Oracle's Larry Ellison now world's third richest as AI explodes
Stock value on target for best year on Wall Street since 1999
We are seeing artificial intelligence battle between Microsoft, Google: Kindig
I/O Fund CEO and lead tech analyst Beth Kindig provides insight on stock performance and the development of AI on 'Making Money.'
With a 42% stake in Oracle and the company’s stock rising roughly 54% year-to-date, the company’s chief tech officer, Larry Ellison, has knocked Amazon’s Jeff Bezos out of the third spot for world’s richest person.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ORCL | ORACLE CORP. | 117.15 | +2.29 | +1.99% |
According to Forbes, the world’s five richest people are Elon Musk at No. 1, Bernard Arnault at No. 2, Ellison now in the bronze medal position and Bezos and Warren Buffett rounding out the top five in that order.
Elon Musk is currently the world's richest person, according to Forbes. (Jim Watson/AFP via Getty Images / Getty Images)
Ellison, whose fortune now sits at $156.8 billion, has seen his wealth grow exponentially as AI applications begin saturating industry from manufacturing processes and sales to infrastructure and transportation.
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Bullseye American Ingenuity Fund portfolio manager Adam Johnson told FOX Business the company’s pivot to AI, cloud and "guts of the internet" positioned Oracle for record highs while putting it on par with Microsoft and Amazon.
Johnson said investors should consider other tech stocks like Nvidia, saying their "world’s fastest chip" is why the stock is up sharply.
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"No one can even come close to the 30 trillion calculations per second," he said. "It’s 10 times faster than even the new AMD chip."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVDA | NVIDIA CORP. | 877.35 | +51.03 | +6.18% |
| AMD | ADVANCED MICRO DEVICES INC. | 157.40 | +3.64 | +2.37% |
| SPLK | n.a. | n.a. | n.a. | n.a. |
Johnson also highlighted the company Splunk, calling it one of the best data analysis companies now jumping into generative AI.
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"And it’s cheap," he added.