Oracle’s earnings jumped 11% in pre-market trading. It appears it beat expectations with earnings of $17.19 billion. The 41% increase in its cloud business is also quietly strong.

This seems to have eased some concerns about an SaaS apocalypse. People had been saying generative AI could be a threat, but in reality, the direction is to embed AI features into existing platforms. It’s that customers want to integrate AI directly into mission-critical systems, rather than using standalone tools.

Also, regarding the balance sheet, they said they’ve already raised $30 billion and are planning up to $50 billion, but it seems demand is greatly exceeding expectations. The capital needs for AI infrastructure are really not stopping.

In pre-market trading, IGV is also up 1%, while Bitcoin is down 0.5% ahead of the CPI release. It’s a sign that the correlation between software stocks and crypto assets is weakening. Earlier this year, the two moved together, but recently their moves have started to diverge.

Bitcoin is trading around $74,300. It looked like it had broken through $76,000, but then it slid back again. The funding rate has been in negative territory for a long time, which means bearish positions are staying entrenched. Concentrated shorting can, historically, be a sign of an impending surge—so it may be worth keeping an eye on that.