LAS VEGAS - Oracle has announced the beta release of Oracle Code Assist, an artificial intelligence (AI) tool designed to enhance developer productivity, alongside upgrades to its OCI Kubernetes Engine (OKE) aimed at facilitating the training and deployment of AI models at scale. These new offerings were unveiled at Oracle CloudWorld in Las Vegas.
Oracle Code Assist is an AI code companion that integrates with popular Integrated Development Environments (IDEs) like JetBrains IntelliJ IDEA and Microsoft (NASDAQ:MSFT) Visual Studio Code. It provides developers with intelligent suggestions for a variety of programming languages, including Java, Python, and JavaScript, among others. The tool aims to streamline the development process by automating routine tasks such as code generation, documentation, and unit testing.
Sudha Raghavan, senior vice president of Oracle Cloud Infrastructure's Developer Platform, stated, "These new capabilities turbocharge application development, empowering developers to leverage AI to help reduce the time spent on mundane tasks that are inherent to software development."
The enhancements to OKE include support for Ubuntu images for containers, which simplifies the deployment of GPU-based workloads. Oracle has also introduced Oracle Cloud Guard Container Security enhancements and OCI Logging Analytics integration to improve usability and observability for developers working with OKE workloads.
Several customers have already begun to innovate with these new tools on Oracle Cloud Infrastructure (OCI). Nomura Research Institute (NRI) and Inworld, an AI platform for games, have both expressed their anticipation for utilizing Oracle Code Assist to improve their development processes. Similarly, 8x8, a communications solutions provider, and GeneDx, a medical genetics company, have leveraged OCI Kubernetes Engine and OCI Logging Analytics to manage their services more efficiently.
Oracle's new AI capabilities and OKE enhancements highlight the company's commitment to providing tools that address the evolving needs of developers and organizations in the cloud computing space. These updates are part of Oracle's broader strategy to offer integrated application development solutions within its autonomous cloud infrastructure.
This news article is based on a press release statement from Oracle.
In other recent news, Oracle Corporation (NYSE:ORCL) has announced significant enhancements to its data intelligence platform, with the future addition of Oracle Intelligent Data Lake, expected to be available in 2025. This feature will simplify data management by providing a comprehensive solution for integrating and analyzing various data types within a unified experience. Oracle also plans to improve its cloud network security with the integration of Oracle Cloud Infrastructure Zero Trust Packet Routing (OCI ZPR), aiming to prevent unauthorized data access due to human error in network configurations.
Additionally, Oracle has maintained a Hold rating from CFRA, with a steady price target of $150.00. The company has also received an upgraded price target from TD Cowen, raising it to $180 from $165 while maintaining a Buy rating. BMO Capital also adjusted Oracle's price target to $173 from $160, maintaining a Market Perform rating.
Oracle's recent earnings report showcased robust financial growth, with total revenue increasing by 8% year-over-year to $13.3 billion. The company's cloud revenue rose by 22% to $5.6 billion, and Infrastructure as a Service (IaaS) revenue experienced a significant surge of 46%.
These recent developments reflect Oracle's ongoing efforts to advance its offerings, enhance security, and meet financial milestones, thereby providing potential opportunities for investors.
InvestingPro Insights
Oracle Corporation (NYSE:ORCL) has been a prominent player in the software industry, and its recent announcements at Oracle CloudWorld in Las Vegas reinforce its commitment to innovation and developer support. As the company introduces new AI-driven tools to enhance developer productivity, it's worth noting that Oracle has been maintaining a strong financial performance as well.
According to InvestingPro data, Oracle boasts a substantial market capitalization of $385.52 billion, reflecting its significant presence in the market. The company's price-to-earnings (P/E) ratio stands at 36.05, which may be considered high, indicating that investors have high expectations of future earnings growth. This aligns with one of the InvestingPro Tips, which points out that Oracle is trading at a high earnings multiple relative to near-term earnings growth. Additionally, the company has demonstrated a solid revenue growth of 6.02% over the last twelve months as of Q1 2023.
InvestingPro Tips also highlight that Oracle has raised its dividend for 10 consecutive years, showcasing its ability to generate consistent cash flow and return value to shareholders. This financial stability and shareholder-friendly policy could be particularly appealing to investors looking for steady income streams. Moreover, with a dividend yield of 1.14%, the company continues to attract dividend investors.
For those interested in Oracle's financial health and investment potential, there are additional InvestingPro Tips available on the platform. For example, the company has maintained dividend payments for 16 consecutive years and experienced a large price uptick over the last six months, which could be of interest to those analyzing stock performance trends. To explore these insights in detail, visit https://www.investing.com/pro/ORCL, where several more tips are listed to help investors make informed decisions.
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