Oracle (ORCL) TikTok deal lifts AI mining stocks as BTC tags $88,000

Oracle (ORCL) shares jumped over 6% in pre-market trading after reports indicated TikTok finalized binding agreements to establish a U.S. joint venture primarily managed by Oracle as the cloud infrastructure and data security provider. This news eased investor concerns regarding the sustainability of high valuations in the AI sector, which had recently faced pressure from fears over massive infrastructure spending and debt-financed buildouts. The positive sentiment spread to risk assets; Bitcoin surpassed $88,000, Nasdaq-tracking futures rose, and AI mining stocks like IREN, Cipher Mining, and CoreWeave all saw gains. The market now awaits the U.S. personal consumption expenditures (PCE) price index data following a busy week of economic reports.

(Source：CoinDesk)