Following Oracle’s remarkably impressive earnings announcement on Tuesday night, Ellison’s fortune increased by $101 billion to $393 billion, surpassing Musk’s $385 billion net worth, according to Bloomberg.
Oracle (ORCL) saw its shares soar after reporting a surge in demand from AI clients for its data center capacity. Wednesday’s 41% increase in shares is on track to be the most significant one-day rise in the history of the company since 1992.
Oracle secured four multibillion-dollar contracts with clients during the quarter, and CEO Safra Catz said after the stock market closed Tuesday that she anticipates signing several more in the upcoming months.
Oracle’s rise as a major supplier of the infrastructure that drives AI businesses’ massive processing power demands, Oracle’s mainstay as a provider of database software and cloud services, powered that electric projection. Oracle stated in July that it would supply 4.5 gigawatts of electricity to OpenAI, the parent company of ChatGPT, so that it could run its AI software.
In a note to investors on Wednesday, Melius Research analyst Ben Reitzes stated, “We’ll be talking about this one for a long time,” in reference to Oracle’s earnings announcement. Reitzes described Oracle’s $455 billion backlog in demand for its AI services as “staggering.
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