Trump and Xi Set to Finalize TikTok-Oracle Deal
President Trump and Chinese President Xi Jinping are set to hold a pivotal call this Friday. The aim is to finalize a preliminary U.S.-China deal that would allow TikTok to continue its operations in the United States, thereby avoiding a potential ban.
Oracle is reportedly playing a key role in this framework agreement. The deal comes at a time when Oracle’s stock has seen a surge of approximately 81% this year. This surge is partly attributed to its expanding role in AI cloud services and the massive contract backlog reportedly led by OpenAI.
Oracle shares rose nearly 5% in premarket trading on the news of its involvement in the TikTok solution. This agreement represents a significant diplomatic development in U.S.-China tech relations and could set a precedent for future technology partnerships between the two nations.
The TikTok deal has been a major geopolitical issue, with national security concerns driving the push for either a sale or operational changes to the popular social media platform.
Source: Yahoo Finance