Oracle's Ellison No. 2 on world's richest list, on AI boom

Mr Larry Ellison is the world's second-wealthiest person for the first time ever, according to the Bloomberg Billionaires Index, as a red-hot rally in Oracle's share price has catapulted his net worth to US$251.2 billion (S$322.8 billion).

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Mr Ellison co-founded Oracle, which has been a key winner as investors have piled into artificial intelligence (AI) stocks. The company's shares have nearly tripled since ChatGPT was released to the public in November 2022, but have been on a particular tear over the past three months, with the stock gaining more than 90 per cent since late April as the computing provider recorded surging revenues and inked key partnerships.

Oracle's shares rose another 5.7 per cent on July 15 on news that the US government would allow chipmakers including Nvidia and Advanced Micro Devices to export some semiconductors to China, reversing Biden-era restrictions.