Oracle's 'truly awesome' quarter stuns Wall Street, sending stock up 40% and making Ellison world's richest man

Oracle's (ORCL) massive backlog for its cloud business stunned Wall Street and cemented the company's role as a key player in the AI market, lifting hopes that the broader AI-fueled tech rally has more room to run. Oracle said late Tuesday that its “RPO,” or remaining performance obligations, a measure of future revenue from customer contracts, jumped roughly 360% in the quarter to $455 billion. That outstanding contract revenue drove the company to project that its Oracle Cloud Infrastructure (OCI) busin ...