AI-Summary – News For Tomorrow
Larry Ellison briefly topped the world’s richest list Wednesday as Oracle’s stock soared due to a massive cloud services backlog and lucrative AI computing contracts with Nvidia and OpenAI. This surge propelled Oracle’s market value near $1 trillion. Ellison’s wealth is further boosted by his family’s ventures into AI, media, and politics. His recent White House visit with Softbank and OpenAI leaders highlighted a planned $500 billion datacenter network using Oracle technology. Ellison, Oracle’s 81-year-old co-founder and long time supporter of Trump, witnessed Oracle’s remarkable growth due to its strategic positioning in the booming AI sector.
News summary provided by Gemini AI.
Oracle’s Larry Ellison briefly became the richest person in the world Wednesday, with shares of Oracle, the tech giant he co-founded, surging as much as 43%.
Behind Ellison and Musk in the rankings sit Meta founder Mark Zuckerberg, Amazon founder Jeff Bezos and Google co-founders Larry Page and Sergey Brin.
The rapid rise in Ellison’s wealth comes as he and his family push into artificial intelligence, media and politics.
Oracle’s stock move Wednesday was fueled primarily due to the company announcing a $450 billion-plus backlog for cloud services and multibillion-dollar computing contracts with major AI players Nvidia and ChatGPT backer OpenAI.
Larry Ellison, a major backer of President Donald Trump, also recently visited the White House, announcing a massive datacenter project with Softbank’s chief Masayoshi Son and OpenAI CEO Sam Altman.
That project promised to use Oracle technology in creating the $500 billion network of datacenters.
Ellison, 81, co-founded Oracle more than 40 years ago. The company’s stock market value closed in on $1 trillion during Wednesday’s trading.
