Oracle Corporation (NYSE:ORCL) is included among the 15 Best Blue-Chip Stocks with Growing Dividends.
Oracle Corporation (NYSE:ORCL) pushed back on December 12 against a report claiming it would finish building data centers for OpenAI in 2028 rather than 2027. The report, published by Bloomberg, said the delay was tied to labor and materials shortages and cited unnamed sources.
The market did not take the news lightly. Oracle shares fell more than 4% on Friday, December 12, following the report.
RBC Capital responded by reiterating its Sector Perform rating and $250 price target on Oracle Corporation (NYSE:ORCL). The firm noted that the company denied the Bloomberg claims in comments to Reuters and said RBC had confirmed that position directly with management. According to the analyst, Oracle said it remains aligned with OpenAI and confident in its ability to meet both existing contractual obligations and longer-term expansion plans.
An Oracle spokesperson said in an email to CNBC.
“Site selection and delivery timelines were established in close coordination with OpenAI following execution of the agreement and were jointly agreed upon. There have been no delays to any sites required to meet our contractual commitments, and all milestones remain on track.”
An Oracle spokesperson did not offer a specific timeline for when additional cloud infrastructure for OpenAI would be brought online. The issue comes into sharper focus given the scale of the relationship. In September, OpenAI disclosed a partnership with Oracle valued at more than $300 billion over the next five years.
Oracle Corporation (NYSE:ORCL) is a major provider of enterprise software, database technology, and cloud computing services, with large-scale customers playing an increasingly central role in its growth story.
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