Among large-cap tech companies, Oracle is second only to Nvidia in 2021, with Ellison gaining ground on Bezos.

• On Tuesday, Oracle's stock price increased by 11%, and it reached another record high on Wednesday after the company released better-than-anticipated earnings.
• This year, Nvidia is the only large-cap tech stock that Oracle is behind.
• Jeff Bezos' net worth is only a few billion dollars more than Larry Ellison's, thanks to the success of the rally.

Larry Ellison turned 80 last month. It's been a celebratory year.

In a world where AI is becoming more prominent, Oracle has become a favorite among Wall Street investors.

After a better-than-expected earnings report on Monday, Oracle's stock gained 11% on Tuesday and reached a record $157.10 on Wednesday. The company has experienced double-digit gains following each of its three quarterly reports this year, thanks to its cloud businesses. In contrast, the stock didn't experience a single double-digit increase last year and had only one in 2022.

"Guggenheim analysts declared "The excitement is back" in their post-earnings report, emphasizing "momentum across all business.""

Among large-cap tech stocks, only AI chipmaker has outperformed Oracle, which has risen 49% this year, with the next best performer being, which has gained 45%.

Last month, both Intel and Cisco announced major layoffs in their earnings reports, with Intel losing 60% of its value and Cisco down almost 3%.

Ellison, the founder of Oracle, has gained the most financially from the company's rally. He owns over 40% of the outstanding stock and his net worth has increased to $192 billion, making him one of the wealthiest individuals in the world, alongside Musk and Bezos.

By the standards of high-growth tech, Oracle remains fairly plodding.

The latest quarter saw a 8% increase in revenue from the previous year to $13.31 billion. The CEO, Safra Catz, forecasted growth of between 8% and 10% for the current period during the earnings call.

In fiscal 2023, Oracle experienced 18% revenue growth, which was its only year of double-digit growth since 2011. Additionally, the company has contracted four times since then.

"Oracle is experiencing a reacceleration in its total revenue growth after 13 years of single-digit growth, according to JMP analysts. They have upgraded their rating to buy from hold and are confident in their earnings per share (EPS) and commitment to achieving full-year total revenue growth of double digits."

Oracle's OpenWorld conference is currently underway in Las Vegas and will end on Thursday. Investors are praising the company's cloud narrative, encompassing both its infrastructure and database offerings.

Despite being behind Amazon Web Services in terms of cloud infrastructure market share, Oracle's cloud business has become a significant growth driver for the company, with revenue in the unit increasing by 45% in the quarter from the previous year to $2.2 billion.

Oracle is increasingly partnering with top cloud companies in addition to competing with them.

Last year, Ellison made his first visit to Microsoft's headquarters in Seattle, where he announced a partnership with a rival company he had been competing against for over three decades.

Oracle announced that its database software will be accessible to AWS customers using Oracle hardware in Amazon data centers. In the past year, Oracle has established similar partnerships with the other two major cloud infrastructure providers.

Ellison stated on Monday's earnings call that he believes our partnerships with AWS, Microsoft, and Google in the cloud will accelerate the growth of our database business for many years.

Oracle didn't immediately provide a comment for this story.

'No more passwords'

Recently, Ellison has profited from cooperating with others. In contrast to his previous description of Oracle's database as "autonomous," he now acknowledges that other cloud providers can also provide this feature. He no longer emphasizes the self-driving aspect of the product and instead highlights its ability to avoid manual patching and downtime.

Oracle's full-featured database is now compatible with Amazon's market-leading cloud, after years of criticizing AWS at events.

AWS CEO Matt Garman stated in a recent interview with CNBC that customers have been able to use Oracle inside of AWS for a long time. However, the new offering will enable clients to effortlessly sign up for the software in the AWS marketplace, create backups, and transfer data to AWS analytics tools, Garman added.

In June, when Garman took over as AWS CEO from Adam Selipsky, he stated that clients had been requesting the two companies to collaborate more closely.

As Ellison turns 81 and delves deeper into AI, he finds passwords to be "utterly ridiculous" due to their insecurity and ease of hacking.

"The log-on process will be as follows," Ellison stated during the earnings call. "I will enter [email protected], and the computer will greet me with 'OK, Hi Larry.' That's it."

He argued that since Catz can recognize him and his kids, there's no reason his computer shouldn't be able to do the same.

""Passwords are no longer necessary," he declared."

WATCH: Oracle is emerging as a fourth cloud player