REDWOOD SHORES (dpa-AFX) - Oracle Corporation (ORCL) has canceled a multibillion-dollar chip leasing agreement with Chinese technology giant Tencent following pressure from the Trump administration, the Financial Times reported on Wednesday citing people familiar with the matter.
According to the report, U.S. officials contacted Oracle to express concerns over the deal, while Tencent also came under pressure from Chinese authorities, with senior officials in Guangdong province, where the company is headquartered, urging it to support domestically produced chips.
Last month, FT had reported that Tencent signed its largest overseas chip leasing agreement with Oracle, valued at an estimated $7 billion, to accelerate its artificial intelligence push.
Oracle shares were down more than 1% in pre-market trading after closing at $126.19 on Tuesday.
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