Oracle stock surge: US billionaire and investor Larry Ellison has become the world’s richest man for the first time. He has surpassed Elon Musk. The major reason for this is the tremendous rise in the shares of Oracle Corp. Its stock climbed about 40% in a single day. Larry is a co-founder and biggest shareholder of American computer technology company Oracle Corporation.
Jump of $ 101 billion in a day
According to the Bloomberg Billionaires Index, the New York time on Wednesday at 10:10 am on Wednesday, Alison’s net worth increased to $ 393 billion to $ 393 billion. Musk’s assets remained at $ 385 billion. This is the biggest one day growth ever. Earlier in December 2023, Musk’s assets increased by $ 63 billion in a day.
Oracle’s earnings boom
Oracle’s first quarter earnings were much better than expected of Wall Street. The company gave a strong outlook for Cloud and Artificial Intelligence services. After this, Oracle’s shares climbed more than 40% in early trade on Wednesday. This is the company’s largest one day’s boom after the 1999 dot-com boom.
Record growth in cloud business
Oracle’s quarterly revenue stood at $ 14.9 billion, which is 12% higher on an annual basis. Only the revenue of cloud business rose 28% to $ 7.2 billion. The company’s remaining performance Obligations jumped 359% to 455 billion dollars. This shows that the company’s demand is going to increase very fast in the coming times.
Analysts also positive
Jefferies increased Oracle’s target price from $ 270 to $ 360. Brokerage maintained a ‘buy’ rating on stock. In the last six months, the company’s stock has increased by more than 125%. This year i.e. in 2025, the company’s stock increased by 101%. At the same time, in the last 5 years it has given a multibagger return of 487.54%. Oracle’s market cap is 93.07 thousand million dollars.
Oracle’s big bet on AI
In the earning call, Alison said, “AI changes everything.” He reported that partners like Amazon, Google and Microsoft have increased by 1,529% in the company’s multicloud database revenue. He also announced to launch ‘Oracle AI Database’. With this, customers will be able to run large language models like Gemini, Chatgpt and Grok on Oracle Systems directly.