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Why Oracle Stock Is Soaring Today
Shares of Oracle (NYSE: ORCL) are on the move today. The firm's stock is up 5.7% as of 1 p.m. ET. The leg up comes as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.6% and 0.3%, respectively.
Oracle is benefiting from several executive orders signed by President Trump on his first day in office, especially the president's order to delay the ban of popular social media platform TikTok.
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Trump reverses course on TikTok
During his first term in office, President Trump led an effort to ban TikTok, claiming it posed a threat to national security. Now, as Trump takes office for a second time, he appears to have changed his mind, signing an executive order that gives the social media platform a 75-day reprieve.
Last week, the Supreme Court upheld a federal ban of TikTok, leading to the app going dark over this past weekend. However, users again have access, as President Trump signed an order directing the attorney general not to take any action to enforce the law so that he has "an opportunity to determine the appropriate course forward." It is unclear whether a deal will be able to be worked out that would reverse the ban permanently, or if the order is even within the power of the president, but for now, investors appear hopeful.
Oracle is the primary cloud provider of TikTok in the U.S. While firms like Apple are taking a more cautious approach -- the iPhone maker is still blocking the download of TikTok in its app store -- Oracle has taken Trump at his word, and millions of U.S. users once again have access to an endless stream of 40-second videos.
Trump is also loosening the reins for AI
In one of the dozens of executive orders he signed, President Trump reversed a swath of the previous administration's actions, labeling them "harmful." Among these were certain rules and regulations aimed at artificial intelligence (AI) safety. For now, AI firms will no longer be required to share safety test results with the federal government, and the Commerce Department's AI Safety Institute is no more.
The loosened regulations were a boon for AI stocks, Oracle included.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple and Oracle. The Motley Fool has a disclosure policy.
