative AI solutions in your data center may result in more flexibility and control over data. Fast Facts: Generative AI is poised to boost annual profits by $2.6 to $4.4 trillion45% of IT decision-makers cited risks to data and IP as the top reason they are hesitant about embracing generative AI. of IT decision-makers cited risks to data and IP as the top reason they are hesitant about embracing generative AI. Weigh generative AI's many risksControl is critical at a time when concerns about managing generative AI technologies loom large.

Persons: LLMs, Dell Organizations: McKinsey & Company, Dell Technologies, Dell, Insider Studios Locations: GenAI

☆ See the pitch deck the ex-CEO of Symphony used to raise $13 million for Hive, a cloud startup taking on tech giants like Amazon and Microsoft
▼ + stars: | 2024-04-03 | by ( Bianca Chan | ) www.businessinsider.com time to read: +4 min

Like many other enterprise companies, Symphony was locked into its cloud providers as its tech stack became increasingly entwined with and dependent on the cloud companies' tools and software. Some of that computing power and storage comes from the major cloud providers themselves, by way of consumer devices, but they can also come from a company's own private cloud, Gurle said. On Wall Street, tech execs constantly look for new ways to keep cloud costs in check. This is reaching new heights thanks to the AI craze, with the construction of data centers wreaking havoc on rural communities. Here's the pitch deck Hive used to raise $13 million.

Persons: David Gurle, Gurle Organizations: Service, Symphony, Wall Street, Amazon Web Services, Google, Business, Oracle Labs, University of California, Hive, SC Ventures, Chartered, French Locations: University of California Berkeley, America

☆ Here's the state of the AI trade after a great first-quarter run for many of our portfolio stocks
▼ + stars: | 2024-04-01 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

As the second quarter begins, we're taking stock of the AI trade. Microsoft leads There's no denying Microsoft's execution, which paved the way for generative AI to go mainstream and the company to then make money from the emerging technology. Alphabet may have messed up by letting Microsoft leap ahead on generative AI, but the company has years of experience in artificial intelligence research. That alone should tell you just how big these companies are betting that generative AI will indeed be transformative — on par with smartphones or the internet itself. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jefferies, There's, OpenAI's ChatGPT, Siri can't, Claude, Claude 3, That's, Meta, Jim Cramer's, Jim Cramer, Jim, Peter Dasilva Organizations: Microsoft, Jefferies, Google, Apple, Developers Conference, Amazon, CNBC, Olympus, Facebook Locations: Siri, U.S, Meta, Mountain View , California

☆ HashiCorp shares jump on report that company is considering a sale
▼ + stars: | 2024-03-15 | by ( Jordan Novet | ) www.cnbc.com time to read: +1 min

HashiCorp shares jumped 12% in extended trading on Friday after Bloomberg reported the software developer was considering a sale. The company has engaged an outside firm to explore interest from potential buyers, Bloomberg said, citing unnamed sources. As of Friday's close, HashiCorp was trading at $26.50, or 67% below its initial public offering price. Mitchell Hashimoto, a co-founder and former technology chief of HashiCorp, said in December that he was leaving the company. WATCH: HashiCorp CEO McJannet talks enterprise software

Persons: didn't, HashiCorp, David McJannet, Mitchell Hashimoto, Read, McJannet Organizations: Bloomberg, Nasdaq

☆ Salesforce's behind-the-scenes co-founder is tackling Slack as software company turns 25
▼ + stars: | 2024-03-09 | by ( Jordan Novet | ) www.cnbc.com time to read: +16 min

"The V2MOM had nothing about generative AI," Parker Harris, who co-founded the company with Benioff, told CNBC in an interview. Harris, a Salesforce board member and now the technology chief of Slack, which Salesforce bought in 2021, said he'd rather avoid the limelight. Without the Data Cloud, Harris told CNBC, "I think we would have been in a much worse place." He told Benioff he'd redo the plan, the person said. They'll be talking more frequently, as Harris said they're about to kick off weekly meetings on Slack and Salesforce integrations.

Persons: Parker Harris, Marlena Sloss, Marc Benioff, ChatGPT, Benioff, Salesforce, Harris, Slack, he'd, Sam Altman, Noah Berger, Robin, Batman, Frank Dominguez, Dave Moellenhoff, Bobby Yazdani, Larry Ellison, Yazdani, Dominguez, Brett Queener, who's, Queener, Salesforce.com, He's, Ruth Asawa, Josef Albers, Miles Davis, Donald Trump, Jason Alden, Marc, Kara Swisher, David Paul Morris, Adam Selipsky, it's, Stewart Butterfield, Lidiane Jones, Cal Henderson, Benioff's, Parker, Noah Weiss, Denise Dresser, Weiss, Parker Harris emoji, They'll, Salesforce integrations, Stefan Slowinski Organizations: Salesforce, Bloomberg, Getty, CNBC, Google, Microsoft, Middlebury College, Apple, San, San Francisco Bay Area, Metropolis Software, Software, Saba Software, Oracle, San Francisco's Telegraph, YouTube, Facebook, Economic, Salesforce.com Inc, Web, VMware, Employees Locations: San Francisco, Silicon Valley, English, Vermont, North Carolina, San Francisco Bay, Moellenhoff, Kincaid's, Burlingame, San Francisco's, Salesforce, France, Italy, Nantucket, San, Pacific, Davos, Switzerland, Cliff, New York, Las Vegas, Hawaii

☆ Alibaba Cloud slashes prices by as much as 55% to fuel AI growth in China
▼ + stars: | 2024-02-29 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Alibaba 's cloud business on Thursday said it is cutting prices on a wide range of core cloud products by as much as 55%, in a bid to fuel AI growth in China. The move aims to make "cloud capabilities more inclusive and accessible in the era of AI," Alibaba Cloud said. "As the biggest cloud service provider in China and APAC, we see tremendous growth prospect of China's digital market," said Liu Weiguang, president of public cloud business at Alibaba Cloud Intelligence. "One is using cloud to support generative AI initiatives. With its massive calls on compute, storage, and networking, generative AI needs cloud to scale.

Persons: Alibaba, Liu Weiguang, Liu, OpenAI Organizations: Alibaba, Holding, Smart, Alibaba Cloud Intelligence, McKinsey Locations: Chongqing, China

☆ Jefferies says buy this under-the-radar software stock with ties to Nvidia and nearly 20% upside
▼ + stars: | 2024-02-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Investors looking for ways to play the artificial intelligence frenzy may want to take a look at this little-known communications software stock doing business with Nvidia . Jefferies analyst George Notter reiterated his buy rating on Amdocs , citing the company's key advantages within the artificial intelligence space. "There's a ton of opportunity to shift customers to Cloud," he wrote in a recent note. "The company also has a strong runway ahead in their AI opportunity, especially with their new Nvidia deal. Critical to the company's AI strategy is its recent partnership with Nvidia to customize large language models utilizing the chipmaker's AI foundry service, Notter said.

Persons: George Notter, Notter, Jefferies Organizations: Nvidia, Jefferies

☆ Alibaba bets on overseas e-commerce unit amid sluggish growth in China
▼ + stars: | 2024-02-20 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +5 min

Costfoto | Nurphoto | Getty ImagesChinese tech giant Alibaba Group is betting on its overseas businesses while domestic consumption growth remains sluggish. James Dong, CEO of Southeast Asian e-commerce giant Lazada Group, was named as Daraz's acting CEO. Dong took over as Lazada Group CEO from Chun Li in June 2022, after running the company's Thailand and Vietnam operations. Intense competitionThe e-commerce business that once propelled Alibaba to success has run into challenges with upstart competitors such as PDD, while consumption growth in China remains sluggish. Alibaba posted 9% year-on-year revenue growth in the third quarter to about $31 billion.

Persons: Eddie Wu, Yinglan Tan, AliExpress, Bjarke Mikkelsen, Jan, James Dong, Lazada, Tan, Alibaba, Zhang, Dong, Chun Li, Li, Pierre, Lucy Peng, PDD Organizations: Nurphoto, Getty, Digital Commerce, Tmall, Tmall Group, Alibaba, Ventures, Lazada, CNBC, Ventures Partners, Alibaba Group, PDD Holdings, Hong Kong, HK Locations: Huangpu District, Shanghai, Taobao, monetization, Alibaba, Pakistan, Asia, China, Thailand, Vietnam, Hong Kong

— Alex Harring 6:46 a.m.: HSBC sees Snowflake pulling back after rally Snowflake's good news has already been priced in with a recent rally, according to HSBC. Analyst Sara Russo upped her price target by $26 to $72, now implying a smaller downside of 43%. — Alex Harring 6:05 a.m.: Macquarie moves to sidelines on Sony There's reasons for pause on Sony , Macquarie warned. Still, the analyst noted the "many" risks to the stock price, including valuation and if the ETFs become a competitor to Coinbase itself. The bank initiated coverage of the medical technology stock with a buy rating and a price target of $100 per share.

Persons: Ulta, Oppenheimer, Rupesh, Parikh, Alex Harring, Snowflake, Stephen Bersey, Bersey, Bernstein, Sara Russo, Russo, — Alex Harring, Skechers, Jesalyn Wong, Wong, Macquarie, Damian Thong, Thong, deconsolidation, Colin Isaac, Eastman, Isaac, EBITDA, Piper Sandler, Harsh Kumar, Kumar, Kenneth Worthington, Worthington, Sezgi Oezener, Taha Kass, Oezener, Fred Imbert Organizations: CNBC, JPMorgan, HSBC, GE Healthcare, ISI, Distributors, Sony, Macquarie, U.S, Eastman, Eastman Chemical, Nvidia, GE Healthcare HSBC, General Electric, Learning, Amazon, Science & Technology Locations: Wednesday's, Sony's U.S, premarket, Coinbase

☆ These stocks have upside heading into earnings ahead, Bank of America says
▼ + stars: | 2024-02-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

CNBC Pro combed through Bank of America research to find attractive stocks heading into earnings. Global Payments Analyst Jason Kupferberg is doubling down on shares of the payment processing company heading into earnings on Feb. 14 . "If executed well, we still think integrations between ESPN's media app and ESPN Bet could drive sustainable high-single-digit market share," he said. "We are Buy rated on PENN given stable regional gaming trends and upside opportunity from ESPN Bet," Kelley wrote. … While disappointing at face, turnarounds are never a straight line and we think investor expectations for PENN & ESPN Bet remain low.

Persons: it's, there's, Jason Kupferberg, Kupferberg, GPN, Tal Liani, Liani, Shaun Kelley, that's, Kelley, Penn Organizations: Nvidia, Bank of America, CNBC, Arista Networks, Penn Entertainment, Global, Arista, Microsoft, TAM, Penn, ESPN, ESPN Bet, PENN, SG, Enterprise, SAP, VMWare, Dell, Penn Ent, Interactive, … Locations: Bank, CY25, 2H24

☆ Electricity demand from data centers, AI and crypto could double in 2 years. How to play it
▼ + stars: | 2024-02-06 | by ( Pia Singh | ) www.cnbc.com time to read: +5 min

The firm pointed to recent data from the International Energy Agency, which forecasted that electricity consumption from data centers, artificial intelligence and the cryptocurrency sector could double by 2026. "The latest IEA electricity forecasts paint an even more alarming outlook for data center consumption," analyst Hiral Patel wrote in a Monday note. Barclays said it is looking at three investment areas that are a key part of the trend: data center operators, data center suppliers and data center grid infrastructure builders. After successfully using lithium-ion batteries at a Dublin data center , Microsoft wants to expand grid-interactive battery storage in other areas. That includes nine data centers in Ireland, which is a data center hotspot in Europe that's also under increased risk given its soaring electricity consumption, Barclays said.

Persons: Hiral Patel, Morgan Stanley's, Europe that's, Stifel Nicolaus, Eaton Organizations: Barclays, International Energy Agency, CNBC, Microsoft, Electricity, Constellation, Digital Realty Trust, Digital, European Union, Blackstone, Digital Realty, Devices, AMD, Tech Locations: Japan, U.S, Dublin, Ireland, Europe, European, Frankfurt, Paris, Virginia

Elsewhere, Bank of America raised its price target on Nvidia, calling for more than 25% upside. 7:07 a.m.: Deutsche Bank deals latest blow to regional bank after earnings disappoint Deutsche Bank joined the post-earnings dogpile on New York Community Bank . Analyst Bernard von-Gizycki downgraded the regional bank to hold from buy and slashed to price target to $7 from $15. Analyst Alicia Yap upgraded the consumer internet stock to buy from neutral and raised her price target by $6 to $50. — Alex Harring 5:45 a.m.: Bank of America hikes Nvidia price target Don't expect Nvidia to lose momentum anytime soon, according to Bank of America.

Persons: Goldman Sachs, Bernard von, Gizycki, — Alex Harring, There's, Alicia Yap, Sea's, Shopee, Alex Harring, what's, Tim Cook, Brandon Nispel, AAPL's, AAPL, Morgan Stanley, Erik Woodring, we're, Tim Long, Piper Sandler, Harsh Kumar, Meta, Ross Sandler, Benjamin Black, Mark Kelley, Bernstein, Mark Shmulik, LSEG, Rufus, Eric Sheridan, Brian Nowak, outsized, Brad Erickson, Vivek Arya, Fred Imbert Organizations: CNBC, Apple, Bank of America, Nvidia, Deutsche Bank, New York Community Bank, von, Investors, Traders, Citi, Nasdaq, Conference, Barclays, Vision, Meta, Wall Street, Amazon, RBC Capital, Enterprise, SAP, VMWare, Dell Locations: Wall, New, Thursday's, Friday's premarket, China, genAI, CY25

☆ Microsoft's $3 trillion market cap milestone is the latest in a string of wins for Big Tech's elder statesman
▼ + stars: | 2024-01-25 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Microsoft notching another big win by briefly reaching a $3 trillion valuation. It's an impressive run for a company often viewed as the least sexy in Big Tech. 3 things in marketsInstagram/grandmabetty33The stock market is looking gray, and that's a bad thing. A famed economist said you shouldn't confuse a booming stock market with a strong economy. Nobel economist Paul Krugman recently wrote about how consumers feel too optimistic about the economy due to the current stock market rally.

Persons: —, Ethan Miller, Phil Rosen, OpenAI, Ashley Stewart, Tim Matsui, Ashley, That's, it's, It'll, aren't, We're, Taylor, Paul Krugman, Patrick Pleul, Mark Zuckerberg, Marc Benioff chatted, Brad Barket, Jon Stewart, Stewart, Trevor Noah, Donald Trump, Jean Carroll's Organizations: Service, Microsoft, Apple, Amazon, Big, Rosenberg Research, AP Tesla, EV, Microsoft Windows, Walmart, Comedy Central, Bank of America, Intel, Visa, Southwest Airlines, Comcast Locations: Big Tech

☆ Deutsche Bank says these two cloud stocks are top picks for 2024, sees one rallying nearly 25%
▼ + stars: | 2024-01-19 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Technology stocks had a banner year in 2023, but Deutsche Bank thinks there could be even more upside ahead. Although these gains may seem hard to match, Deutsche Bank analyst Brad Zelnick and his team expect software stocks to outperform in the new year. In particular, the analyst listed buy-rated Salesforce and Oracle as his two top picks for 2024. Oracle stock has climbed 3.1% in 2024 , and shares popped 29% last year. ORCL YTD mountain ORCL YTD chart "We see the multiple recovering and the stock steadily making its way out of the penalty box in 2024," the analyst wrote.

Persons: Brad Zelnick, Zelnick, prem Organizations: Deutsche Bank, Software, Oracle Locations: Thursday's

☆ Oracle shares slide as revenue misses estimates
▼ + stars: | 2023-12-11 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Larry Ellison, co-founder and executive chairman of Oracle Corp., speaks during the Oracle OpenWorld conference in San Francisco on Oct. 22, 2018. Oracle shares dropped more than 9% in extended trading Monday after the software company reported fiscal second-quarter revenue and quarterly revenue guidance that fell short of Wall Street expectations. Analysts polled by LSEG had predicted $1.37 in adjusted earnings per share and $13.34 billion in revenue, which implies 7.6% revenue growth. "We did not bring up as much capacity as we could have used this past quarter," Oracle CEO Safra Catz said on the call. OCI is the Oracle Cloud Infrastructure, the company's answer to Microsoft Azure and the market-leading Amazon Web Services.

Persons: Larry Ellison, LSEG, Safra Catz, Oracle, Ellison, Edward Jones Organizations: Oracle Corp, Oracle, Elon, Halliburton, Samsung, Microsoft, Oracle Cloud Infrastructure, Amazon Web Services, Technik Locations: San Francisco, LSEG

☆ Exclusive: Google pushes for antitrust action against Microsoft in UK cloud market
▼ + stars: | 2023-11-30 | by ( Martin Coulter | ) www.reuters.com time to read: +4 min

In 2022, Amazon Web Services (AWS) and Microsoft's Azure had a combined 70-80% share of Britain's public cloud infrastructure services market, Ofcom said. Such practices directly harmed customers, and were the only significant barrier to competition in Britain’s cloud computing market, the company said. "A lot of our software and cloud services interoperate, and can run on AWS or on Azure as well, so you're not restricted," he said. "If you don't fix this, eventually you will have fewer cloud providers, and then innovation will not really happen, and investments will start shrinking." Asked why Amazon, which boasts a larger share of the cloud market than Microsoft, did not pose a similarly anticompetitive risk, Zavery said AWS consumers were not facing the same restrictions.

Persons: Arnd, Amit Zavery, Microsoft’s, Zavery, ”, Martin Coulter, Jeffrey Dastin, Kenneth Li Organizations: REUTERS, Microsoft, Reuters, European Union, CMA, Markets Authority, Ofcom, Amazon Web Services, Google, Google Cloud, Thomson Locations: Zurich, Switzerland, Britain, London, New York

☆ Snowflake sees product revenue above estimates on AI-driven demand
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 29 (Reuters) - Snowflake (SNOW.N) forecast quarterly product revenue above estimates on Wednesday, as increasing adoption of artificial intelligence boosted demand for its data cloud offerings. Snowflake expects product revenue for the fourth quarter to be in the range of $716 million to $721 million, which is above analysts' average estimate of $700.3 million, according to data from LSEG. For the third quarter, the company's revenue rose 32% to $734.2 million, above estimates of $713.1 million. Product revenue, which is derived from the consumption of compute, storage, and data transfer resources, was above estimates at $698.5 million for the quarter ended Oct. 31. The company also raised its product revenue forecast for 2024 to $2.65 billion from $2.60 billion.

Persons: Brendan McDermid, Frank Slootman, Arsheeya, Maju Samuel Organizations: Snowflake Inc, New York Stock Exchange, REUTERS, LSEG, Gartner, Thomson Locations: New York, U.S, Bozeman , Montana, Bengaluru

Search resuls for: "Public Cloud"

25 mentions found