#ai-driven-growth

#ai-driven-growth

Oracle has appointed two new co-CEOs, as part of a succession plan put into motion months ago. Business Insider reported in June that Oracle had promoted cloud boss Clay Magouyrk and head of industries Mike Sicilia to the title of "president" as part of a succession plan, citing SEC filings and people familiar with the plans. Safra Catz, CEO since 2014, will become executive vice chair of the company's board of directors, the company announced. Larry Ellison, cofounder and former CEO, will continue as chief technology officer and executive chairman.

U.S. stocks have made furious rebounds, setting fresh record highs and eroding the outperformance that European markets have enjoyed for much of this year. The S&P 500 is now up 13% year to date and the Nasdaq is up 17%. As recently as late June, when the broad market index had retaken its prior all-time high, both were up 5%.

The S&P 500 is wandering into uncharted territory as it looks to wander above the 6,500 mark going into the last four months of the year. It's never been so concentrated at the top, and with valuations on the rise (it may find itself closing in on a 30 times trailing price-to-earnings (P/E) multiple), some wonder if the SPDR S&P 500 ( NYSEARCA:SPY) is overdue for a correction.