$Oracle(ORCL)$
"Let's be clear, Oracle isn't a neocloud but it trades like one," Evercore analysts wrote in a recent note.
They estimate Oracle's core software business alone is worth around $100 a share, which suggests investors are putting relatively little value on its growing cloud infrastructure operations.
Oracle's analyst day next week could be a chance to ease some concerns. Evercore analysts said investors will be looking for more clarity on how Oracle plans to fund its AI expansion, plus some reassurance on the profitability of its OpenAI contract.
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