This surge in stock price also brings co-founder Larry Ellison closer to the top of the world’s richest individuals.

The stock rose to $345.69 marking its largest one day percentage increase since $300 billion in computing power from Oracle over approximately five years, making it one of the largest cloud contracts ever executed.

Most of the new revenue Oracle anticipates will stem from this Open AI agreement, though both companies have not commented on the deal.

Ellison, 81, whose wealth is primarily derived from his 41% stake in Oracle, saw his net worth increase by around $100 billion, now estimated at $392.6 billion according to Forbes. He is rapidly approaching Tesla’s Elon Musk, who has a net worth of $439.9 billion in the race for the title of the world’s richest person.

If Oracle gains hold, the company could add about $234 billion to its market valuation bringing the total to approximately $913 billion and edging closer to the coveted $1 trillion mark.

The company’s shares have risen 45% this year, out performing both the so-called Magnificent Seven tech Stocks and the broader S&P 500 index, as investors remain optimistic about AI-driven cloud enterprises.