"After distinctly pedestrian results in terms of the usual metrics - profits were flat at $2.93 billion for the first quarter of 2026 while revenue also missed analysts' expectation - Oracle's share price increased by 40 percent overnight. Optimism was fuelled by its predictions of what customers will spend on cloud infrastructure in the next four years, propelled by an expected surge in demand for AI."
"The result was that, in theory, Larry Ellison, Oracle's co-founder and CTO, overtook Elon Musk to become the world's richest man. On paper, at least, when shares in Oracle rose by 40 percent, valuing Ellison's fortune at $393 billion, just ahead of Musk's $384 billion. Both sums are larger than the GDP of Egypt, a country of more than 100 million people, for context."
Oracle reported flat profits of $2.93 billion for the first quarter of 2026 and missed revenue expectations, yet its share price jumped 40 percent overnight. The surge reflected predictions of substantial customer spending on cloud infrastructure over the next four years driven by AI demand. The rally increased Larry Ellison’s paper fortune to about $393 billion, briefly surpassing Elon Musk, with both fortunes exceeding Egypt's GDP. Ellison has used his wealth to back media deals, aiding his son David's $8 billion Paramount purchase and supporting a bid for Warner Bros Discovery, and reportedly targets large land purchases in Oxford.
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