Oracle Boosts Annual Revenue Forecast Amid Strong Cloud Demand, Shares Surge

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Oracle raised its annual revenue growth forecast on Wednesday, driven by strong demand for its cloud services, particularly as businesses ramp up AI deployments. The company now expects fiscal 2026 revenue to reach at least $67 billion, up from its previous projection.

CEO Safra Catz revealed on a post-earnings call that Oracle anticipates its total cloud growth — including applications and infrastructure — to jump from 24% in fiscal 2025 to over 40% in fiscal 2026.

Oracle’s growth momentum is mainly fueled by its Oracle Cloud Infrastructure (OCI) platform and its support for AI workloads. Industry experts note that Oracle’s multi-cloud strategy and deep integration with enterprise applications have made OCI a critical component for many customers’ data needs.

Rebecca Wettemann, CEO of analyst firm Valoir, highlighted Oracle’s ability to embed generative AI capabilities into its cloud application suite without additional costs as a key factor reducing adoption barriers and encouraging experimentation.

For the quarter ending May 31, Oracle reported revenue of $15.90 billion, surpassing analysts’ expectations of $15.59 billion. The cloud services and license support segment, Oracle’s largest, posted $11.70 billion in revenue, up 14% year-over-year.

Adjusted earnings per share were $1.70, beating estimates of $1.64.

Nintendo Switch 2 Sets Record as Fastest-Selling Console in Company History

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Nintendo announced on Wednesday that its recently launched Switch 2 console sold over 3.5 million units within the first four days, marking the fastest sales start for any Nintendo gaming device to date. The launch took place on June 5.

The Kyoto-based gaming giant projects that Switch 2 sales will reach 15 million units by the end of the current financial year in March 2026, reflecting strong global demand.

Doug Bowser, President and COO of Nintendo of America, highlighted the enthusiasm from fans worldwide, praising the Switch 2 as an enhanced gaming experience that works seamlessly both at home and on the go.

Since its debut in 2017, the original Nintendo Switch has sold 152 million units, supported by blockbuster games like “The Legend of Zelda” series and the viral success “Animal Crossing: New Horizons” during the COVID-19 pandemic.

The Switch 2 offers a more powerful performance, featuring a larger screen and upgraded graphics while maintaining many design elements familiar to Switch users. It launched alongside popular titles such as “Mario Kart World,” fueling the early sales surge.

Google Names DeepMind CTO Koray Kavukcuoglu as Chief AI Architect to Lead AI-Powered Product Development

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Alphabet’s Google has appointed Koray Kavukcuoglu, the chief technology officer of its DeepMind AI lab, as its new chief AI architect and senior vice president, according to an internal memo from CEO Sundar Pichai. Kavukcuoglu will relocate from London to California and report directly to Pichai, while continuing his role as DeepMind CTO under CEO Demis Hassabis.

In this expanded leadership position, Kavukcuoglu will drive faster integration and iteration of Google’s cutting-edge AI models into its wide array of products, aiming to increase efficiency and seamless adoption as generative AI gains mainstream traction.

The move comes as Alphabet faces mounting pressure to justify its projected $75 billion AI investment this year by translating breakthroughs into tangible financial returns. Google must balance these efforts with maintaining profitability amid competition from rival AI developers and heightened antitrust scrutiny.

Google recently unveiled an AI subscription service priced at $249.99 per month targeting power users, alongside demonstrations of new AI-enhanced products like smart glasses during its May I/O conference. CEO Pichai emphasized that the ongoing generative AI expansion complements rather than replaces traditional online search.

Additionally, Google has formed a notable partnership with OpenAI — one of its biggest AI competitors — by agreeing to supply cloud computing resources to OpenAI’s operations, highlighting the evolving dynamics in the AI sector where collaboration and competition coexist.

This strategic leadership appointment signals Google’s intent to accelerate the transition into a new phase of AI platform development and adoption.