Oracle's Ascent: Riding the AI Cloud Wave

Oracle's stock performance has caught the attention of the tech world, with shares rising on Thursday and contributing to an ongoing record streak. The company's close approach to a trillion-dollar market capitalization is primarily fueled by substantial growth in its AI cloud operations.

This growth reflects a significant uptick in cloud computing power demands, as companies invest heavily in leading the AI industry. Oracle's recent success includes a massive $300 billion deal with OpenAI, one of the largest in the sector, which has had a noticeable impact on AI-related stocks.

Larry Ellison, Oracle's co-founder, benefits directly from this surge, with his wealth soaring due to his substantial ownership stake. The impact extends to other tech companies such as Nvidia and Broadcom, and comparable cloud services are taking note of Oracle's premium stock value.

(With inputs from agencies.)