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This article first appeared on GuruFocus.
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Oracle (ORCL, Financials) shares rose more than 4% in pre-market trading Tuesday to $314.40 after closing flat at $302.14 on Monday, extending a rebound that followed last weeks pullback.
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The company's stock had jumped nearly 36% on Wednesday, sending its market value as high as $933 billion. Even with the pullback, Oracle is still worth around $894 billion and its climb this year has outpaced not only the S&P 500 but also the market's biggest tech names.
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The surge has been fueled by Oracle's push into AI infrastructure. The company said this week its backlog of orders could soon reach $500 billion, thanks to a flood of multibillion-dollar cloud deals. One of the biggest came from OpenAI, which signed a $300 billion agreement for computing power, according to the Wall Street Journal.
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The rally has also boosted co-founder Larry Ellison's wealth to about $372 billion, putting him just behind Elon Musk in the global rankings. Ellison owns roughly 41% of Oracle.
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Even after such a dramatic run, analysts see more upside. The median price target on the stock is $342, far above the $299.16 recorded on Monday as of 3:37 p.m. EDT. Still, some market watchers expect a pause as investors digest the scale of the gains.