Oracle Corporation, the American software giant, witnessed an unprecedented 36% surge in its stock price, marking its most significant single-day increase in 33 years. This dramatic rise follows the company's announcement of a substantial increase in demand and contracts for its cloud services, a core component of the burgeoning artificial intelligence (AI) infrastructure.
Larry Ellison, Oracle's co-founder and chairman, briefly ascended to the position of the world's wealthiest individual, overtaking Tesla CEO Elon Musk. This shift was driven by a remarkable boost in Ellison's net worth, which saw a one-day increase of approximately $100 billion, bringing his total wealth to around $393 billion, according to Bloomberg's Billionaires Index.
On the New York Stock Exchange, Oracle's shares closed at $323.33, up 35.95% from the previous day, and reached an intraday high of $345.72. The company's market capitalization soared by $244 billion, reaching $922.2 billion and nearing the $1 trillion threshold at its peak.
Oracle's recent financial report highlighted a 359% year-over-year increase in its "Remaining Performance Obligation" (RPO) for cloud infrastructure, amounting to $455 billion. The report also noted a 77% growth in cloud infrastructure revenue, expected to reach $144 billion within four years.
The market's response was overwhelmingly positive, with Wall Street analysts describing Oracle's performance as "jaw-dropping." Analysts from Melius Research and Deutsche Bank praised the company's robust order backlog and reinforced their buy ratings, significantly raising Oracle's target stock price.
The announcement also spurred growth in semiconductor stocks, reflecting sustained demand for AI chips essential for data centers. Nvidia and Broadcom were among the companies that experienced notable gains, contributing to a 2.39% rise in the Philadelphia Semiconductor Index.
In January, Ellison had announced the ambitious 'Stargate' AI data center project, worth $500 billion, at the White House alongside OpenAI's Sam Altman and SoftBank's Masayoshi Son. This project is set to further solidify Oracle's position in the AI sector, as the company continues to capitalize on the accelerating demand for AI-driven technologies.
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