CNBC's Kristina Partsinevelos reports on the latest news regarding Oracle. Clay Magouyrk and Mike Sicilia have been announced as new co-CEOs.
Breakdown
- Oracle CEO Software Cat steps down after 11 years, becomes executive vice chair. 12s
- Clay McGork and Mike Cecilia, both technical leaders, appointed as co-CEOs. 18s
- Oracle is experiencing high AI-driven demand and is part of a consortium controlling 80% of TikTok's U.S. operations. 45s
- Oracle is reportedly in talks with Meta for a $20 billion cloud deal to support AI model training. 59s
- The leadership change reflects Oracle's shift towards technical expertise and AI infrastructure. 1m 7s