Oracle, OpenAI Sign $300 Billion Computing Deal
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Oracle's stock just surged 30% overnight as Wall Street realizes this isn't your father's database company anymore.
Ellison, 81, whose net worth is largely derived from his 41% stake in Oracle, saw his fortune rise by about $100 billion to around $392.6 billion, according to Forbes. He is rapidly closing in on Tesla chief Elon Musk in the race for the title of the world's richest person. Musk's net worth last stood at $439.9 billion.
Oracle is soaring as investors cheer its aggressive data-center forecast as a positive sign for AI demand.
The company added $10 billion to its capital investment plans for the fiscal year, reaching $35 billion, CEO Safra Catz said Tuesday.
Oracle ( ORCL) is set to report its fiscal first-quarter earnings Tuesday after the bell, with Wall Street expecting a 30% jump in cloud business revenue fueled by AI. Investors will also be watching closely for details on the company's $30 billion deal, reportedly with OpenAI.