Oracle (ORCL) Stock Pops 6% Even After Losing a $7 Billion Tencent Deal

TLDR Oracle (ORCL) stock was up 5.85% on Wednesday after the FT reported a canceled Tencent deal. The $7 billion, five-year lease covered up to 100,000 advanced AI chips. U.S. officials raised concerns, and Beijing asked Tencent to seek domestic chips. Oracle opened at $126.14, far below its 52-week high of $255.28. Oracle priced a $20 billion stock and notes raise, and Stephens upgraded it to Overweight. Oracle (ORCL) stock was up 5.85% on Wednesday, even with news that a big China deal is off. The stock opened the day at $126.14. Oracle Corporation, ORCL The Financial Times reported that Oracle canceled a $7 billion chip leasing deal with Tencent. It cited two people familiar with the matter. The five-year lease was signed earlier this year.

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