Oracle’s worst day in 21 years may be overdone

Still, some investors think the selloff is overdone.

"Wall street is missing something" said Mark Murphy, Rosecliff Founder & Managing Partner, during an interview on FOX Business’ Varney & Co. "Look at the cloud business that is the growth area" he added. To Murphy’s point, Oracle’s Chairman and Chief Technology Officer Larry Ellison, talked about new clients that are expected to bring in billions.

"Generative AI is changing everything. As of today, AI development companies have signed contracts to purchase more than $4 billion of AI training capacity in Oracle's Generation 2 Cloud. That's twice as much AI training as we had booked at the end of the last Q4" he said. Ellison added its Cerner Health business will be awarded two contracts worth $1 billion as well as a major deal with Warren Buffett.

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