In a remarkable turn of events for the tech industry, Oracle has emerged as a leading player among large-cap technology companies in 2024, second only to Nvidia. This surge comes after Oracle’s shares soared 11% following a stellar earnings report, propelling the stock to record highs.
Oracle’s Impressive Growth
Oracle’s stock performance has been driven by its robust cloud business, showcasing double-digit gains after each quarterly report this year. The company’s shares have increased by 49% in 2024, trailing only Nvidia’s impressive 136% rise. This growth stands in sharp contrast to other legacy tech giants like Intel and Cisco, which have struggled, with Intel losing 60% of its value.
Ellison’s Rising Wealth
Larry Ellison, Oracle’s co-founder and chairman, has seen his net worth skyrocket to $192 billion, making him the third wealthiest individual globally, just behind Elon Musk and Jeff Bezos. Ellison’s significant stake in Oracle has been a major contributor to this financial ascent.
Cloud Partnerships and Innovations
Oracle’s success is attributed to its strategic cloud partnerships with major players like Amazon Web Services (AWS), Microsoft, and Google. These collaborations have transformed Oracle into a formidable force in the cloud infrastructure market, with revenue in this segment surging by 45% to $2.2 billion.
Ellison has also been vocal about eliminating traditional passwords, advocating for more secure, innovative login methods. This aligns with Oracle’s push towards autonomous database technology and AI integration.
Looking Forward
As Oracle continues its CloudWorld conference in Las Vegas, investors remain optimistic about the company’s future. With a focus on cloud growth and strategic collaborations, Oracle is well-positioned to maintain its upward trajectory in the tech industry.
Oracle’s resurgence highlights its adaptability and commitment to innovation, positioning it as a key player in the evolving landscape of technology.
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