Oracle co-founder Larry Ellison has passed Elon Musk to become the world’s richest person after a dramatic rally in Oracle shares.
Bloomberg’s index now puts Ellison near $393 billion, ahead of Musk at about $385 billion. The shift followed a blowout earnings update that turbocharged expectations for Oracle’s cloud and AI business.
Record stock jump after bullish cloud and AI outlook
Oracle stock surged by roughly 40%, its biggest one-day rise since 1992.
The move came after executives outlined rapid growth in AI-driven data-centre demand and a stronger multiyear revenue path for Oracle Cloud Infrastructure.
Moreover, the share spike alone added more than $100 billion to Ellison’s fortune in a single session, propelling him to the top of Bloomberg’s ranking.
Four big contracts and a massive $455bn backlog
CEO Safra Catz said Oracle signed four multibillion-dollar contracts last quarter and expects more to close soon.
The company reported $455 billion in remaining performance obligations, underscoring its role as critical infrastructure for the AI boom.
Oracle has also expanded its partnership with OpenAI, agreeing in July to develop 4.5 gigawatts of additional U.S. data-centre capacity for the “Stargate” program. Additionally, these milestones help explain why investors are re-rating Oracle as a backbone of modern AI.
Market context and what it means for Pakistan’s tech
Musk’s wealth slipped as Tesla shares weakened amid concern over U.S. rollbacks of electric-vehicle incentives, a shift that could weigh on EV demand. Even so, rankings could remain volatile given market swings.
Global AI spending is driving demand for cloud hosting, fibre connectivity, power, and skilled talent. Furthermore, Pakistani firms can pitch data-engineering, cybersecurity, and application services to Oracle clients across the Middle East and beyond.
Policymakers can amplify this momentum with targeted incentives for AI zones, faster spectrum and right-of-way approvals, and industry-led training that prepares graduates for cloud operations.
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