Larry Ellison closes out a remarkable year as Oracle Corp. (NYSE:ORCL) sees its strongest stock rally since the dot-com era, adding nearly $75 billion to Ellison’s net worth.
Oracle’s success is linked to its strategic moves in the AI sector, leveraging its cloud infrastructure technology. Partnerships with companies like OpenAI and Meta have bolstered Oracle’s market presence. Despite a recent earnings report that fell short of expectations, Ellison remains optimistic about future growth.
Oracle’s revenue is projected to grow by about 10% in the current fiscal year, marking its second-strongest expansion since 2011. Ellison’s leadership and strategic partnerships, including recent collaborations with Microsoft and Amazon, are expected to drive further growth.
Despite a recent earnings report that missed expectations, Oracle reported a 9% year-over-year increase in second-quarter revenue. Ellison described the AI growth opportunity as “unimaginable,” underscoring the company’s focus on expanding its cloud and AI capabilities.
Oracle’s strategic moves and partnerships in AI and cloud technology are expected to continue driving its growth, making it a key player in the evolving tech landscape.
Price Action: Oracle was trading 0.21% lower on Friday during pre-market hours, as per Benzinga Pro.
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