Oracle Soars Toward Trillion-Dollar Valuation as AI Cloud Business Gains Momentum

Oracle's stock experienced a significant rise on Thursday, contributing to an impressive streak from the previous session. This boost in the tech sector comes as the company approaches a trillion-dollar valuation, buoyed by substantial progress in its AI cloud business.

The surge in Oracle's stock performance has set its co-founder, Larry Ellison, on a path to potentially surpass Elon Musk as the richest individual globally. Richard Hunter from Interactive Investor noted that Oracle has revitalized interest in AI trades, creating extensive demand for AI-related stocks.

According to a Wall Street Journal report, Oracle secured a notable $300 billion computing power deal with OpenAI, significantly impacting the firm's revenue forecasts. As of Wednesday, Oracle's valuation skyrocketed to $933 billion, with its shares appreciating by 1.5% in premarket trading.

(With inputs from agencies.)