As previously reported, BofA upgraded Oracle (ORCL) to Buy from Neutral with a price target of $368, up from $295, following “exceptional” RPO and backlog growth in Q1. While visibility on ROI for growing capex is still limited, the outlook for OCI revenue alone suggests “a step function in demand” and it is clear that Oracle is capturing share in the large and rapidly growing market for AI infrastructure, the analyst tells investors. Oracle attracting the largest of the AI enterprises, including OpenAI, xAI, Meta (META), Nvidia (NVDA) and AMD (AMD) as visible reference customers should help position it to capture share of AI compute, the analyst added.
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