Business · CNBC Technology
Oracle surges for a second day, Bloom Energy climbs 22% on AI data center power agreement
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Oracle 's stock jumped more than 4% on Tuesday as software shares rebounded for a second session and the company broadened its capacity deal with Bloom Energy.
Key facts
- Oracle expanded its capacity partnership with Bloom Energy on Monday, days after receiving a warrant to purchase $400 million of the fuel cell power company's stock
- The software giant has already raised over $100 billion in debt to support data center scaling, a massive AI buildout, and is a key technology partner in the Stargate project
- Oracle 's stock jumped more than 4% on Tuesday as software shares rebounded for a second session and the company broadened its capacity deal with Bloom Energy
- The rally built on Monday's broad bounce in software stocks, which boosted Oracle nearly 13%
Summary
The rally built on Monday's broad bounce in software stocks, which boosted Oracle nearly 13%. Over the last few months, software stocks have tumbled as concerns mount that new artificial intelligence tools will upend their business models. Oracle expanded its capacity partnership with Bloom Energy on Monday, days after receiving a warrant to purchase $400 million of the fuel cell power company's stock. As part of the deal, Oracle expects to procure up to 2.8 gigawatts of Bloom's systems as it races to feed skyrocketing data center energy demand.