Larry Ellison and Monica Seles and Bill Gates (back row) watch Carlos Alcaraz of Spain play against Alexander Zverev of Germany in their Quarterfinal match during the BNP Paribas Open in Indian Wells, California, on March 14, 2024.
Oracle’s co-founder has gained roughly $75 billion in paper wealth as the software company he started in 1979 enjoyed its biggest stock rally since 1999 and the dot-com boom.
While the S&P 500 index has gained 27% in 2024, Oracle shares have shot up 63%, lifting Ellison’s net worth to more than $217 billion, according to Forbes, behind only Tesla CEO Elon Musk and Amazon founder Jeff Bezos among the world’s richest people.
At 80, Ellison is a senior citizen in the tech industry, where his fellow billionaire founders are generally decades younger. Meta CEO Mark Zuckerberg, whose net worth has also ballooned past $200 billion, is half his age.
But Ellison has found the fountain of youth both personally and professionally. After being divorced several times, Ellison was reported this month to be involved with a 33-year-old woman. And at a meeting with analysts in Las Vegas in September, Ellison was as engaged as ever, mentioning offhand that the night before, he and his son were having dinner with his good friend Musk, who’s advising President-elect Donald Trump (then the Republican nominee) while running Tesla and his other ventures.
His big financial boon has come from Oracle, which has maneuvered its way into the artificial intelligence craze with its cloud infrastructure technology and has made its databases more accessible.
ChatGPT creator OpenAI said in June that it will use Oracle’s cloud infrastructure. Earlier this month, Oracle said it had also picked up business from Meta.
Startups, which often opt for market leader Amazon Web Services when picking a cloud, have been engaging Oracle as well. Last year, video generation startup Genmo set up a system to train an AI model with Nvidia graphics processing units, or GPUs, in Oracle’s cloud, CEO Paras Jain said. Genmo now relies on the Oracle cloud to produce videos based on the prompts that users type in on its website.
“Oracle produced a different product than what you can get elsewhere with GPU computing,” Jain said. The company offers “bare metal” computers that can sometimes yield better performance than architectures that employ server virtualization, he said.
In its latest earnings report earlier this month, Oracle came up short of analysts’ estimates and issued a forecast that was also weaker than Wall Street was expecting. The stock had its worst day of 2024, falling almost 7% and eating into the year’s gains.
Still, Ellison was bullish for the future.
“Oracle Cloud Infrastructure trains several of the world’s most important generative AI models because we are faster and less expensive than other clouds,” Ellison said in the earnings release.
For the current fiscal year, which ends in May, Oracle is expected to record revenue growth of about 10%, which would mark its second-strongest year of expansion since 2011.
Jain said that when Genmo has challenges, he communicates with Oracle sales executives and engineers through a Slack channel. The collaboration has resulted in better reliability and performance, he said. Jain said Oracle worked with Genmo to ensure that developers could launch the startup’s Mochi open-source video generator on Oracle’s cloud hardware with a single click.
“Oracle was also more price-competitive than these large hyperscalers,” Jain said.
‘That’s going to be so easy’
Three months before its December earnings report, at the analyst event in Las Vegas, Oracle had given a rosy outlook for the next three years. Executive Vice President Doug Kehring declared that the company would produce more than $66 billion in revenue in the 2026 fiscal year, and over $104 billion in fiscal 2029. The numbers suggested acceleration, with a compound annual growth rate of over 16%, compared with 9% in the latest quarter.
After Kehring and CEO Safra Catz spoke, it was Ellison’s turn. The company’s chairman, technology chief and top shareholder strutted onto the stage in a black sweater and jeans, waved to the analysts, licked his lips and sat down. For the next 74 minutes, he answered questions from seven analysts.
“Did — did he say $104 billion?” Ellison said, referring to Kehring’s projection. Some in the crowd giggled. “That’s going to be so easy. It is kind of crazy.”
Oracle’s revenue in fiscal 2023 was just shy of $50 billion.
The new target impressed Eric Lynch, managing director of Scharf Investments, which held $167 million in Oracle shares at the end of September.
“For a company doing single digits for a decade or so, that’s unbelievable,” Lynch told CNBC in an interview.
Oracle co-founder and Chairman Larry Ellison delivers a keynote address during the Oracle OpenWorld on October 22, 2018 in San Francisco, California.
Justin Sullivan | Getty Images
Oracle is still far behind in cloud infrastructure. In 2023, Amazon controlled 39% share of market, followed by Microsoft at 23% and Google at 8.2%, according to industry researcher Gartner. That left Oracle with 1.4%.
But in database software, Oracle remains a stalwart. Gartner estimated that the company had 17% market share in database management systems in 2023.
Ellison’s challenge is to find opportunities for expansion.
Last year, he visited Microsoft headquarters in Redmond, Washington, for the first time to announce a partnership that would enable organizations to use Oracle’s database through Microsoft’s Azure cloud. Microsoft even installed Oracle hardware in its data centers.
Oracle and Amazon had exchanged barbs for years. AWS introduced a database called Aurora in 2014, and Amazon worked hard to move itself off Oracle. Following a CNBC report on the effort, Ellison expressed doubt about Amazon’s ability to reach its goal. But the project succeeded.
In 2019, Amazon published a blog post titled, “Migration Complete – Amazon’s Consumer Business Just Turned off its Final Oracle Database.”
Friendlier vibe
Ellison looked back on the history between the two companies at the analyst meeting in September.
“I got kind of got cute commenting about Amazon uses Oracle, doesn’t use AWS, blah, blah,” he said. “And that hurt some people’s feelings. I probably shouldn’t have said it.”
He said a friend at a major New York bank had asked him to make sure the Oracle database works on AWS.
“I said, ‘Great. It makes sense to me,'” Ellison said.
The multi-cloud strategy should deliver gains in database market share, said analyst Siti Panigrahi of Mizuho, which has the equivalent of a buy rating on Oracle shares. Cloud deals related to AI will also help Oracle deliver on its promise for faster revenue growth, he said.
“Oracle right now has an end-to-end stack for enterprises to build their AI strategy,” said Panigrahi, who worked on applications at Oracle in the 2000s.
So far, Oracle has been mainly cutting high-value AI deals with the likes of OpenAI and Musk’s X.ai. Of Oracle’s $97 billion in remaining performance obligations, or revenue that hasn’t yet been recognized, 40% or 50% of it is tied to renting out GPUs, Panigrahi said.
Oracle didn’t respond to a request for comment.
Panigrahi predicts that a wider swath of enterprises will begin adopting AI, which will be a boon to Oracle given its hundreds of thousands of big customers.
There’s also promise in Oracle Health, the segment that came out of the company’s $28.2 billion acquisition of electronic health record software vendor Cerner in 2022.
Yoshiki Hayashi, Marc Benioff and Larry Ellison attend the Transformative Medicine of USC: Rebels with a Cause Gala in Santa Monica, California, on Oct. 24, 2019.
Joshua Blanchard | Getty Images
Unlike rival Epic, Oracle Health lost U.S. market share in 2023, according to estimates from KLAS Research. But Ellison’s connection to Musk, who is set to co-lead Trump’s Department of Government Efficiency, might benefit Oracle Health “if there is a bigger push towards modernizing existing healthcare systems,” analysts at Evercore said in a note last week. They recommend buying the stock.
For now, Oracle is busy using AI to rewrite Cerner’s entire code base, Ellison said at the analyst event.
“This is another pillar for growth,” he said. “I think you haven’t quite seen it yet.”
Hours earlier, Ellison had put in a call to Marc Benioff, co-founder and CEO of Salesforce. Benioff knows Ellison as well as anyone, having worked for him for 13 years before starting the cloud software company that’s now a big competitor.
“It was awesome,” Benioff said in a wide-ranging interview the next day, regarding his chat with Ellison.
Benioff spoke about his former boss’s latest run of fortune.
“Larry really deeply wants this,” Benioff said. “This is very important to him, that he is building a great company, what he believes is one of the most important companies in the world, and also, wealth is very important to him.”
Nvidia CEO Jensen Huang says artificial intelligence is the “great equalizer” because it lets anyone program using everyday language.
Speaking at London Tech Week on Monday, Huang said that, historically, computing was hard and not available to everyone. “We had to learn programming languages. We had to architect it. We had to design these computers that are very complicated,” he said on stage alongside U.K. Prime Minister Kier Starmer.
“Now, all of a sudden … there’s a new programming language. This new programming language is called ‘human.'”
Conversational AI models were thrown into the spotlight in 2022 when OpenAI‘s ChatGPT exploded onto the scene. In February, the San Francisco-based tech company said it had 400 million weekly active users.
Users can ask chatbots, such as ChatGPT, Google’s Gemini or Microsoft’s Copilot, questions and they respond in a conversational way that feels more like talking to another human than an AI system.
Jensen Huang, co-founder and chief executive officer of Nvidia, at the London Tech Week exposition in London, UK, on Monday, June 9, 2025.
Bloomberg | Bloomberg | Getty Images
CEO Huang, whose company engineers some of the world’s most advanced semiconductors and AI chips, highlighted that this technology can now be used in programming. He highlighted that very few people know how to use programming languages like C++ or Python, but “everybody … knows ‘human’.”
“The way you program a computer today, to ask the computer to do something for you, even write a program, generate images, write a poem — just ask it nicely,” he said. “And the thing that’s really, really quite amazing is the way you program an AI is like the way you program a person.”
He gave the example of simply asking a computer to write a poem to describe the keynote speech at the London Tech Week event.
“You say: You are an incredible poet … And I would like you to write a poem to describe today’s keynote. And without very much effort, this AI would help you generate such a wonderful poem,” he said.
“And when it answers … you could say: I feel like you could do even better. And it would go off and think about it, and it’ll come back and say, in fact, I I can do better, and it does do a better job.”
Huang’s comments come as a growing number of companies — such as Shopify, Duolingo and Fiverr — encourage their employees to incorporate AI into their work. Indeed, last week OpenAI announced that it has 3 million paying business users.
Huang regularly touts AI’s ability to help workers do their jobs more efficiently and has encouraged workers to embrace the technology as they look to make themselves valuable employees — especially given the horror stories around AI’s potential to replace jobs.
“This way of interacting with computers, I think, is something that almost anybody can do, and I would just encourage everybody to engage it,” Huang added on Monday. “Children are already doing that themselves naturally, and this is going to be transformative.
— CNBC’s Cheyenne DeVon and Ashton Jackson contributed to this report.
Jensen Huang, co-founder and CEO of Nvidia Corp., speaks during a news conference in Taipei on May 21, 2025.
I-hwa Cheng | Afp | Getty Images
LONDON — Nvidia CEO Jensen Huang poured praise on the U.K. on Monday, promising to boost investment in the country’s artificial intelligence sector with his multitrillion-dollar semiconductor company.
“The U.K. is in a Goldilocks circumstance,” Huang said, speaking on a panel with British Prime Minister Keir Starmer and Investment Minister Poppy Gustafsson. “You can’t do machine learning without a machine — and so the ability to build these AI supercomputers here in the U.K. will naturally attract more startups.”
The Nvidia boss went on to say, “I think it’s just such an incredible, incredible place to invest. I’m going to invest here.”
Huang also stressed that Britain “has one of the richest AI communities anywhere on the planet,” along with “amazing startups” such as DeepMind, Wayve, and Synthesia, ElevenLabs.
“The ecosystem is really perfect for take-off — it’s just missing one thing,” he said, referring to a lack of homegrown, sovereign U.K. AI infrastructure.
Earlier on Monday, Nvidia announced a new U.K. sovereign AI industry forum, as well as commitments from cloud vendors Nscale and Nebius to deploy new facilities in the country with thousands of the semiconductor giant’s Blackwell GPU chips.
The U.K. has been touting its potential as a global AI player in recent months, amid Keir Starmer’s efforts to lead his Labour government with a growth-focused agenda.
In January, Starmer unveiled a bold plan to boost the domestic U.K. AI sector, promising to relax planning rules around new data center developments and increase British computing power by twenty-fold by 2030.
This is a breaking news story. Please check back for updates.
LONDON — Britain’s financial services watchdog on Monday announced a new tie-up with U.S. chipmaker Nvidia to let banks safely experiment with artificial intelligence.
The Financial Conduct Authority said it will launch a so-called Supercharged Sandbox that will “give firms access to better data, technical expertise and regulatory support to speed up innovation.”
Starting from October, financial services institutions in the U.K. will be allowed to experiment with AI using Nvidia’s accelerated computing and AI Enterprise Software products, the watchdog said in a press release.
The initiative is designed for firms in the “discovery and experiment phase” with AI, the FCA noted, adding that a separate live testing service exists for firms further along in AI development.
“This collaboration will help those that want to test AI ideas but who lack the capabilities to do so,” Jessica Rusu, the FCA’s chief data, intelligence and information officer, said in a statement. “We’ll help firms harness AI to benefit our markets and consumers, while supporting economic growth.”
The FCA’s new sandbox addresses a key issue for banks, which have faced challenges shipping advanced new AI tools to their customers amid concerns over risks around privacy and fraud.
Large language models from the likes of OpenAI and Google send data back to overseas facilities — and privacy regulators have raised the alarm over how this information is stored and processed. There have meanwhile been several instances of malicious actors using generative AI to scam people.
Nvidia is behind the graphics processing units, or GPUs, used to train and run powerful AI models. The company’s CEO, Jensen Huang, is expected to give a keynote talk at a tech conference in London on Monday morning.
Last year, HSBC’s generative AI lead, Edward Achtner, told a London tech conference he sees “a lot of success theater” in finance when it comes to artificial intelligence — hinting that some financial services firms are touting advances in AI without tangible product innovations to show for it.
He added that, while banks like HSBC have used AI for many years, new generative AI tools like OpenAI’s ChatGPT come with their own unique compliance risks.