15 Biggest AI Companies In The World - Yahoo Finance

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In this article, we discuss the 15 biggest artificial intelligence (AI) companies in the world. If you want to read about some more AI companies, go directly to 5 Biggest AI Companies In The World.

Artificial intelligence tools have been rapidly evolving across the world to personalize experiences for individuals, helping businesses with digital adoption, and lowering overall cyber security risks for financial institutions. Globally, AI has been integrated into corporate processes to improve business operations as well. As 5G deployment increases, the real-world uses of AI in automation, cloud, and large databases, are likely to drive the demand for the new technology even further, a prime example being the popularity of smart homes and smart cities.

One of the most important parts of this growth is the chip industry. According to a report by the Business Research Company, the artificial intelligence chip market size is expected to grow from $10 billion in 2021 to $15 billion in 2022, expanding at a compound annual growth rate of more than 42%. Despite supply issues due to rising demand and the global geopolitical crisis, the AI Chip market is expected to grow to $49 billion in 2026. The use of AI in fields like food and beverage development is growing too.

Another important market trend in the sector, evidenced by the focus of the biggest AI companies in the world like Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOG), and Apple Inc. (NASDAQ:AAPL), is the AI-enabled industrial robotics development. AI tools are being used on social media, for big data analytics, the Internet of things, and cloud computing. The integration of these digital technologies into corporate operations, more commonly referred to as digital transformation, is on the rise as well.

Our Methodology

These were picked from a careful assessment of the artificial intelligence (AI) industry. The details of each AI company are mentioned alongside a discussion around top firms in the sector in order to provide readers with some context for their investment decisions. Hedge fund sentiment is also included for further clarity on the money being poured into these firms and the confidence that elite investors have in their success.

Biggest AI Companies In The World

15. SAP SE (NYSE:SAP)

Market Capitalization: $13 Billion

SAP SE (NYSE:SAP) operates as an enterprise application software company worldwide. On December 7, the firm announced that UST, a leading digital transformation solutions company, in collaboration with SAP, had signed a partnership with Intel, an American multinational corporation and technology company, and a top AI firm, to assess and enable the digital transformation journey for small and medium-sized enterprises in northern Malaysia. On July 21, SAP SE reported that it had acquired Askdata, a search-driven analytics startup. The company said that this acquisition will help organizations to make better-informed decisions by leveraging AI-driven natural language searches.

The users of SAP will be able to search, interact and collaborate on live data to maximize business insights. Askdata’s IP will become part of the SAP Business technology Platform and it will contribute to a next-generation lightweight analytics experience for SAP Analytics Cloud solution customers and line-of-business applications. On December 2, Stifel analyst Brad Reback maintained a Buy rating on SAP SE (NYSE:SAP) stock and raised the price target to EUR 135 from EUR 130.

Among the hedge funds being tracked by Insider Monkey, Washington-based firm Fisher Asset Management is a leading shareholder in SAP SE (NYSE:SAP) with 6.8 million shares worth more than $549.6 million.

Just like Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOG), and Apple Inc. (NASDAQ:AAPL), SAP SE (NYSE:SAP) is one of the biggest AI companies in the world.

In its Q3 2022 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and SAP SE (NYSE:SAP) was one of them. Here is what the fund said:

“SAP SE (NYSE:SAP) is Europe’s largest software company and the global leader in enterprise resource planning (ERP) software. ERP is a software category that is particularly critical to business functions, and, therefore, has high retention rates even in times of economic stress. For the past several years, SAP has been going through several transitions, including moving to cloud-based SaaS (Software as a service) solutions and an initiative to better integrate its various software solutions. In recent quarters, we have seen increasing evidence that both transitions are being successfully executed, and the result should be a faster-growing, more consistent, higher margin, and more advantaged business. As investment costs from these transition programs wane, and as the benefits of higher growth continue, we expect that earnings will grow at a double-digit rate from next year (2023) onwards. In light of this, we believe the valuation is very attractive for long-term investors.”

14. Rockwell Automation, Inc. (NYSE:ROK)

Market Capitalization: $30 Billion

Rockwell Automation, Inc. (NYSE:ROK) provides industrial automation and digital transformation solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. On November 10, ZEDEDA, a leader in edge orchestration, revealed a key supply agreement with Rockwell Automation to provide industrial automation with distributed edge management and orchestration capabilities. This automation will be provided by edge AI and edge computing. Rockwell Automation offers AI products related to industrial automation and information. For example, the FactoryTalk Analytics LogixAI module of the firm provides embedded analytics that empowers customers to apply machine learning concepts without needing expertise in data science.

Applying analytics within the controller application is a new fundamental approach to achieving process improvements. Rockwell Automation is among a group of global innovators exploring how the United Kingdom’s second-largest water company, Severn Trent, can use artificial intelligence and other advanced technologies to improve the region’s environmental well-being. Rockwell also offers specialized products in cyber security, machine learning and other emerging technologies.

On November 17, Baird analyst Richard Eastman maintained an Outperform rating on Rockwell Automation Inc. (NYSE:ROK) stock and raised the price target to $265 from $250, noting that tighter integration of hardware, software and services and scalable platforms accepting of vertical-specific applications is driving broader penetration for the firm.

At the end of the third quarter of 2022, 35 hedge funds in the database of Insider Monkey held stakes worth $768.8 million in Rockwell Automation, Inc. (NYSE:ROK), compared to 28 in the preceding quarter worth $399.5 million.

In its Q1 2021 investor letter, Harding Loevner, an asset management firm, highlighted a few stocks and Rockwell Automation, Inc. (NYSE:ROK) was one of them. Here is what the fund said:

“Rockwell Automation, Inc. (NYSE:ROK), a Milwaukee-based industrial automation company, struggled early in the year with component shortages that prevented it from clearing its overflowing order books and rising input costs. Uncertainty arising from the COVID-19 lockdowns in China and the war in Ukraine prompted management to warn in May of lower profits for the rest of the year. Behind the frustrations, however, were indications that the business outlook remained strong, as order volume continued to grow following price increases at the end of 2021. In the recent quarter, the company reported stronger results despite ongoing supply chain issues that hindered its ability to fulfil orders. To mitigate the risk of supply disruptions, Rockwell has been accumulating inventory and redesigning certain products. We believe Rockwell will see its revenues expand as its resilience improves and supply shortages recede.”

13. Baidu, Inc. (NASDAQ:BIDU)

Market Capitalization: $40 Billion

Baidu, Inc. (NASDAQ:BIDU) offers internet search services in China. It operates through Baidu Core and iQIYI segments. On November 29, Baidu revealed its plans in celebration of Apollo Day to build the world’s largest autonomous ride-hailing service area in 2023. This autonomous ride-hailing service area has Baidu’s AI big model autonomous driving maps enabled. Baidu App enables users to access their search, feed, content and other services through mobile devices. Baidu App offers twin-engine search and feed functions that leverage the AI-powered algorithms and deep user insight functions.

Baidu is a leading AI company with a strong internet foundation. Baidu Brain is another core artificial intelligence innovation from the company that features advanced technology for recognizing and processing speech, images and words as well as building user profiles based on big data analysis. On December 6, Capital analyst Rob Sanderson maintained a Buy rating on Baidu, Inc. (NASDAQ:BIDU) stock and lowered the price target to $167 from $185, noting that another y/y decline in advertising revenue is anticipated in the fourth quarter before a return to growth in the first quarter and a 5% growth rate for 2023.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Ariel Investment is a leading shareholder in Baidu, Inc. (NASDAQ:BIDU) with 2.6 million shares worth more than $305.6 million.

In its Q3 2022 investor letter, Ariel Investment, an asset management firm, highlighted a few stocks and Baidu, Inc. (NASDAQ:BIDU) was one of them. Here is what the fund said:

“China’s internet search and online community leader Baidu, Inc. (NASDAQ:BIDU) also weighed on relative results in the quarter. Continuing macro headwinds driven by China’s Zero-Covid policy are resulting in sluggish advertising trends. Looking ahead, the company remains committed to sustainable, profitable growth as management works to improve overall operational efficiency, executing its strategic commitments around technological innovation and the transition to a green economy. We also continue to be enthusiastic about Baidu’s longer-term opportunity for revenue growth and margin expansion across internet search, cloud, autonomous driving, artificial intelligence and online video.”

12. Micron Technology, Inc. (NASDAQ:MU)

Market Capitalization: $60 Billion

Micron Technology, Inc. (NASDAQ:MU) designs, manufactures and sells memory and storage products worldwide. On December 5, Micron Technology announced that its low-power double data rate 5X (LPDDR5X) mobile memory is continuing to gain market traction with the validation of its mobile memory for Qualcomm Technologies, an American multinational corporation, the latest mobile platform for flagship smartphones. Micron’s mobile memory and storage solutions are built to fuel the next wave of 5G and AI-enabled smartphone experiences. Micron has created the world's fastest discrete graphics memory solution: GDDR6X. Launched with NVIDIA on the GeForce 3090 and GeForce 3080 GPUs, GDDR6X takes graphics to new levels of gaming realism and unleashes high-performance AI inference.

Micron has been chasing maximum bandwidth memory to support gaming and professional visualization for a long time. It also includes how Micron has achieved staggering speeds with GDDR6X, the future of AI training with HBM2E, and other high-bandwidth products. On December 7, Fargo analyst Aaron Rakers maintained an Overweight rating on Micron Technology, Inc. (NASDAQ:MU) stock and lowered the price target to $70 from $75, noting that it would not be surprising to see shares trading lower ahead of the upcoming first-quarter earnings release.

At the end of the third quarter of 2022, 74 hedge funds in the database of Insider Monkey held stakes worth $2.5 billion in Micron Technology, Inc. (NASDAQ:MU), compared to 69 in the preceding quarter worth $2.2 billion.

In its Q2 2022 investor letter, Meridian Funds, an asset management firm, highlighted a few stocks and Micron Technology, Inc. (NASDAQ:MU) was one of them. Here is what the fund said:

“Micron Technology, Inc. (NASDAQ:MU) is a leader in DRAM and NAND memory production. We invested in the stock in the third quarter of 2019 during a cyclical downturn in the memory industry. Our rationale was that, while the memory industry is cyclical, we believed there are strong secular drivers in place that will lead to higher peaks and long-term growth. Our secular thesis is based on our conviction that the quest for ever-increasing compute speeds will increasingly rely on memory to solve bottlenecks and that increased memory content in nearly everything from mobile phones to automobiles will drive demand. Micron’s stock traded lower during the quarter due to macroeconomic concerns that led to lower earnings expectations. We increased our stake in the company, as we believe our secular thesis remains intact. We wanted to take advantage of what we view as temporary cyclical concerns that caused the stock to trade at less than 10x reasonable trough earnings per share (EPS) estimates and less than 7x recent peak EPS.”

11. General Electric Company (NYSE:GE)

Market Capitalization: $90 Billion

General Electric Company (NYSE:GE) operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It operates through four segments: Power, Renewable Energy, Aviation, and Healthcare segments. On November 27, GE Healthcare, a subsidiary of General Electric, introduced SIGNA Experience. SIGNA is a new platform of four synergistic transformative technologies that leverage the power of Artificial Intelligence and deep learning in MRI scanning. On September 5, General Electric announced the launch of its first Made in India Optima IGS 320, an AI-powered Cath lab, to advance cardiac care in India. Optima IGS 320 was built at Wipro GE Healthcare’s new factory launched under the production-linked incentive scheme in Bengaluru. The Cath lab leverages the GE proprietary AutoRight technology.

AutoRight is the first neural network-based interventional image chain. AutoRight features Artificial Intelligence that automatically optimizes image and dose parameters in real-time, which enables clinicians to focus their attention and expertise on patients. On December 5, Deutsche Bank analyst Nicole Deblase maintained a Buy rating on General Electric Company (NYSE:GE) stock and raised the price target to $94 from $89, noting that the industrial economy can show unprecedented resilience, as the supply chain is only just beginning to heal, backlogs are extended, and order growth generally remains quite healthy.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Pzena Investment Group is a leading shareholder in General Electric Company (NYSE:GE) with 13.8 million shares worth more than $852 million.

In its Q2 2022 investor letter, Longleaf Partners, an asset management firm, highlighted a few stocks and General Electric Company (NYSE:GE) was one of them. Here is what the fund said:

“General Electric Company (NYSE:GE) – Aviation, Healthcare and Power conglomerate GE was punished in the quarter amid top-down economic fears for this collection of seemingly cyclical businesses. However, the market is not giving the company credit for the material improvements CEO Larry Culp has made in his tenure. The balance sheet today is stronger than it has been in a very long time, and each of the three primary business segments has strong paths to increasing earnings, regardless of the economic environment. Healthcare has historically not been a cyclical business. While Aviation typically has some economic sensitivity, the business still has a strong COVID rebound tailwind that should continue even in an uncertain environment. Power is a less cyclical business, and GE maintains a steady business servicing approximately one-third of the world’s electricity. GE is another example of strong insider buying indicating management’s confidence in the business, while the company also began buying back discounted shares. GE is still on track to break the company into three separate businesses, and we believe this will help the market properly weigh the value of each core segment.”

10. Intel Corporation (NASDAQ:INTC)

Market Capitalization: $118 Billion

Intel Corporation (NASDAQ:INTC) engages in the design, manufacture, and sale of computer products and technologies worldwide. On November 18, Intel AI announced that it has introduced FakeCatcher, a new real-time Deepfake Detector, that analyzes the Blood Flow in video pixels to return results in milliseconds with an accuracy of 96%. Intel offers an unparalleled AI development and deployment ecosystem combined with a heterogeneous portfolio of AI-optimized hardware. Intel's goal is to make it as seamless as possible for every developer, data scientist, researcher, and data engineer to accelerate their AI journey from the edge to the cloud.

Intel has acquired multiple companies across various AI disciplines. Some of the AI-focused companies that Intel has acquired in recent years include DeepMind in 2014 for $500 million, Habana Labs in 2019 for $2 billion, and Granulate in 2022 for $650 million. Intel developed oneDNN to help companies optimize computer hardware such as CPUs and streamline the development of deep learning applications. On October 31, Citi analyst Christopher Danely maintained a Neutral rating on Intel Corporation (NASDAQ:INTC) stock and lowered the price target to $27 from $30, noting that the company announced a cost reduction plan, which should help but doesn’t help the core problems of manufacturing and wasting money on growth markets that will never pan out.

At the end of the third quarter of 2022, 69 hedge funds in the database of Insider Monkey held stakes worth $1.9 billion in Intel Corporation (NASDAQ:INTC), compared to 65 in the preceding quarter worth $2.5 billion.

In its Q3 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Intel Corporation (NASDAQ:INTC) was one of them. Here is what the fund said:

“Also on the detractor side, Intel Corporation (NASDAQ:INTC) delivered a disappointing revenue miss and lowered full-year revenue and earnings guidance as COVID-19-driven demand for PCs abated (where Intel enjoys half its sales) and a delay in its flagship Sapphire Rapids CPU hurt its data center business. Despite these issues, we still believe Intel is an economically sensitive turnaround story with substantial upside.”

9. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Market Capitalization: $113 Billion

Advanced Micro Devices, Inc. (NASDAQ: AMD) operates as a semiconductor company worldwide. On December 2, Advanced Micro Devices announced the expansion of its partnership with Viettel High Tech, a member of Viettel group, to exploit a 5G network field to serve the latter’s more than 130 million mobile customers globally. Viettel is using AMD Xilinx Zynq UltraScale+ MPSoC devices. AMD works extensively with the AI open community to promote and extend machine & deep learning capabilities and optimizations to help to broaden the range of workloads.

AMD’s ROCm open software platform is constantly evolving to meet the needs of the machine learning community. With the latest release of the company’s ROCm 5.0, developers are equipped with turn-key AI framework containers on AMD Infinity Hub, improved tools, and streamlined installation, and can expect to experience reduced kernel launch times and faster application performance. On November 14, UBS analyst Timothy Arcuri upgraded Advanced Micro Devices, Inc. (NASDAQ:AMD) to Buy from Neutral with a price target of $95, up from $75, noting that the PC segment has been early in digesting inventory and been dragging down growth, but overall CPU shipments are annualizing to about 230MM units in fourth quarter, which is far below even the most bearish market forecasts for PCs in 2023.

At the end of the third quarter of 2022, 89 hedge funds in the database of Insider Monkey held stakes worth $4.99 billion in Advanced Micro Devices, Inc. (NASDAQ: AMD), compared to 87 in the previous quarter worth $4.8 billion.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Advanced Micro Devices, Inc. (NASDAQ: AMD) was one of them. Here is what the fund said:

“Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global fabless semiconductor company focusing on high-performance computing technology, software, and products. AMD designs leading high-performance central and graphics processing units (known as CPUs and GPUs) and integrates them with hardware and software to build differentiated solutions for customers.

AMD has been gaining meaningful share in personal computing and server end markets over the past several years driven by the performance of its processors and technology and strong execution against its technology roadmap, and we believe share gains will continue over the coming years from a combination of AMD’s continued advancements and Intel’s stumbles in developing its leading-edge technology (…read more)

8. International Business Machines Corporation (NYSE:IBM)

Market Capitalization: $134 Billion

International Business Machines Corporation (NYSE:IBM) provides integrated solutions and services worldwide. On November 14, - Infosys BPM, the business process management arm of Infosys, and IBM launched the Center of AI and Automation. This announcement underscores two years of strong collaboration between Infosys BPM and IBM. On December 9, IBM revealed a new suite of environmental intelligence software that uses AI to enable organizations to prepare for and respond to weather and climate risks. The IBM Environmental Intelligence Suite helps companies streamline and automate the management of environmental risks and operationalize underlying processes like carbon accounting.

The four main goals of this suite are monitoring for disruptive environmental conditions like severe weather, wildfires, flooding and air quality while sending alerts; predicting the potential impacts of climate change and weather across the business through climate risk analytics; gaining insights into potential operational disruptions and prioritize mitigation and response efforts; to measure and report on environmental initiatives and operationalize carbon accounting. On October 17, analyst David Grossman maintained a Buy rating on International Business Machines Corporation (NYSE:IBM) stock and lowered the price target to $140 from $150, noting that the company is defensive and likely impacted less than most large-cap tech, but not immune to slowing GDP growth.

Among the hedge funds being tracked by Insider Monkey, Boston-based investment firm Arrowstreet Capital is a leading shareholder in International Business Machines Corporation (NYSE:IBM) with 4.3 million shares worth more than $515.8 million.

In its Q4 2021 investor letter, St. James Investment Company, an asset management firm, highlighted a few stocks and International Business Machines Corporation (NYSE:IBM) was one of them. Here is what the fund said:

“IBM was not the first company to build computers. The distinction belongs to Sperry-Rand’s subsidiary UNIVAC, which introduced the first commercially successful computers in the early 1950s. In this era, IBM did possess the largest research and development department in the business machines industry and quickly caught up, introducing cost-competitive computers a few years after UNIVAC. By the late 1950s, IBM held the dominant market share in computers. IBM also touted a vastly superior sales organization, which used a sales tactic called “paper machines” (the equivalent of today’s “vaporware”). If a competitor’s product was selling well in a market segment that IBM had yet to penetrate, the company would announce a competing product and start taking orders for the “paper machine” long before it was available.

One cannot overstate how powerful IBM was in the computer industry in the 1950s and 1960s. Every competitor rightly worried that if their product worked too well for too long, it was only a matter of time before an army of IBM salesforce representatives mobilized. In their easily recognizable uniforms of starched white shirts, red ties and blue suits, IBM marketers marched on their customers and offered a more expensive, but much more defensible, choice. “Nobody gets fired for buying IBM” was a common phrase. Even competitors acknowledged that the company excelled at sales. As a UNIVAC executive once complained, ‘It doesn’t do much good to build a better mousetrap if the other guy selling mousetraps has five times as many salesmen.’” (read more)

7. Cisco Systems, Inc. (NASDAQ:CSCO)

Market Capitalization: $202 Billion

Cisco Systems, Inc. (NASDAQ:CSCO) designs, manufactures and sells Internet Protocol-based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. On October 6, Cisco Systems announced that the office of the UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications had signed a memorandum of understanding with the firm for a collaboration framework expanding Cisco's Country Digital Acceleration programme in the UAE. Cisco is closely partnered with Tealbook, a vendor that uses natural language processing to help procurement teams find the right suppliers.

On November 18, Deutsche Bank analyst Matthew Niknam maintained a Hold rating on Cisco Systems, Inc. (NASDAQ:CSCO) stock and lowered the price target to $52 from $54, noting that the upside from the fiscal first quarter beat is tempered by a more cautious view on a tougher macro backdrop in upcoming periods.

Among the hedge funds being tracked by Insider Monkey, New York-based firm Two Sigma Advisors is a leading shareholder in Cisco Systems, Inc. (NASDAQ:CSCO) with 9.7 million shares worth more than $388 million.

In its Q1 2022 investor letter, Carillon Towers Advisers, an asset management firm, highlighted a few stocks and Cisco Systems, Inc. (NASDAQ:CSCO) was one of them. Here is what the fund said:

“Cisco Systems (NASDAQ:CSCO) traded lower as investors weighed how supply chain concerns would impact sales growth. The company has been upgrading its switching and routing offerings, which should lead to strong demand as on-site locations upgrade infrastructure.”

6. Oracle Corporation (NYSE:ORCL)

Market Capitalization: $219 Billion

Oracle Corporation (NYSE:ORCL) offers products and services that address enterprise information technology environments worldwide. On December 5, Twelve Labs Inc, the developer of a search platform that enables users to find moments of interest quickly in a video, partnered with Oracle Corp. to build an AI-powered model for the former. As part of the partnership, the startup will use infrastructure resources from Oracle’s cloud platform to support its AI development efforts. On October 18, NVIDIA and Oracle revealed an expanded, multi-year partnership at Oracle CloudWorld to help customers speed up the adoption of Artificial Intelligence. This partnership is another example of recent Big Tech moves to offer increasingly sophisticated AI and machine learning-powered cloud services. The collaboration will bring Nvidia’s full accelerated computing stack from GPUs to systems to software to Oracle Cloud Infrastructure OCI.

OCI will add tens of thousands more NVIDIA GPUs, including the A100 and upcoming H100, to its capacity. Oracle noted that, along with OCI’s AI cloud infrastructure of bare metal, cluster networking, and storage, enterprises will get a broad, accessible portfolio of options for AI training and deep learning. On December 5, Barclays analyst Raimo Lenschow maintained an Equal Weight rating on Oracle Corporation (NYSE:ORCL) stock and raised the price target to $81 from $70, noting that the company’s exposure to back-office workflows and its smaller but hyper-growth OCI business make sales less susceptible to growing macro pressure than other software names.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm First Eagle Investment Management is a leading shareholder of Oracle Corporation (NYSE:ORCL) with 25.9 million shares worth more than $1.6 billion.

In addition to Microsoft Corporation (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOG), and Apple Inc. (NASDAQ:AAPL), Oracle Corporation (NYSE:ORCL) is one of the biggest AI companies in the world.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Oracle Corporation (NYSE:ORCL) was one of them. Here is what the fund said:

“The sell-off in the enterprise software sector, combined with the complexity related to the acquisition of Cerner, provided an opportunity for us to re-establish a position in Oracle (NASDAQ:ORCL). Oracle is one of the world’s largest and most profitable software companies-generating more than $42 billion in revenue and 40% operating margins. We have always admired the stability of Oracle’s business and the strength of its customer relationships. Now, the company’s organic growth is beginning to accelerate. Specifically, total revenue grew 7% in the fiscal year 2022 and 10% in the fourth fiscal quarter. In addition, management believes that Cerner’s growth and margins can be higher under Oracle’s ownership than they could on a standalone basis. Finally, we commend Oracle’s repurchase of roughly half its share base over the past decade, which has nearly doubled each remaining share’s interest in the business. Trading for only 12x calendar 2023 earnings ex-cash, we believe Oracle’s risk/reward is attractive.”

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