Oracle Stock Rises Further After Best Day Since 1992

Core Insights - Oracle's shares surged 36% in a single day, marking its best performance since 1992, and briefly made co-founder Larry Ellison the world's richest person, surpassing Elon Musk [1][2][7] - The significant increase in Oracle's stock was driven by a reported backlog of $455 billion, which more than quadrupled from the previous year, indicating strong demand for AI infrastructure [2][3] - Analysts have raised their price targets for Oracle, viewing it as a leading player in the AI infrastructure market, with UBS analysts increasing their target to $360 based on the substantial backlog [4][5] Financial Performance - Oracle's backlog reached $455 billion, with $317 billion of new deals added in the first quarter of fiscal year 2024, reflecting robust growth in AI-related contracts [3][5] - The company's stock price has nearly doubled this year, reaching $328.33, and continued to rise by 1.5% in premarket trading [6] Market Position - The surge in Oracle's stock and its substantial backlog position the company as a significant growth story in the technology sector, particularly in the context of AI infrastructure [5][7] - Analysts believe that the scale of Oracle's backlog is materially above market expectations, prompting a reevaluation of the company's growth potential [5]