Oracle Rises Above – The Ongoing Stock Surge 📈

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Oracle Rises Above – The Ongoing Stock Surge

With the Nasdaq Composite up over 30% for the year, there is one shining star that has surprised several with its surprising resurgence. Founded one year after Apple in 1977, Oracle has stood as a major incumbent in the tech software industry, providing cloud application services that made it the third-largest software company in the world by revenue and market cap. However, in recent years, this wasn’t always the case; although it was created for business software developments, Oracle hadn’t taken the strides to transform the business alongside the escalating cloud computing industry. With other big names like Amazon, Microsoft, and Google joining the fray early, several considered Oracle to be relatively laggard in their approach.

In the past decade, the software titan began to take its first steps into reconstruction through several acquisitions and partnerships that favored long-term growth in the cloud industry. Now, in 2023, these benefits are being reaped to the pleasure of their shareholders. Year-to-date, Oracle’s stock is up over 46%, and in the past twelve months, the stock has risen over 75%. During this year-long time span, Oracle has amassed greater returns than every large-cap enterprise tech stock except for Nvidia. Furthermore, they are on track to record the best year for shareholders since the early dot-com growth in 1999. The most recent boost in the stock comes after a successful earnings beat on both the top and bottom lines, pushing founder Larry Ellison to the fourth richest person in the world over Bill Gates. With the rise and implementation of generative artificial intelligence, several believe Oracle has the potential to further transform its business and continue to capture market share against its hefty counterparts.

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