Oracle, which provides cloud services for TikTok, took Trump’s go-ahead to heart. It’s kept TikTok operational since the app briefly went offline over the weekend. Apple and Alphabet Inc.’s Google, however, which removed the app from their respective app stores to comply with the Jan. 19 ban, have held off on relisting TikTok.
On Tuesday, Trump said that ChatGPT creator OpenAI, SoftBank , Oracle and others will pour up to $500 billion in private capital into a joint venture called Stargate, which he said will build data centers and create more than 100,000 jobs in the United States. One goal of the project, said Trump, is to keep the U.S. ahead of China in the global race for supremacy in artificial intelligence.
TikTok US ban: In 2024, President Biden authorized a law mandating TikTok's ban unless its Chinese parent, ByteDance, sells it. The law, driven by privacy and security concerns, gives the social media platform until January 19, 2025, to comply. President - elect Trump, who initially opposed TikTok, later voiced support for the app.
The US Supreme Court will hear arguments from TikTok and ByteDance seeking to block a law signed by Joe Biden, which would ban TikTok on January 19 unless divested from ByteDance. The ban would prevent downloads and updates, impacting 170 million US users and raising concerns for content creators and employees.
On Sunday, Trump had displayed his support for the app just days after meeting with TikTok chief executive officer Shou Zi Chew in Florida. He partly opposes the banning of the social media platform, because he believes that it would benefit Meta, the Mark Zuckerberg-led company behind Instagram and Facebook.
India will play a major role in Oracle’s artificial intelligence infusion journey, chief executive Safra Catz told ET’s Surabhi Agarwal in a virtual interview. Catz, 62, said the country’s rising global profile comes as no surprise given its level of talent and democratic values. However, doing business in India is still challenging sometimes and needs some more simplification, she said. Oracle has seen a resurgence of sorts in the past month with its stock rising almost 20 per cent in September and about 60 per cent year-to-date, after it unveiled a new AI push.
The Texas-based company's push into the cloud computing market is showing promising results and it has started narrowing the gap with market leaders Microsoft and Amazon Web Services. The company also announced a partnership with AWS, Oracle Database@AWS, that allows customers to access Oracle Autonomous Database and Oracle Exadata Database Service within AWS and the general availability of Oracle Database@Google Cloud.
Alphabet beat second-quarter revenue and profit estimates on Tuesday, driven by a rise in digital advertising sales and healthy demand for its cloud computing services, but flagged that capital expenses would remain high for the year. Alphabet's results underscore robust demand for digital ads, driven by events like the Paris Olympics and elections in several countries including the U.S., while a recovery in enterprise spending is boosting its software business.
This will be Oracle's third cloud region in Madrid and the company will partner with Telefonica Espana for the project. The first cloud region was opened in 2022. The investment will be used to set up a new cloud region that will allow customers to move workloads from their data centers to Oracle Cloud Infrastructure, while also helping them address regulations like the European Union's Digital Operational Resilience Act (DORA) and the European Outsourcing Guidelines.
National Amusements ends talks on Paramount-Skydance merger, citing inability to reach terms. Concerns over Paramount's future due to debt and declining TV business. Skydance, led by David Ellison, has produced hits for Paramount like 'Top Gun: Maverick' and 'Mission Impossible' series.
Oracle has been ramping up its cloud infrastructure unit, which is expected to drive growth by renting out cloud computing and storage to companies, but will face competition from Alphabet's Google, Microsoft and Amazon.com .
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