Larry Ellison closes out a remarkable year as Oracle Corp. ( ORCL ) sees its strongest stock rally since the dot-com era, adding nearly $75 billion to Ellison’s net worth.

What Happened: Oracle’s shares have climbed 63% in 2024, significantly outpacing the S&P 500’s 27% gain. This boost has elevated Ellison’s net worth to over $217 billion, positioning him just behind Elon Musk and Jeff Bezos in global wealth rankings, according to Forbes, CNBC reported on Friday.

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.

See Also: Michael Jordan Sells His Massive Luxury Mansion For $9.5 Million – But It Took 12 Years To Find A Buyer And He Spent $50 Million Building It

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.

Why It Matters: The rise in Oracle’s stock is largely attributed to its strategic positioning in the AI sector. Dan Ives highlighted Oracle’s potential to benefit from the enterprise software AI revolution. He emphasized Oracle’s competitive edge in the enterprise space, particularly its cloud infrastructure and software stack.

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.

Read Next: 

If You Gave Your Loved Ones A $150 Bitcoin Christmas Gift In 2022, It’d Be Worth More Than What An Average American Spends On The Holiday In 2024

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Image via Flickr