Oracle Shares Surge 6% on TikTok Venture News

Oracle Corporation's shares surged more than 6 percent in premarket trading Thursday, reaching around $190, following reports that the company would lead a new U.S. joint venture with TikTok. The agreement, aimed at addressing data security concerns, positions Oracle as the primary cloud infrastructure and data security provider for retraining and operating TikTok's AI recommendation systems on U.S.-based data. This development came after a turbulent period for the cloud computing giant, marked by a key partnership fallout and significant stock declines.

The positive momentum followed a sharp downturn earlier in the week. On Wednesday, Oracle's stock fell 5.4 percent amid news that Blue Owl Capital, a major financial backer for its data center projects, had withdrawn from a planned $10 billion investment in a 1-gigawatt facility in Saline Township, Michigan, near Ann Arbor. According to the Financial Times, negotiations stalled over unfavorable debt terms. Blue Owl had been in advanced discussions with Oracle and lenders but ultimately decided against proceeding. The Michigan project is part of Oracle's broader push to expand cloud capacity for AI workloads, including support...