Oracle is on pace for its best day in the stock market since 1992
Oracle shareholders are singing “I Will Always Love You” to the stock.
The last time Oracle had a day in the stock market better than this, Whitney Houston’s “I Will Always Love You” was early in its 14-week run atop the Billboard Hot 100 chart.
It was nearly Christmas in 1992 when shares ran up 44%. Today, Oracle shareholders are getting a nice gift, too — as of 9:48 a.m. ET, the stock is up 39% after the company posted mind-boggling backlog numbers that more than tripled from the previous quarter and said it expected to 14x its “Cloud Infrastructure” revenue by fiscal 2030. The news also created a halo effect, sending investors scrambling to buy a wide swath of AI-adjacent companies.
If the gains in Oracle hold, the stock would notch its third-best trading day ever, which is saying something for a company that has been publicly traded since 1986. It’s on pace to add about $264 billion in market cap, more than an entire Goldman Sachs’ worth of market value overnight. (Goldman’s market cap is $231 billion.) Even before today’s move, Oracle had been on a tear, with the stock up 45% year to date.