Oracle’s (ORCL) shares fell on Friday afternoon, even as the enterprise software giant announced its new partnership with non-profit consortium, the Cancer Center Informatics Society (Ci4CC), to advance artificial intelligence in cancer treatment and research.
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Over the last five days, Oracle’s shares have plunged nearly 16%, mimicking the sell-off being experienced by tech titans such as Meta (META), as investors grow weary of aggressive capital spending on AI infrastructure by Big Tech companies.
Oracle Joins Forces with Ci4CC
The new partnership brings together Ci4CC and Oracle’s health division, Oracle Health and Life Sciences. As part of the arrangement, both organizations will team up to design an AI-powered electronic health record tailored specifically for cancer care.
In addition, they will collaborate on developing clinical trials enhanced by AI for cancer treatments, while also working together to combine patient health records with genetic information to create medical treatments tailored for individual patients.
The partnership will rely on Oracle’s AI-powered technology and real-world data from Ci4CC, which connects cancer centers and researchers across the U.S.
“Cancer remains a leading cause of death worldwide, but AI and data science have become powerful allies in the fight,” noted Seema Verma, Oracle Health and Life Sciences’ executive vice president.
Oracle Positions for the AI Race
The partnership comes as Oracle continues to strengthen its position in the race towards extending the frontiers of artificial intelligence innovation. In recent months, the American software giant has signed AI deals with tech majors such as OpenAI (PC:OPAIQ), xAI (PC:XAIIQ), Nvidia (NVDA), and Advanced Micro Devices (AMD).
Furthermore, the Texas-based corporation is working in partnership with Nvidia and the U.S. Department of Energy to build the agency’s latest AI supercomputer for scientific discovery. Oracle is also preparing to release Digital Assets Data Nexus, a platform powered by its blockchain and artificial intelligence-enhanced database system. The platform is designed to enable banks and financial institutions to more easily launch digital asset products.
Is ORCL Stock a Good Investment?
Turning to Wall Street, Oracle’s shares currently hold a Moderate Buy consensus rating, according to TipRanks. This is based on 25 Buys, 10 Holds, and one Sell issued by 36 analysts over the past three months.
At $354.13, the average ORCL price target indicates more than a 51% upswing from the current trading level.
