Oracle stock jumps as US and China agree to preliminary TikTok deal
Oracle (ORCL) stock rose to 5% as the US and China reached a preliminary agreement during trade talks in Madrid on Tuesday.
Treasury Secretary Scott Bessent At a press conference on Monday, two countries They agreed on a framework for an agreement. Trump and Chinese President Xi Jinping will talk on Friday to “complete” the agreement.
Although it was not called a US Tiktok buyer, Oracle appeared as the best contestant to obtain the social media application. CBS News reported On Tuesday, Oracle will be among the consortium of a company that is part of the front US-China agreement to ensure that Tiktok continues operations.
By the way CNBC reported He said that the agreement of the two countries would allow Oracle to continue the current cloud agreement with Tiktok. Oracle’s servers are accustomed Keep Tiktok’s American user datapart of an initiative called Project TexasIt was started by Tiktok around 2022.
The shares in the technology company rose by 5% in pre -Sunday transactions on Monday, when Trump initially implies a Tiktok agreement on social media.
“The major trade meeting in Europe between the United States and China went very well!” Trump one post In fact, social. He continued: “Young people in our country want to save ‘certain’ company was reached in an agreement.”
Learn more about Oracle’s stock movements and today’s market action.
Tiktok confronts his property by the US ban unless he dismisses a US or US-muttefic country until 17 September, but Trump can extend the date date Again.
Policy reported In March, the White House was considering an agreement to run Tiktok from the software giant Oracle, but this agreement can leave some control Through the application, according to information.
Oracle did not respond to Yahoo Finance’s request for comments on Monday.
Oracle worked closely with the Trump administration in the USA of artificial intelligence development in the USA. The technology company’s chair Larry Ellison, Opaltai (SFTBY) CEO in Opal Office to declare a $ 500 billion named Stargate to build AI data centers in the United States in the United States, Masayoshi Son and Openai (OPAI.PVT) to Trump, Sam Altman and Trump. delay.
Oracle one leading contestant In order to buy Tiktok, other suitors stated that he was interested in buying a social media company from a group of investors managed by billionaires. Frank McCourt Jr.– Microsoft (MSFT), Youtuber Mr. Beast and Surprise AI.
Oracle Stock increased by 81% for the year. The shares of the technology firm rose after predicting that the company’s cloud income would rise to $ 144 billion by 2030 financial years – probably a 300 billion dollar agreement With Openai – Wall Street results cheering.
