Oracle trails only Nvidia among large-cap tech in 2024, Ellison wins [Video]

Larry Ellison turned 80 last month. It’s been a celebratory year.

While fellow legacy tech players Intel and Cisco struggle to find their footing in a world driven increasingly by the promise of artificial intelligence, Oracle has emerged as a Wall Street darling.

Following a better-than-expected earnings report after the close on Monday, the stock popped 11% on Tuesday. It gained more steam on Wednesday, closing at a record $157.10. Oracle has seen double-digit gains following each of its three quarterly reports this year, driven by the company’s cloud businesses. The stock didn’t have a single double-digit increase last year and had only one in 2022.

“The excitement is back,” Guggenheim analysts titled their post-earnings report, highlighting “momentum across all business.”

Oracle shares are now up 49% this year, trailing only AI chipmaker Nvidia— up 136% — …