Whitney Houston in the early ’90s, just belting it (Franco Origlia/Getty Images)
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.
