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The Oracle headquarters in Austin, Texas, on April 24, 2024.

Brandon Bell | Getty Images

Oracle is promoting its presidents of cloud infrastructure, Clay Magouyrk, and industries, Mike Sicilia, to co-CEOs, the company announced Monday.

Safra Catz, the software giant’s current CEO, will serve as executive vice chair on the company board.

Larry Ellison will remain Oracle’s board chairman and chief technology officer. He has been active outside the company, helping to finance Skydance Media’s merger in August with CBS News’ parent company, Paramount Global. The combined company, run by Ellison’s son, David, is now exploring an acquisition of Warner Bros. Discovery, CNBC reported earlier this month.

Oracle has been one of the biggest beneficiaries of the artificial intelligence boom thanks to its cloud infrastructure business and its access to Nvidia’s graphics processing units, or GPUs, which are both needed to run large workloads. Oracle and other major cloud providers like MicrosoftAmazon and Google are in a fierce competition for customers.

As Oracle’s cloud infrastructure president, Magouyrk led the development of its Gen2 platform. Sicilia oversaw Oracle’s applications for vertical businesses, from banking to retail.

“A few years ago, Clay and Mike committed Oracle’s Infrastructure and Applications businesses to AI—it’s paying off,” Oracle founder and Chief Technology Officer Larry Ellison said in a statement.

Shares of the company rose 3% on Monday morning.

Oracle’s stock has surged 30% in the past month after its first-quarter earnings report projected massive cloud growth from the AI boom. Shares are up about 85% for the year.

The company said that its remaining performance obligations, a measure of contracted revenue that has not yet been recognized, soared to $455 billion, up 359% from a year earlier. The company also reaffirmed its financial guidance on Monday.

“At this time of strength is the right moment to pass the CEO role to the next generation of capable executives,” Catz said in a statement.

For decades, Oracle grew by selling licenses to database software that stores and serve up data for a variety of processes inside companies. The company also fielded applications and middleware. In the early 2010s, with Amazon gaining a foothold in information technology with its cloud-based services for computing, storage and databases, Oracle set out to build its own cloud. It wasn’t immediately popular, prompting the company to bring out a second generation of infrastructure in 2018.

Oracle’s cloud picked up business from young technology companies TikTok and Zoom. The real momentum came after OpenAI released ChatGPT in 2022, as Oracle sought to rent out Nvidia graphics chips for training and running AI models. It won business from cloud competitor Microsoft. More recently Oracle picked up a $300 billion contract from OpenAI over five years, starting in 2027.

On Monday, Oracle hinted at its corporate transformation toward AI-led cloud infrastructure, calling its webcast to announce the executive transition “AI Changes Everything.”

Clay Magouyrk, senior vice president of engineering for cloud infrastructure at Oracle Corp., stands for a photograph at an Oracle office in Seattle, Washington, U.S., on Thursday, July 19, 2018.

Chona Kasinger | Bloomberg | Getty Images

Catz was named co-CEO of Oracle in 2014 alongside Mark Hurd after Ellison stepped down from the role. Hurd died in 2019, and Catz continued to lead the company as its sole CEO. Catz joined Oracle in 1999 after 13 years of investment banking at Donaldson, Lufkin & Jenrette, and in 2005 she became Oracle’s finance chief.

Catz departs her role after selling over $2.5 billion in stock in 2025, according to filings with the Securities and Exchange Commission. She was also one of just 55 women to lead a Fortune 500 company.

Oracle is also involved in the Trump administration’s ongoing negotiations around social media platform TikTok, as CNBC has previously reported.

TikTok’s future in the U.S. has been uncertain since 2024, when Congress passed a bill that would ban the platform unless its Chinese parent company ByteDance divested from U.S. operations.

White House press secretary Karoline Leavitt on Saturday said Oracle will be responsible for maintaining TikTok’s data and privacy in the U.S. The platform will be owned by an investor consortium that includes Oracle and Silver Lake, and Oracle will keep its cloud deal with the platform, sources told CNBC’s David Faber earlier this month.

Oracle also said it was promoting two other executives. Mark Hura, executive vice president of North America sales, will become president of global field operations, and Doug Kehring, executive vice president of operations, will assume the role of principal financial officer.

WATCH: How Larry Ellison spends billions without selling many Oracle shares

How Larry Ellison spends billions without selling many Oracle shares

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Instagram now has 3 billion monthly active users

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Instagram now has 3 billion monthly active users

Instagram has installed a new privacy setting which will default all new and existing underage accounts to an automatic private mode.

Brandon Bell | Getty Images

Instagram now has 3 billion monthly active users, Meta CEO Mark Zuckerberg said on his Instagram account on Wednesday.

“What an incredible community we’ve built here,” Zuckerberg posted on his Instagram channel.

The figure is a major milestone for the photo-sharing app, which the social media company acquired in 2012 for $1 billion.

Meta last disclosed Instagram’s user figures in October 2022 when Zuckerberg said during an earnings call that the app had crossed 2 billion monthly users.

Meta said in April 2024 that it would no longer disclose the monthly and daily active user numbers for Facebook and its sibling apps on a quarterly basis. Since then, Meta has been reporting each quarter the number of daily active people using its family apps. That figure reached 3.48 billion, the company said in July, topping analysts’ estimates of 3.45 billion.

With 3 billion monthly users, Instagram joins the ranks of the Facebook and WhatsApp platforms.

Zuckerberg in January said that the Facebook app “is used by more than 3 billion monthly actives.” In April, Zuckerberg told analysts that WhatsApp had “more than 3 billion monthly actives.”

WATCH: Meta unveils new AI glasses lineup.

Meta unveils new AI glasses lineup

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Chinese giant Xiaomi challenges Samsung with new smartphones and appliances

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Chinese giant Xiaomi challenges Samsung with new smartphones and appliances

Xiaomi launched the Xiaomi 15T series of smartphones as it continues its global expansion.

Xiaomi

MUNICH — Xiaomi on Wednesday made the international debut of a slew of new devices and appliances with its smartphones at the center, as the Chinese tech giant sets out to directly challenge Samsung.

The Beijing-headquartered company took the wraps off of the Xiaomi 15T series comprising of two smartphones — the Xiaomi 15T and Xiaomi 15T Pro — during a launch event in Munich.

The devices, priced at 649 euros ($766) and 799 euros, respectively, continue Xiaomi’s strategy of bringing phones with the latest specs to the market at a competitive price.

Xiaomi talked up the triple-camera system, large 6.83-inch display and big battery power, as it looks to position the devices as a potential contender to Samsung’s mid-range A series and top-end S Series of smartphones.

For comparison, Samsung’s S25 starts at 799 euros, while its top-end device, the S25 Ultra, starts at 1,249 euros in Germany.

“The 15T is basically an affordable flagship with high-end features but priced half a notch down from the top tier premium devices,” Bryan Ma, vice president of devices research at International Data Corporation, told CNBC by email.

Over the past few years, Xiaomi has expanded its geographical footprint and offerings to include everything from washing machines to electric cars.

In Europe, Xiaomi has cemented itself as the third largest smartphone player by market share, behind Samsung and Apple, through a mix of high-end and mid-tier devices that have offered a stiff challenge to the two giants.

Xiaomi launched its more expensive Xiaomi 15 phones internationally earlier this year. In China, it is gearing up for the unveiling of its 17 series of devices, which will be its flagship.

“Xiaomi 15T is another important step for Xiaomi in its premiumization strategy, particularly trying to capture the slightly more budget-sensitive, spec-focused buyers that still opt for a high-end device, Runar Bjorhovde, analyst at Canalys said.

“One of Xiaomi’s major strategic focuses in taking on the high-end.”

But the company has bigger ambitions. On Wednesday, Xiaomi announced the global launch of it Mijia brand of home appliances, which include a refrigerator, washing machine and air conditioner.

It’s a move right out of Samsung’s playbook. The South Korean technology giant sells products across the world spanning from appliances to smartphones and TVs.

“Xiaomi naturally puts the pressure on any competitor in the sectors that it enters given its operating model of aggressively priced yet good quality products,” Ma said.

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Trump’s H-1B visa changes could ‘kneecap startups,’ drive talent elsewhere, experts say

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Trump's H-1B visa changes could 'kneecap startups,' drive talent elsewhere, experts say

President Donald Trump takes a question from a reporter before signing executive orders in the Oval Office at the White House on September 19, 2025 in Washington, DC.

Andrew Harnik | Getty Images

It’s been a chaotic few days for the tech sector, and industry executives and experts are still assessing how U.S. President Donald Trump’s latest immigration crackdown could shape the future of their workforces. 

The Trump administration sparked widespread panic Friday after announcing employers will pay a new $100,000 fee for H-1B visas, which are temporary work visas granted to highly skilled foreign professionals. These visas have underpinned the U.S. tech workforce for decades.

Some tech executives, including Netflix co-founder Reed Hastings and OpenAI CEO Sam Altman, have lauded the changes to the H-1B program, but experts told CNBC that the Trump administration’s changes could prevent some tech companies — namely startups — from securing top foreign talent. These experts said the changes also run the risk of driving top talent toward other countries.

“The short of it is, it would be a disaster for America, for American companies, American competitiveness, American innovation,” said Exequiel Hernandez, an associate professor at the Wharton School of the University of Pennsylvania.

Tech’s reliance on the H-1B program

The current annual cap for H-1B visas is at 65,000, along with 20,000 additional visas for foreign professionals with advanced degrees.

In fiscal 2025, Amazon, Microsoft, Meta, Apple and Google are among the top 10 companies that employ the most H-1B holders. Prominent tech executives like Microsoft CEO Satya Nadella, Google CEO Sundar Pichai and Tesla CEO Elon Musk were H-1B recipients earlier in their careers.

As tech companies scrambled to respond before Trump’s proclamation went into effect at 12:01 a.m. ET on Sunday, the White House quelled some concerns on Saturday by clarifying that the fee is not annual and would only apply to new visas, not renewals for current visa holders.

More changes could be on the horizon. 

The Trump administration teased a proposed rule on Tuesday that said H-1B recipients should be selected through a weighted process instead of a random one. The weighted process would take place when the number of requests for visas exceeds the limit of available spots, and it would be based on wage levels, the proposal said.

The proposed rule will officially publish in the Federal Register on Wednesday, and it’s still subject to change after the administration reviews initial public feedback.

Hastings called the Trump administration’s $100,000 fee a “great solution,” in a post on X on Sunday.

“It will mean H1-B is used just for very high value jobs, which will mean no lottery needed, and more certainty for those jobs,” he wrote.

OpenAI’s Altman expressed support for the updates during an interview with CNBC’s Jon Fortt on Monday.

“We need to get the smartest people in the country, and streamlining that process and also sort of outlining financial incentives seems good to me,” Altman said.

‘It kneecaps startups’

A picture shows logos of the Big Tech companies named GAFAM, for Google, Apple, Facebook, Amazon and Microsoft, on June 2, 2023.

Sebastien Bozon | AFP | Getty Images

China and other competitors loom large

U.S. tech companies big and small are fiercely competing with one another – and the rest of the world – as they race to develop the most advanced AI models and applications. Organizations like Meta have shelled out billions of dollars to recruit top AI talent in an effort to try and gain an edge.  

The Trump administration’s changes to the H-1B program could complicate similar recruiting efforts. 

“What this does is that it gives our competitors, other countries, places like Asia, Canada, Europe, they can then attract these employees to create new innovations,” said Steven Hubbard, a data scientist at the American Immigration Council, which is a nonprofit for immigration advocacy and research. 

One big competitor in the war for talent is China. The world’s second-largest economy has long fought against the U.S. for tech dominance, and more recently the AI race.

Earlier this year, Chinese AI firm DeepSeek rattled global markets after claiming to create a large language chatbot that outperformed competitors at a fraction of the cost. The news raised questions over the significant sums that American tech companies are shelling out on AI.

Some experts worry that visa changes could deal a victory into China’s hands, sending top talent overseas. The move may also deter foreign students from attending university in the U.S. as uncertainty hangs over their post-graduation job prospects.

“Those students are going to look at this environment and stay home,” said Greg Morrisett, vice provost at Cornell Tech. “It’s giving a leg up to both China and India in terms of feeding their startup ecosystems.”

For Bradley Tusk, the CEO of Tusk Venture Partners, the changes to the H-1B program are simply “terrible.” American companies have to have access to top talent in order to compete at the highest levels, he said.  

“America’s competitive advantage has always been the ability to attract the best talent from around the world,” Tusk said. “To limit our ability to recruit and compete is illogical.”

WATCH: JPMorgan CEO Jamie Dimon speaks out on H-1B visa changes

JPMorgan CEO Jamie Dimon speaks out on H-1B visa changes

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