Oracle shares soared Wednesday after the company promised Wall Street hundreds of billions of dollars in AI-related cloud revenue.
The US software maker said it expected to get $144 billion per year by the end of this decade from AI companies using its cloud computing capabilities, much of it from OpenAI, which The Wall Street Journal reported will buy 4.5 gigawatts’ worth of data center capacity from Oracle — enough energy to power millions of homes.
Oracle’s stock had its best day since 1992, a 36% increase that catapulted co-founder Larry Ellison over Elon Musk to become the world’s richest person.
