Oracle Stock Cools Off After Monstrous Rally

Oracle shares appear to be cooling off on Thursday a day after skyrocketing on the back of soaring demand for AI computing power and a couple of cloud infrastructure deals valued in billions, according to a report. The share price went as low as 5.40% to trade at $309.75.

At around 1:36 p.m. Eastern Daylight Time and 10:56 p.m. Indian Standard Time, the shares were trading 5.15% lower at $310.68, near the day's low.

Oracle shares may soon join the trillion-dollar club considering their market cap touched an all-time high of $933 billion as of last close, according to a Reuters report; yet Thursday's ongoing decline may bring the market cap down to $894 billion, posing a hurdle in its race.

Oracle's share price fall is a double whammy for the company after Larry Ellison's world's richest man title proved to be short lived.

The surge in Oracle shares on Wednesday lifted Larry Ellison's total net worth, helping him cross Elon Musk as the world's richest man, according to Bloomberg.

The chairperson and chief technology officer of Oracle’s fortune soared $101 billion as of 10:10 a.m. in New York on Wednesday, according to Bloomberg. The increase lifted his total fortune to $393 billion, surpassing Musk who is at $385 billion, according to the Bloomberg Billionaires Index.

The 81-year-old billionaire saw his fortune swell by a staggering $70 billion on Tuesday, when Oracle Corp. delivered an aggressive outlook for its cloud business that triggered the skyrocketing surge in its stock.

It was the biggest one-day increase ever recorded by the index, claimed Bloomberg.

On Tuesday, Oracle reported quarterly results that blew past Wall Street expectations and projected even stronger growth ahead. The announcement sent the company’s shares soaring more than 26% in extended trading — its biggest one-day gain since 1999.

Ellison had become the world’s richest person for the first time, ending Musk’s nearly year-long reign in the top spot.