Oracle hovers near $1 trillion valuation on AI-driven gains; shares down 2%

Oracle’s shares dipped slightly on Thursday, following a record-breaking surge in the previous session driven by strong gains in the company’s AI cloud business.

The enterprise software maker’s remarkable rise, fueled by a wave of multi-billion-dollar cloud deals, puts the spotlight on the scramble for computing power from companies that are pouring billions to become leaders in the AI race.