Shakeup in Bloomberg Billionaires Index: Oracle Founder Surpasses Zuckerberg

TradingKey - On Tuesday, the Bloomberg Billionaires Index saw a reshuffle, with Oracle (ORCL) founder Larry Ellison climbing to second place with a net worth of $251.2 billion, surpassing Meta CEO Mark Zuckerberg.

Source: Bloomberg

This shift comes as chip giants Nvidia and AMD announced the resumption of H20 chip supplies to China this week, prompting Oracle's stock to surge 5.7% on Tuesday. Consequently, Ellison’s wealth skyrocketed, allowing him to overtake Zuckerberg on the billionaires list. 

It's reported that over 80% of Ellison's wealth comes from Oracle stocks and options. Fueled by the AI boom, Oracle's stock has soared more than 90% since late April and has risen 41% this year. 

In recent months, Oracle has secured several multi-billion dollar cloud computing contracts and is set to develop "GW (gigawatt, or million kilowatt) level" data center computing resources to serve large enterprise clients. 

Earlier this month, the "Stargate" project leased an additional 4.5GW of computing power from Oracle. Launched at the start of the year, "Stargate" is driven by OpenAI, SoftBank Group, and Oracle, as announced by the White House. 

On June 30, Oracle revealed a $30 billion cloud services agreement, expected to generate over $30 billion in annual revenue starting from fiscal year 2028, tripling the company's fiscal 2025 data center revenue. 

With the surge in enterprises’ demand for AI computing power, Oracle's data center infrastructure business grew 52% in the latest quarter. CEO Safra Catz anticipates 2026 to be an exceptional year. Analysts are bullish on Oracle's prospects, with Piper Sandler upgrading its rating from "neutral" to "overweight," raising the target price from $190 to $270. Earlier this month, Jefferies and Bernstein also increased their target prices.