Oracle cancels $7 billion deal with Tencent

Tech giant Oracle has withdrawn from a major deal to lease AI chips to China's Tencent following pressure from the US administration.

Oracle has cancelled a $7 billion deal to lease artificial intelligence chips to the Chinese technology giant Tencent. This was reported by Finimize and marketscreener.com. The decision follows a period of significant pressure from the White House regarding the company's cooperation with Chinese firms in the field of advanced semiconductors. At this time, neither company has released a detailed official statement. Additional details regarding the implications of the cancellation for the operations of both companies have not yet been released.