Oracle’s Big Deals With OpenAI, Nvidia Fuel Cloud Turnaround (1)

Oracle Corp.’s Larry Ellison used to scoff at the idea of cloud computing, saying in 2008 that it was “complete gibberish.”

Now, the success of Oracle’s cloud infrastructure unit is why the company’s stock price has soared and made Ellison, its chairman and co-founder, the second-richest person in the world.

The AI boom has dramatically increased demand for computing and storage over the internet. Oracle, a software company that had long struggled to find its niche in this market, gained a foothold through scoring major customers. Today, it’s helping power Elon Musk’s xAI from a data center in Utah, assembling a cluster of tens of thousands of ...