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Oracle's Best Day Since 1992 Puts Ellison on Top of the World's Richest List

1 month 4 weeks ago
Oracle shares had their best day since 1992, skyrocketing 36% and adding $244 billion in market value as surging AI-driven cloud demand pushed the company toward a $1 trillion valuation. The surge boosted founder Larry Ellison's fortune by $100 billion, making him the new world's wealthiest person. CNBC reports: The company said Tuesday after the bell that it has $455 billion in remaining performance obligations, up 359% from a year earlier. "This is a very historic kind of print right here from Oracle with this backlog," Ben Reitzes, technology research head at Melius Research, told CNBC's "Closing Bell: Overtime" on Tuesday. "The Street was looking for about $180 billion in RPO and they're talking about a number that is a multiple of that. That is astounding." Oracle now sees $18 billion in cloud infrastructure revenue in fiscal 2026, with the company calling for the annual sum to reach $32 billion, $73 billion, $114 billion and $144 billion over the subsequent four years. Other analysts were left "blown away" and "in shock." D.A. Davidson's Gil Luria called it "absolutely staggering on CNBC's "Fast Money." Wells Fargo analysts said it was a "momentous confirmation" of the AI trade. Oracle's cloud revenue projections overshadowed an otherwise lackluster fiscal first-quarter report in which the company missed expectations on the top and bottom lines. The company had earnings of an adjusted $1.47 per share for the quarter, just below the $1.48 per share expected by analysts polled by LSEG. Revenue for the first quarter came in at $14.93 billion, missing the $15.04 billion expected.

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AI can't be woke and regulators should be asleep, Senator Cruz says

1 month 4 weeks ago
We went through two hours of Senate hearings so you didn't have to

Video  As the Trump administration pushes to loosen federal rules on AI, Senator Ted Cruz (R-TX) has introduced legislation to give AI developers a two-year waiver from certain regulations, renewable for up to a decade.…

Iain Thomson

Developers Joke About 'Coding Like Cavemen' As AI Service Suffers Major Outage

1 month 4 weeks ago
An anonymous reader quotes a report from Ars Technica: On Wednesday afternoon, Anthropic experienced a brief but complete service outage that took down its AI infrastructure, leaving developers unable to access Claude.ai, the API, Claude Code, or the management console for around half an hour. The outage affected all three of Anthropic's main services simultaneously, with the company posting at 12:28 pm Eastern that "APIs, Console, and Claude.ai are down. Services will be restored as soon as possible." As of press time, the services appear to be restored. The disruption, though lasting only about 30 minutes, quickly took the top spot on tech link-sharing site Hacker News for a short time and inspired immediate reactions from developers who have become increasingly reliant on AI coding tools for their daily work. "Everyone will just have to learn how to do it like we did in the old days, and blindly copy and paste from Stack Overflow," joked one Hacker News commenter. Another user recalled a joke from a previous AI outage: "Nooooo I'm going to have to use my brain again and write 100% of my code like a caveman from December 2024." The most recent outage came at an inopportune time, affecting developers across the US who have integrated Claude into their workflows. One Hacker News user observed: "It's like every other day, the moment US working hours start, AI (in my case I mostly use Anthropic, others may be better) starts dying or at least getting intermittent errors. In EU working hours there's rarely any outages." Another user also noted this pattern, saying that "early morning here in the UK everything is fine, as soon as most of the US is up and at it, then it slowly turns to treacle." While some users criticized Anthropic for reliability issues in recent months, the company's status page acknowledged the issue within 39 minutes of the initial reports, and by 12:55 pm Eastern announced that a fix had been implemented and that the company's teams were monitoring the results.

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ATM Fees Are at a Record High, a New Survey Finds

1 month 4 weeks ago
An anonymous reader shares a report: Getting cash from an ATM is growing increasingly expensive as fees reach record highs. Americans are now paying an average of $4.86 for out-of-network ATM withdrawals, up 1.9% from $4.77 last year, according to a new survey from Bankrate.com. That's the highest on record, according to the personal finance website, which starting tracking ATM fees 27 years ago. "ATM fees are just one of those avenues that the bank can very freely continue to charge fees," Bankrate financial analyst Stephen Kates told CBS MoneyWatch. Those costs include charges from both ATM owners and banks. According to the survey, the average fee from cash machine providers is $3.22. Banks charge $1.64 on average, up 3.8% from 2024 -- the highest since 2018. As a result, Americans in certain metro areas could see average combined fees of more than $5.

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