Oracle jumps 11% premarket as AI demand challenges 'SaaS apocalypse' fears

Cloud and AI growth beat expectations while investors grow less worried about Oracle’s debt plans and software disruption. What to know : Oracle reported revenue of $17.19 billion, up 18% and above expectations, while cloud revenue rose 41%. Oracle’s rally lifted the IGV software ETF about 1% in premarket trading, while bitcoin fell roughly 0.5% ahead of CPI data, suggesting the software-crypto correlation may be weakening. Oracle executives dismissed fears of a “SaaS apocalypse,” arguing that generative AI will strengthen software platforms by embedding AI agents directly into mission critical applications.(Coindesk)