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Oracle's stock price soared by over 11% on the "cloud", with founder Ellison surpassing Buffett in wealth

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Oracle headquarters in California, USA.
Benefiting from the demand for artificial intelligence (AI) cloud services, American software giant and database product supplier Oracle's performance exceeded expectations, the company's stock price reached a historic high, and the founder's wealth also surged as a result.
On March 12th, Oracle (ORCL. US) rose sharply, with Wind data showing the highest intraday increase of over 13% and closing up 11.75%, marking the largest daily increase in over two years at $127.54 per share, setting a new historical high.
At the same time as the company's stock price rose, the personal wealth of 79 year old Oracle founder Larry Ellison also surged. Bloomberg's real-time rich list shows that Ellison's wealth surged by $11.2 billion in a single day, reaching $140 billion, close to former Microsoft CEO Steve Ballmer, surpassing stock god Warren Buffett and ranking seventh globally. Since the beginning of this year, his personal wealth has increased by $17.2 billion.
Bloomberg Real Time Rich List
The reason for the sharp rise in Oracle's stock price is due to its excellent performance in cloud service revenue in its latest financial report. On March 11th local time, Oracle announced its third quarter 2024 performance that exceeded expectations, with a total revenue of $13.3 billion, including a 25% year-on-year increase in cloud service revenue to $5.1 billion. In addition, Oracle executives have revealed that they will soon release an "exciting joint statement" with global chip giant Nvidia.
According to official website information, Oracle Corporation's predecessor was founded in 1977. In 1982, the company name was changed to Oracle Corporation. In 1986, the company went public and achieved sales of $100 million in 1987, becoming a leading global database management enterprise. Some people call it the "Apple of the Database Industry".
In the third quarter report, Oracle executives mentioned that the company's total remaining performance obligations increased by 29%, exceeding $80 billion, setting a historical record. It is expected that 43% of the remaining performance obligations of $80 billion will be recognized as revenue in the next four quarters. In addition, in the foreseeable future, the company's second-generation cloud infrastructure business will maintain a high-speed growth stage and is expected to continue to receive large contracts to retain cloud infrastructure capacity, as the demand for second-generation artificial intelligence infrastructure greatly exceeds supply. Oracle also stated that it is committed to achieving its set sales target of $65 billion by fiscal year 2026, but currently, some of these targets may be too conservative.
Foreign media pointed out that although Oracle is only the second tier manufacturer in the cloud market and its market share is far less than Amazon AWS and Microsoft Azure cloud services, the company has been trying to provide more affordable alternatives to enterprise customers than Amazon and Microsoft. Oracle believes that the strong demand for artificial intelligence computing infrastructure has greatly driven customer interest.
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