Oracle Soars Toward Trillion-Dollar Club on AI Cloud Momentum
Oracle's shares surged 43%, nearing a $1 trillion market valuation, driven by its rise as a prominent AI cloud provider. New multi-billion-dollar contracts mark its growth and strategic partnerships with tech giants are boosting revenue, with Larry Ellison quickly closing in on the title of world's richest person.
Oracle's stock experienced a remarkable 43% surge, reaching a record high and edging the company closer to the $1 trillion club. This leap underscores Oracle's emergence as a leading AI cloud provider, as evidenced by its recent announcement of four significant multi-billion-dollar contracts.
Larry Ellison, Oracle's co-founder and chairman, saw his fortune soar by about $102 billion. His net worth now approaches $395 billion, narrowing the gap with Elon Musk for the position of the world's wealthiest individual.
Oracle's strategic deals with Amazon, Alphabet, and Microsoft enabled it to enhance its cloud infrastructure services, contributing to a substantial rise in first-quarter revenues, positioning it favorably within the cloud computing domain.
(With inputs from agencies.)
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