Billionaire Larry Ellison's fortune beats Bill Gates for the first time as Oracle gets a boost from the AI craze
Billionaire Larry Ellison's wealth just surged to new heights, beating Bill Gates for the first time ever. , the Oracle co-founder has grabbed the No. 4 spot on a list of the world's wealthiest, also surpassing fellow business tycoons including Warren Buffett and Mark Zuckerberg.
Ellison's net worth jumped by almost $6 billion on Monday to $130 billion, while Microsoft co-founder Gates currently has $129 billion. The surge in Ellison's fortune comes as his software company's shares get a boost from hype around artificial intelligence stocks, following the smashing debut of OpenAI's ChatGPT.
So far this year, Oracle's stock has rallied 40% along with other tech names best exposed to the AI revolution, including Microsoft, Apple and Nvidia. The company also announced quarterly earnings on Monday, with total quarterly revenues rising 17%. Ellison said"Why? Because Oracle has the highest performance, lowest cost GPU cluster technology in the world. NVIDIA themselves are using our clusters, including one with more than 4,000 GPUs, for their AI infrastructure," he added.
Other leaders in the tech industry have also seen their wealth balloon, like Ellison, thanks to the AI frenzy. That includes Nvidia CEO Jensen Huang who holds a net-worth of $35.4 billion,
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Larry Ellison edges past Bill Gates as world's fourth-richest person, Bloomberg says | CNN BusinessOracle founder Larry Ellison is reaping the benefits of artificial intelligence popularity, edging past Microsoft founder Bill Gates to land the number four spot on the Bloomberg Billionaires Index on Monday, according to Bloomberg.
Read more »
'Winning Time' Season 2 Trailer: Magic Johnson and Larry Bird Square OffThe firsst trailer for WinningTime Season 2 reveals a summer release date and Magic Johnson and Larry Bird’s epic rivalry. Watch it now:
Read more »
Presidential candidate Larry Elder discusses welfare, education, CRT -SAN DIEGO (KUSI) – Larry Elder, former California gubernatorial candidate and current candidate running for the 2024 GOP presidential nomination, joined KUSI’s Hunter Sowards and Logan Byrnes on Monday to discuss his platform. He asked KUSI viewers if they’ve lost friends and become estranged with family members over the controversy surrounding Donald Trump. While Elder aligns himself with Trump’s policies...
Read more »
Green water and shuttered gates: Why half of Jacksonville’s community pools are currently closedThe pools were opened earlier this month, but when News4JAX checked them on Monday, we found pools shuttered and even one with green water.
Read more »
Watch: Pritzker signs bill making Illinois first state to outlaw book bansThe legislation, which was authored in response to efforts in other states to restrict access to reading materials for political and personal reasons, passed the Senate in early May after being approved by the House last year.
Read more »