Oracle cancels $7 bln chip leasing deal with Tencent, FT reports

Investing.com-- Oracle has scuttled a $7 billion chip leasing contract with Tencent amid increased pressure from the Trump administration, the Financial Times reported on Wednesday. Still guessing which stocks will beat the market? Our AI portfolio updates monthly and is outperforming the S&P 500 by 118%. See this month's list » The Larry Ellison-led cloud firm had earlier this year signed a five-year lease with Tencent, granting the Chinese internet giant access to as many as 100,000 advanced artificial intelligence chips in data centers across southeast Asia, the FT reported. But the contract was canceled after U.S. officials raised concerns with Oracle about the Tencent deal, the FT reported, citing two people familiar with the matter.