Oracle To All Time High ๐
The IT tech giant has found its "cloud mojo," according to investment firm Baird, as investors bid up shares more than 6% on Monday, adding to last week's gains.
"Oracle reported strong FQ1 results on Monday, including accelerating OCI growth (to 46% growth YOY in cc vs. 42% in FQ4), leading to a surge in shares," analyst William Power wrote in an investor note.
Oracle gained 14.3% last week after its earnings topped expectations and its long-term targets impressed investors. Investors were pleased with Oracle's most recent results, which saw its remaining performance obligations soar 53% during the period to $99B.
Recent partnerships with Amazon (AMZN) Web Services and Google (GOOGL) (GOOGL) Cloud were also received well, as co-founder Larry Ellison briefly became the second-wealthiest person in the world.
Over the past five days, Oracle has added roughly $50B to its market cap and almost $100B to its market cap over the past month. Year-to-date, Oracle shares have gained 65%, outpacing the gains seen in its larger aforementioned cloud competitors, as well as other tech stalwarts like Apple (AAPL), Microsoft (MSFT) and Meta Platforms (META). (Oracle also has a cloud partnership with Microsoft and announced a deal with generative artificial intelligence startup OpenAI in June.)
Larry Ellison, Oracle's (ORCL) co-founder and technology chief, briefly overtook Amazon (AMZN) founder Jeff Bezos as the world's second-richest person, after the software giant's shares saw their best week since late 2021.
The rally briefly lifted the net worth of Ellison, Oracle's biggest shareholder, to $208.4B on Friday, but it has since come down to $197.7B. Bezos' net worth currently stands at $204.4B, while Tesla (TSLA) CEO Elon Musk is No. 1 with a net worth of $252.8B.
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