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5d ago

Oracle Soars on AI Contracts as Ellison Briefly Becomes Richest

The jump followed disclosures of four multibillion-dollar cloud commitments, with a reported $455 billion order book.

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Oracle
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Overview

  • Oracle shares spiked as much as 43% intraday before closing up about 36%, lifting the company to roughly $922–$933 billion in market value.
  • Larry Ellison temporarily edged past Elon Musk on real-time wealth trackers during the surge before Musk retook the lead by market close.
  • CEO Safra Catz said the company signed four multibillion-dollar deals and expects more, while reports cite over $300 billion in AI-related contracts tied to customers including OpenAI, Meta, Nvidia and xAI.
  • The rally swelled employee RSU fortunes, with media accounts describing hundreds of new millionaires and examples ranging from young Bengaluru engineers to a San Jose product manager.
  • Oracle’s AI push includes a July agreement to supply OpenAI with 4.5 gigawatts of power, and Ellison has forecast cloud infrastructure revenue rising from $18 billion this year to $144 billion in four years.