Thu Sep 12 14:10:00 UTC 2024: ## Oracle’s AI Boom Propels Ellison Towards Bezos’s Net Worth
**San Francisco, CA -** The AI boom is fueling a surge in the fortunes of tech giants, with Oracle co-founder Larry Ellison leading the charge. Ellison’s net worth is closing in on Amazon founder Jeff Bezos thanks to a significant climb in Oracle’s stock price driven by its cloud business.
Ellison, who owns nearly 40% of Oracle’s outstanding stock, has seen his real-time net worth surge by nearly $100 billion this year, reaching $192.4 billion, according to Forbes. This puts him just $10 billion behind Bezos’s $202.6 billion.
Oracle’s strong first-quarter earnings report, exceeding Wall Street expectations, has fueled the stock’s impressive rise. The company saw its shares jump 13% on Tuesday, closing at a record high of $157.10 on Wednesday. This performance was driven by a 7% year-over-year increase in total quarterly revenue, with cloud services revenue growing by 12%.
Oracle’s CEO, Safra Catz, attributed the growth to cloud services becoming the company’s largest business, boosting operating income and earnings per share.
Ellison emphasized Oracle’s commitment to AI, announcing the construction of 162 cloud data centers globally, including a massive 800-megawatt facility dedicated to training large-scale AI models using NVIDIA GPUs.
This highlights the crucial role of AI chip-maker Nvidia, whose stock has soared by nearly 147% this year due to high demand. However, Nvidia CEO Jensen Huang cautioned about shortages of its highly anticipated Blackwell chips, leaving customers feeling “tense.”
The AI boom continues to reshape the tech landscape, with Oracle and its co-founder Larry Ellison at the forefront, pushing Ellison closer to the top of the world’s wealthiest individuals.
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