Sep 10 (Lagos) - Oracle Inc reported its quarterly earnings after the market close in New York yesterday and announced a backlog of more almost half a trillion Dollars, up by more than 300% backed by AI infrastructure spending in the cloud computing unit.
That sent its shares higher by almost 30% in after over night trading.
The Company added almost 200 billion US Dollars to its market cap after that result.
This is a blowout result by any means. It is huge win for software sector in the US and shows that AI is not slowing down and that it is actually accelerating. Oracle signed a partnership with Palantir technologies last year and it seems that is paying off big time in the AI space.
Back home in Lagos, the bulls managed to keep the market a bit higher yesterday as banking stocks were in focus all day with heavy volumes in
FCMB ,
GTCO and FIRSTHOLCO along with
ACCESSCORP and
ZENITHBANK as well.
The Oracle results are a sharp reminder to us in Nigeria of how far behind we are in the global tach race when just one Company added more value than many times the whole forex reserves of the biggest Country of Africa. Our leaders need to stop letting us down and playing football with the futures of the youth here.
In another positive news, US President has made an outreach to India's PM Modi calling him his dear friend and announced that trade deal was being worked upon. Modi also called Trump a good friend. This is after recent fallout in the relationship over tariffs but seems like Trump has salvaged the situation and things are looking good again for the two democracies.
In Europe, tensions rose after Poland said it shot down Russian drones that violated its territory. No update from Russia on this yet.
In the middle east, Israel carried out an operation in the Qatari capital where they targeted leadership of Hamas. Qatar called this a gross violation of International Law. US President Trump said that he was not thrilled about the strike in Qatar.
Back to New York where its at. Today will belong to Oracle - the future is mind-blowing. Congratulations to people who owned the stock - the party will not stop in New York today.