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☆ Oracle hits record after 50% surge in 2023, defying tech struggles
▼ + stars: | 2023-06-14 | by ( Jordan Novet | ) www.cnbc.com time to read: +7 min

Larry Ellison, Oracle's chairman and technology chief, speaks at the Oracle OpenWorld conference in San Francisco on September 16, 2019. For years, the database software developer lagged behind tech rivals in building cloud technology that met the demands of the modern-day enterprise. The shares are up over 50% in 2023, which would mark the best year for shareholders since the dot-com boom of 1999. Oracle got its latest boost this week after reporting stronger-than-expected earnings and revenue, prompting nods of approval from analysts. On Oracle's earnings call this week, CEO Safra Catz took a minute to express gratitude to the company's customers and employees.

Persons: Larry Ellison, Justin Sullivan, Larry Ellison's, Goldman Sachs, Ellison, Bill Gates, Let's, it's, Eric Lynch, Scharf, Salesforce, Kash Rangan, Oracle, Lynch, Safra Catz, Catz, Jefferies, Brent Thill Organizations: Oracle, Getty, Nvidia, Bloomberg, Microsoft, Scharf Investments, Google, Goldman, Amazon Web Services, Monday, Exxon Mobil, Pfizer Locations: San Francisco, TikTok, Cohere, IaaS, NetSuite, Los Gatos , California, Silicon Valley, A.I

☆ Oracle is betting its AI future on a company called Cohere. Here's why this little-known startup is becoming OpenAI's chief rival.
▼ + stars: | 2023-06-13 | by ( Julie Bort | ) www.businessinsider.com time to read: +4 min

Oracle is offering generative AI to its customers based on tech from a startup called Cohere. Oracle will be embedding Cohere's generative AI technology into a bunch of its products and Cohere will be using Oracle's cloud to train, build, and deploy its generative AI models, Oracle chairman and CTO Larry Ellison said. One is that Cohere is designed for enterprise customers, meaning companies can use their own data to train their AI models, without sharing that data. But at the moment, Cohere is the only partner Oracle announced to power its generative AI services for customers, though this could change one day. He was a research intern at Google Brain in 2017 when he co-authored a paper on a way of training AI models to improve their abilities to understand language.

Persons: Cohere, Geoffrey Hinton, Fei, Fei Li, Pieter Abbeel, Larry Ellison, That's, Ellison, OpenAI, ChatGPT, Salesforce, Aidan Gomez, cofounders, Nick Frosst, Ivan Zhang, Gomez Organizations: Oracle, Morning, NVIDIA, Salesforce Ventures, New York Times, Microsoft, Wall, Nvidia, Google, Cohere Locations: Cohere, OpenAI, Toronto

☆ Oracle beats on top and bottom lines as cloud revenue jumps
▼ + stars: | 2023-06-12 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Here's how the company did:Earnings: $1.67 per share, adjusted, vs. $1.58 per share as expected by analysts, according to Refinitiv. Revenue: $13.84 billion, vs. $13.73 billion as expected by analysts, according to Refinitiv. The company's top source of revenue, cloud services and license support, jumped 23% to $9.37 billion. Revenue from cloud infrastructure totaled $1.4 billion, which was up 76%, accelerating from 55% growth in the prior quarter. During the quarter, Oracle said more of its cloud services had received approval for use by U.S. defense and intelligence agencies.

Persons: Larry Ellison, Oracle Organizations: Oracle, Microsoft, Google, Wolfe Research, Jefferies Locations: San Francisco, Refinitiv, U.S

☆ Larry Ellison tops Bill Gates as world's fourth-richest person, Bloomberg says
▼ + stars: | 2023-06-12 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Oracle (ORCL) founder Larry Ellison is reaping the benefits of artificial intelligence popularity, edging past Microsoft (MSFT) founder Bill Gates to land the number four spot on the Bloomberg Billionaires Index on Monday, according to Bloomberg. Ellison is now the world’s fourth-richest person, with a staggering $129.8 billion net worth, Bloomberg reported. He just squeaked past Gates, whose net worth — Bloomberg reported — is currently $129.1 billion. Ellison is the largest stockholder in Oracle and owns approximately 42.9% of its shares, a 2022 SEC proxy statement said. Five years later, they renamed their company “Oracle” after their software.

Persons: Larry Ellison, Bill Gates, Ellison, Gates, —, didn’t, Safra Catz, David Geffen, Musashi Organizations: New, New York CNN, Oracle, Microsoft, Bloomberg, — Bloomberg, Bank of America, SEC, Oracle Database Locations: New York, Tesla, California, Hollywood

☆ Salesforce insiders say that by wooing back former execs, Marc Benioff may finally feel comfortable enough to loosen his grip
▼ + stars: | 2023-06-12 | by ( Julie Bort | ) www.businessinsider.com time to read: +5 min

Salesforce CEO Marc Benioff has been wooing back former executives for years. Insiders say that those that know Benioff best may get him to loosen his grip. Salesforce founder and CEO Marc Benioff has spent years wooing former executives back to the company. Benioff has surrounded himself with people "that know how Salesforce works and know how Benioff works" one former exec explained. With all of that new blood from aquisitions washed away, Benioff seems to think Salesforce can move forward by going back.

Persons: Marc Benioff, Brian Millham, Millham, Salesforce, Benioff, he's, Miguel Milano, Ariel Kelman, Kendall Collins, Steve Fisher, Dave Moellenhoff, Jim Steele, Clara Shih, Marc, —, Larry Ellison, Benioff's, Keith Block, Bret Taylor, Slack, Stewart Butterfield, Mark Nelson, Julie Bort Organizations: Oracle, Twitter Locations: Salesforce

☆ Billionaires are older than you may think
▼ + stars: | 2023-06-02 | by ( Madeline Berg | ) www.businessinsider.com time to read: +3 min

Flashy young founders may get a lot of attention, but the typical billionaire is older than you may think. The median age of the world's billionaires is 67, according to a new report from Altrata. The median age of the world's billionaires is 67, according to a new report from data firm Altrata. Only 10% of the world's billionaires are younger than 50 — and over 40% are older than 70. Billionaires, for what it's worth, don't seem ignorant to the fact that they are an older breed.

Persons: Altrata, Elon Musk, Kim Kardashian, Peter Thiel, Jeff Bezos, Larry Ellison, Jack Dorsey, Zuckerberg, Warren Buffett, I've Organizations: Tech, Oracle, CNBC Locations: Omaha

In their joint venture agreement, Baker Hughes says it uses C3.ai's solutions and also sells the product to companies in the oil and gas industry. CNBC's "Last Call" aired a report Thursday night on the investor lawsuit against C3.ai and the company's relationship with Baker Hughes. The lawsuit says the publicity about the massive Baker Hughes sales force "artificially inflated C3's stock" when the company first went public. Richard Drew | APIn an April 2023 filing, Baker Hughes announced it divested 1.7 million C3.ai shares, bringing its ownership to 6.9 million shares. Kerrisdale pointed to C3.ai's "highly conspicuous growth" in unbilled receivables, largely from Baker Hughes, and wrote that "accounting red flags abound with the Baker Hughes relationship."

Persons: Tom Siebel, Siebel, Thomas M, Chris J, Ratcliffe, it's, Baker Hughes, Logan Roy, Larry Ellison, Yasmin Khorram, Dan Brennan, We've, Brennan, he's, CNBC's, Reed Kathrein, Theranos, —, Kathrein, Richard Drew, they'd, unbilled, receivables, Siebel's, Ken Goldman, Goldman, Gil Luria, Davidson, Luria, Nick Wells, Scott Zamost, Sam Woodward, Tom Siebel's Organizations: Siebel Systems, Oracle, Bloomberg Tech Summit, Bloomberg, Getty, CNBC, Forbes, Siebel, C3, U.S . Department of Defense, Shell, Northern District of, SEC, Twitter, " Traders, New York Stock Exchange, AP, Point Capital Management, Spotify, C3 Energy, Revenue, Wall Locations: London, Redwood City , CA, Redwood City , California, Northern District, Northern District of California, unbilled receivables, Point

☆ Elon Musk has displaced Bernard Arnault as the world's richest person, as Tesla stock surges and LVMH slumps
▼ + stars: | 2023-06-01 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Elon Musk has reclaimed the title of world's richest person, per the Bloomberg Billionaires Index. The electric-vehicle pioneer's wealth rose in May thanks to Tesla's stock price surging. Musk surpassed Bernard Arnault on Wednesday after Paris-listed LVMH shares fell nearly 3%. Musk's wealth passed Arnault's on Wednesday after LVMH slipped nearly 3% in Paris trading, according to the Bloomberg Billionaires Index. He's still comfortably the world's second-richest person, ahead of Bezos, who's worth $144 billion.

Persons: Elon, Bernard Arnault, —, Elon Musk, LVMH, Tesla, –, Jeff Bezos –, he's, Linda Yaccarino, Arnault's LVMH, He's, Bill Gates, Larry Ellison, Steve Ballmer, Warren Buffett, Larry Page, Sergey Brin, Mark Zuckerberg, Read, Hermes Organizations: Bloomberg, Service, Privacy, Amazon, Google Locations: Paris, Bezos

With only 1% of support among registered Republicans according to Reuters/Ipsos polling, Scott faces an uphill battle in his bid to win the Republican nomination to take on Democratic President Joe Biden next year. Some 49% of Republicans plan to vote for Trump, according to Reuters/Ipsos polling. Scott, 57, is likely to be the only Republican senator to jump into the race, an oddity given that the Senate has traditionally been a staging ground for Republicans with presidential aspirations. Among his political assets are his popularity in South Carolina, which plays a key role in the Republican race. Reporting by Gram Slattery; Editing by Will Dunham and Scott MaloneOur Standards: The Thomson Reuters Trust Principles.

☆ Tim Scott's biggest financial backer is Larry Ellison, a tech billionaire who owns the sixth-largest island in Hawaii and has poured $35 million into the senator's super PAC
▼ + stars: | 2023-05-22 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +6 min

Ellison has pumped $35 million into Scott's super PAC, and could legally give him millions more. On Monday, Ellison attended Scott's campaign launch in North Charleston, where Scott described him as one of his mentors. Trump's political operation includes the "MAGA, Inc" super PAC, while Florida Gov. Ron DeSantis has enjoyed the support of the "Never Back Down" super PAC. Scott's campaign isn't the first time a Republican presidential candidate has heavily relied on a single megadonor.

☆ Oracle's Larry Ellison gears up to spend millions to back Tim Scott's 2024 run
▼ + stars: | 2023-05-22 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

Oracle co-founder and Republican megadonor Larry Ellison is preparing to spend millions of dollars backing Sen. Tim Scott's run for president. The Opportunity Matters Fund PAC has been rebranded for Scott's White House run with a new name: Trust In The Mission PAC, or TIM PAC. Another veteran Republican fundraiser told CNBC that Ellison is already planning to donate up to $10 million to the TIM PAC in the early going of Scott's run. Ellison has signaled to allies that he could give at least between $20 million and $30 million more this cycle, this person said. Ellison admires Scott a great deal for the senator's strong support for Israel, according to a lobbyist who's worked with Oracle and has known Ellison for years.

The impoverished child of a single mother and the only Black Republican in the U.S. Senate, Scott often points to his personal story as proof that America remains a land of promise. As a Black conservative, Scott is a rarity in a country where politics are sharply divided along racial lines. Some 92% of Black voters backed Democrat Joe Biden in the 2020 presidential election, while 55% of white voters backed Trump. At the same time, the South Carolina senator has accused Democrats of exploiting racial tensions for partisan gain. Scott's entrance into the race puts him in direct competition with Nikki Haley, the former governor of South Carolina, who launched her campaign in February.

☆ Insiders say Oracle is crushing morale at $28 billion acquisition Cerner by cutting over 3,000 workers, banning raises, and sidelining its former CEO
▼ + stars: | 2023-05-16 | by ( Ashley Stewart | Blake Dodge | ) www.businessinsider.com time to read: +3 min

After the acquisition closed in June, Oracle has laid off more than 3,000 of the 28,000 original Cerner employees, one of the people said. According to his LinkedIn, Feinberg left the CEO role in September before becoming "chairman" of Oracle Health. After Johnson left, Oracle moved data and artificial-intelligence back under its cloud business. Internally, the face of the unit appears to be Oracle Health General Manager Travis Dalton, who has been in charge of all-hands meetings. Oracle Health is in charge of a contract worth several billion dollars to overhaul the US Department of Veterans Affairs' information systems.

☆ The world's 12 wealthiest people got richer by $36 billion in a day - and have now gained $264 billion in net worth this year
▼ + stars: | 2023-04-28 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Elon Musk, Jeff Bezos, and their peers have added $264 billion to their fortunes this year. The surge in their companies' stock prices this year has added $46 billion and $42 billion to their respective fortunes. Amazon founder Jeff Bezos, Tesla CEO Elon Musk, and L'Oreal heiress Francoise Bettencourt-Myers have gained around $27 billion, $25 billion and $23 billion each. The billionaire best friends have added $13 billion and $7 billion to their respective fortunes since the start of January. Meanwhile, the $36 billion of wealth they gained on Thursday rivals the the market values of grocery giant Kroger and Taco Bell-owner Yum!

☆ Benioff vs. Benioff
▼ + stars: | 2023-04-28 | by ( Ashley Stewart | Ellen Thomas | ) www.businessinsider.com time to read: +29 min

Within Salesforce, Benioff riffs are at times met with backlash from an angry workforce. "You're not going to fire your family during times of need," a former Salesforce executive told Insider. "I don't think they understand Ohana," Benioff told Insider. "Look, we have to be the example of stakeholder capitalism," Benioff told Insider. A 'New Day' at Salesforce"I use the Japanese principle of shoshin, beginner's mind," Benioff told Insider in a phone interview in March.

☆ The stock market rally in 2023 has added $213 billion to the wealth of the world's top 10 billionaires
▼ + stars: | 2023-04-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

A strong start to the stock market this year has helped reverse some of the big losses billionaires saw in 2022. So far this year, the world's top 10 billionaires added a collective $213 billion to their net worth. MARTIN BUREAU/AFP via Getty ImagesNet Worth: $92.8 billion2023 Gain: $21.3 billionSource of Wealth: L'Oreal9. Elon MuskElon Musk Gilbert Carrasquillo/GC ImagesNet Worth: $180 billion2023 Gain: $43.2 billionSource of Wealth: Tesla, SpaceX, Twitter1. Bernard ArnaultEric Piermont/Getty ImagesNet Worth: $210 billion2023 Gain: $47.8 billionSource of Wealth: LVMH Moet Hennessy Louis Vuitton

Tarpon Isle, a private island in Palm Beach, Florida, is on sale for $218 million. Tarpon Isle, a private island in Palm Beach, Florida, is on sale for $218 million. A waterfront bathroom inside the main home on Tarpon Isle, a private island in Palm Beach, Florida, on sale for $218 million. A dock servicing Tarpon Isle, a private island in Palm Beach, Florida, on sale for $218 million. A living space inside the main home on Tarpon Isle, a private island in Palm Beach, Florida, on sale for $218 million.

☆ Goldman’s new strategy gets baptism of fire
▼ + stars: | 2023-03-15 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +4 min

NEW YORK, March 15 (Reuters Breakingviews) - The collapse of Silicon Valley Bank is providing a slightly awkward showcase for Goldman Sachs’ (GS.N) manifold talents. It’s true to the new unified “One Goldman Sachs” strategy expounded by Chief Executive David Solomon, dampened by the client not living to tell the tale. The investment bank Solomon now leads scrambled throughout the financial crisis to help panicked clients shore up their finances. SVB’s financial models had to be revised on the fly and approved by its board as the situation deteriorated. There also was no soothing imprimatur from Buffett, or a rich Silicon Valley grandee such as Larry Ellison, Steve Ballmer or Larry Page.

☆ Jim Cramer's top 10 things to watch in the stock market Friday: Bank fallout, jobs sweet spot
▼ + stars: | 2023-03-10 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Oracle shares tumble after cloud business fails to meet growth expectations
▼ + stars: | 2023-03-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOracle shares tumble after cloud business fails to meet growth expectationsCNBC's "Squawk Box" discusses headlines around Oracle shares tumbling and comments from Larry Ellison about ChatGPT and Oracle's own AI tools.

☆ Elizabeth Holmes wants to delay her 11-year prison sentence
▼ + stars: | 2023-03-02 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Elizabeth Holmes, the former CEO of Theranos convicted of defrauding investors, is seeking to delay the start of her 11-year prison sentence because she has “two very young children” to be with. The court filing last week represents the first public acknowledgment that Holmes gave has given birth to her second child. Her lawyers laid out several reasons to delay the prison sentence pending an appeal of her conviction, arguing that she’s not a flight risk or a danger to the community. Last year, Holmes was sentenced to more than 11 years in prison for defrauding investors while running the failed blood testing startup Theranos. Instead, Theranos was relying on third-party manufactured devices from traditional blood testing companies.

☆ Salesforce's Marc Benioff says he's following 'the Oracle playbook' to improve profits — and Larry Ellison is helping him
▼ + stars: | 2023-03-02 | by ( Paayal Zaveri | Ellen Thomas | ) www.businessinsider.com time to read: +5 min

Marc Benioff said he was adopting Oracle's playbook and being mentored by Larry Ellison as he focuses on profitability. But on Wednesday, Salesforce CEO Marc Benioff admitted that he was adopting Oracle's playbook and being tutored on it by Oracle's founder and chairman Larry Ellison. Benioff started his career at Oracle at age 23, and Ellison made him into a star executive by age 26. The drama started when Oracle started working on a product that competed with Salesforce, eventually leading Benioff to kick Ellison off his board. And now Benioff is publicly thanking Ellison and his Oracle playbook as Salesforce fends off no fewer than five activist investors, all pressuring the company to improve profitability.

☆ From a horseback-riding model to a secret daughter: Meet the children of Apple cofounder Steve Jobs
▼ + stars: | 2023-02-24 | by ( Grace Kay | Aaron Mok | ) www.businessinsider.com time to read: +12 min

Steve Jobs left the bulk of his fortune to his wife, Laurene Powell Jobs, when he died in 2011. Later, he had Reed Jobs, Erin Jobs, and Eve Jobs with his wife, Laurene Powell Jobs. Meet Jobs' four children and his widow Laurene Powell Jobs, and see how his legacy helped his loved ones succeed. Erin Siena JobsErin Siena Jobs is the most private of Steve Jobs' children. Vianney Le Caer/Invision/APTwenty-four-year-old Eve Jobs, the youngest of Steve Jobs' children, is a model and an accomplished equestrian.

☆ Mark Zuckerberg's personal security allowance just increased by $4 million despite Meta's 'efficiency' push
▼ + stars: | 2023-02-15 | by ( Kali Hays | ) www.businessinsider.com time to read: +3 min

The Meta founder and CEO just received a large increase to a pre-tax allowance for security costs. Last year, Zuckerberg spent over $25 million on personal security, all of which was covered by Meta. The annual, pre-tax allowance Zuckerberg gets to cover his security costs was just increased to $14 million from $10 million, according to a disclosure with the Securities and Exchange Commission. The last time Zuckerberg's security allowance went up was in 2018. Jeff Bezos, Marc Benioff, Larry Ellison, Elon Musk and other well-known founders and executives attribute millions of dollars in security costs to their companies.

☆ Oracle reorganized its AI and data initiatives amid a leadership shakeup, leaked internal memo shows
▼ + stars: | 2023-02-08 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +2 min

Oracle moved its AI and data unit under its cloud business amid a leadership shakeup. Oracle is moving its data and artificial intelligence unit under its cloud business and making its health initiatives a major focus, an internal email shows. The reorganization means Oracle is "consolidating all of the new data and AI initiatives back into OCI," according to an internal email. Don Johnson, the former Oracle Cloud Infrastructure boss once named by Ellison as a potential contender for co-CEO, recently left his latest role leading Oracle Health and Artificial Intelligence, Insider previously reported. After about six months, he returned to run engineering for Oracle Health after the company bought Cerner in 2022.

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