Reported about 6 hours ago
Oracle's stock rose by up to 5% following news of a preliminary deal between the US and China regarding TikTok during trade talks in Madrid. Treasury Secretary Scott Bessent announced that both countries have agreed on a framework for the deal, with President Trump and China's President Xi Jinping expected to finalize it soon. Oracle is viewed as a leading candidate to acquire TikTok, which has been under threat of a US ban unless it is sold to an American or allied entity. Oracle’s cloud services are crucial for TikTok's American operations, and despite the deal's uncertainties, investor confidence has led to an 81% increase in Oracle's stock this year.
Source: YAHOO