The U.S. future is holding near its highs as markets set to digest the CPI report. Nasdaq (QQQ) led the indices higher despite Oracle (ORCL) tumbling, down by 9.67%.
Oracle posted revenue growing by 5.4% Y/Y to $12.94 billion. All of its units reported growth, including Cloud, Cloud Infrastructure, Applications, ERP, and NetSuite Cloud. Investors expected stronger revenue. A mention of AI failed to help the stock. CEO Safra Catz said, "Demand for our Cloud Infrastructure and Generative AI services is increasing at an astronomical rate.”
In tech, Alphabet (GOOG) barely moved after an Epic court loss. Epic Games, best known for its game Fortnite, won its antitrust case against Alphabet’s Google. The jury found that the Google Play app store is operating as an illegal monopoly. GOOG stock is down 0.94% in pre-market trade.
Warren Buffet’s Berkshire Hathaway (BRK.A) cut its HP (HPQ) holding in half. It now holds 5.2%, or 51.5 million shares worth nearly $1.6 billion. PC demand weakened considerably after customers upgraded during the pandemic. The desktop refresh cycle approaches in the next 1-2 years. HPQ and DELL stock are already up ~13% and ~70%, respectively. The PC makers and their suppliers trade at fair value.
