Oracle's share price hits its biggest gain since 1992

Oracle (ORCL.N) shares hit its biggest gain since 1992, after it announced positive prospects for its cloud business, cementing the software maker’s position in the competition to support demand for AI computing. In the early trading of New York stock market on Wednesday, the company's stock price soared 41% to a market value of $947 billion. Artificial intelligence-related stocks such as chip developers Nvidia and Asian suppliers also rose. Oracle, known for its database software, has recently achieved success in the hot cloud computing market and is becoming a major provider of artificial intelligence computing power, competing with cloud computing leaders Amazon, Microsoft, and Google (GOOG.O). Earlier this summer, it signed an unprecedented agreement with ChatGPT operator OpenAI to provide it with 4.5 gigawatts of data center capacity.