Oracle shares fell on Thursday following a record surge fueled by artificial intelligence in the previous session, bringing the company close to the trillion-dollar valuation club and temporarily placing its founder, Larry Ellison, at the top of the global rich list.
Oracle shares jumped 35.9% on Wednesday before dropping about 4% on Thursday, pushing the company’s market capitalization to $933 billion at the last close.
Ellison briefly topped Bloomberg’s Billionaires Index, with a net worth of $371.7 billion, largely due to his 41% stake in Oracle, edging ahead of Elon Musk, whose estimated net worth is $441.2 billion according to other assessments.
Surging demand for cloud computing services driven by AI deals is a major factor, including a $300 billion deal with OpenAI for computing power, one of the largest agreements in history.
Oracle’s stock has nearly doubled this year, making it one of the best-performing companies in the S&P 500, outperforming the so-called “Magnificent Seven” tech giants: Apple, Microsoft, Nvidia, Alphabet, Meta, Amazon, and Tesla.
The company expects 77% growth in cloud services revenue this fiscal year, reaching $18 billion, with projections rising to $32B, $73B, $114B, and $144B in subsequent years.
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