"Move over Nvidia ( NASDAQ:NVDA), there seems to be a new hot stock in town after Oracle ( NYSE:ORCL) pulled the curtain on one of the best and most shocking quarters from a large-cap firm you'll hear of. It's not every day that an established large-cap founded many decades ago soars around 35% in a single trading session."
"In any case, the latest spike in shares of Oracle has made CEO Larry Ellison the richest man on earth. With shares rising more than 6% on Monday's session following news that Oracle will provide cloud services for America's version of TikTok, there seems to be a good chance that Oracle will make even higher highs as it looks to become the next big firm to pass the $1 trillion market cap milestone."
"With a Street-high price target of $410 held by Citi's Tyler Radke (that represents an additional 25% worth of upside from these levels), it feels like it's just a matter of time before Oracle joins the likes of the Magnificent Seven. Sure, it'll be hard to top that blowout quarter again, especially after numerous Wall Street analysts got back to the drawing board to raise their expectations following a shockingly high cloud bookings figure."
Oracle reported an exceptionally strong quarter that drove shares to surge about 35% in one session and climb 112% over six months. Cloud bookings were shockingly high, prompting Wall Street analysts to raise expectations and re-price models. Shares rose further after Oracle announced plans to provide cloud services for America's version of TikTok, boosting confidence in future growth. Larry Ellison became the world's richest person following the market reaction. Citi set a Street-high $410 price target, implying roughly 25% additional upside and potential to join the largest tech names and reach a $1 trillion market cap. AI momentum appears to be shifting toward software and infrastructure providers.
Read at 24/7 Wall St.
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