Oracle shares soar on the stock market and dethrone Elon Musk as the richest man in the world: this is the entrepreneur who now takes his place.
Oracle 's stock price soared on the New York Stock Exchange on Wednesday after the software giant projected massive revenue growth driven by artificial intelligence (AI)-related contracts.
After 40 minutes of trading, Oracle shares were trading at $337.02, up nearly 40% , bringing the company's market value to approximately $950 billion.
This increase significantly boosted the fortune of Oracle CEO Larry Ellison, who surpassed Elon Musk as the world's richest person , according to the Bloomberg Billionaires Index today.
File photo of Oracle CEO Larry Ellison, dated January 21, 2025. Photo: EFE
In releasing its quarterly results on Tuesday, Oracle announced that it anticipates Oracle Cloud Infrastructure revenue growth of 77% , "to reach $18 billion this fiscal year."
They are then expected to "increase to $32 billion, $73 billion, $114 billion, and $144 billion over the next four fiscal years," he detailed.
According to the company, "the majority of this revenue over five years is already recorded in its order book."
Oracle CEO Safra Catz called the recently completed quarter "amazing," as the company signed "four multi-million-dollar contracts with three different customers."
Safra A. Catz is the CEO of Oracle Corporation. Photo: Oracle
Oracle is benefiting from the rise of artificial intelligence (AI) and the huge demand for data centers.
"The company is gaining a significant advantage in this market thanks to new contracts," notes Keith Weiss of MS Research.
Oracle is benefiting from the rise of artificial intelligence and the demand for data centers. Photo: iStock
The colossal increase in its forecasts "has injected renewed enthusiasm into the growing AI sector," explains Patrick O'Hare of Briefing.com.
In this context, the Nasdaq index , which is heavily represented in technology, reached record levels, rising 0.53% around 2:20 p.m. GMT.
Wall Street has been fueled in recent years by a fervor surrounding AI that has benefited several industry heavyweights, including Nvidia , the semiconductor giant and world's largest capitalization.
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