Oracle's AI-Powered Cloud Surge Rockets Ellison to 2nd Richest with 42% Stock Jump This Year

Oracle Corp. co-founder Larry Ellison dismissed cloud computing as "nonsense" in 2009, but today it has propelled him to become the world's second-richest person with a net worth of $289 billion. Oracle shares have surged 42% year-to-date to $235.81, driven by explosive demand for AI infrastructure through its Oracle Cloud Infrastructure platform. The company secured over $30 billion in cloud service agreements and landed unprecedented federal contracts, offering 75% discounts on database software to the U.S. government.

Oracle Corp. co-founder Larry Ellison dismissed cloud computing as "nonsense" in 2009, but today it has propelled him to become the world's second-richest person with a net worth of $289 billion [1]. Oracle shares have surged 42% year-to-date to $235.81, driven by explosive demand for AI infrastructure through its Oracle Cloud Infrastructure platform.

The company secured over $30 billion in cloud service agreements, including a high-profile deal with OpenAI as part of the $500 billion Stargate AI project [1]. Oracle also landed unprecedented federal contracts, offering 75% discounts on database software to the U.S. government through November [1].

Global expansion in AI infrastructure is also a key driver. Oracle announced $3 billion in European investments over five years, allocating $2 billion to Germany and $1 billion to the Netherlands for AI and cloud infrastructure expansion [1].

Oracle's success in the cloud and AI sectors is a testament to its strategic pivot and investment in these technologies. As the demand for AI infrastructure continues to grow, Oracle's position as a leader in this space is likely to remain strong.

References:
[1] https://www.benzinga.com/markets/tech/25/08/47379642/larry-ellison-mocked-cloud-in-2009-today-oracles-ai-powered-cloud-surge-rockets-him-to-2nd-richest-with-42-stock-jump-this-year