Larry Ellison, Oracle cofounder and chief tech officer, added $12.4 billion to his net worth on Tuesday, riding a fresh wave of Wall Street confidence in artificial intelligence infrastructure.
With a fortune now at $301.7 billion, the 80-year-old tech mogul is the second-richest person in the world, according to Forbes.
Oracle shares climbed 1.24% to $255.67, after Bank of America raised its price target to $295 from $220. The bank cited surging AI-related spending by tech giants like Microsoft and Meta as a sign that Oracle is well-positioned to profit from the infrastructure boom.
Microsoft alone is projecting $30 billion in capex for the September quarter. Meta has raised its full-year forecast to $69 billion, up from $67 billion. Analysts described this as a “demand signal” for AI infrastructure, pegging the agentic AI market at $155 billion.
That momentum aligns with Ellison’s long-running push to move Oracle beyond its database roots. Under his leadership, Oracle expanded aggressively into cloud services—backed by major acquisitions like the $28.3 billion purchase of Cerner in 2021.
Though he stepped down as CEO in 2014, Ellison still owns about 40% of Oracle and remains its chief technology officer and chairman.
Known for his bold bets and extravagant lifestyle, Ellison famously bought most of the Hawaiian island of Lanai in 2012 and moved there full-time in 2020. He also served on Tesla’s board from 2018 to 2022, building a stake of over 45 million shares.
Despite the hype, Bank of America maintained a neutral rating on Oracle stock. They noted this due limited visibility on how AI demand will translate into actual revenue.
