AI-linked stocks rallied Wednesday, fueled by investor optimism that artificial intelligence will power earnings growth after Oracle Corp. (NYSE:ORCL) revealed a massive backlog of AI-related orders.
Oracle shares skyrocketed more than 40% – the company’s strongest single-day rally since December 1992 – despite missing Wall Street forecasts on both revenue and earnings last quarter. Investors instead focused on the company’s multi-cloud database business, which exploded 1,529% year-over-year thanks to partnerships with Amazon.com Inc. (NASDAQ:AMZN), Alphabet Inc. (NASDAQ:GOOGL) and Microsoft Corp. (NYSE:MSFT).
The rally pushed Oracle closer to the rarefied $1 trillion market cap club, making it the ninth most valuable U.S. company, right behind Tesla Inc. CEO Larry Ellison‘s fortune swelled by more than $100 billion in a single session, lifting his net worth toward $400 billion — less than $40 billion shy of Elon Musk, who remains the world’s wealthiest …