Oracle Corp. (NYSE:ORCL) co-founder Larry Ellison famously dismissed cloud computing as “nonsense” in 2009, calling it merely “a computer attached to a network.”
From Cloud Computing Skeptic to AI Infrastructure Leader
Today, that same technology has propelled him to become the world’s second-richest person with a net worth of $289 billion, according to the Bloomberg Billionaires Index.
Oracle shares have surged 42% year-to-date to $235.81, driven by explosive demand for AI infrastructure through its Oracle Cloud Infrastructure (OCI) platform.
AI Demand Fuels Hypergrowth Phase
Oracle secured over $30 billion in cloud service agreements, including a high-profile deal with OpenAI as part of the $500 billion Stargate AI project.
Strategic Government Partnerships Drive Revenue
Oracle landed unprecedented federal contracts, offering 75% discounts on database software to the U.S. government through November. The General Services Administration called it the first government-wide cloud infrastructure discount agreement.
Global Expansion in AI Infrastructure
The company 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.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.v
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