Move over Nvidia (NASDAQ:NVDA), there seems to be a new hot stock in town after Oracle (NYSE:ORCL) pulled the curtain on one of the best and most shocking quarters from a large-cap firm you’ll hear of.

No company worth over $500 billion has ever gained more than 25% in a single day. Oracle’s stock increased by far more than that on Wednesday.

Oracle's blockbuster gains briefly propelled CEO Larry Ellison to the position of the world's richest person, surpassing Tesla CEO Elon Musk.

The big news was the explosive growth of Oracle's backlog. The company's remaining performance obligation (RPO) -- or contractually obligated sales that haven't yet been recognized as revenue -- surged 359% to a record $455 billion, as Oracle signed four multibillion-dollar contracts during the quarter.

Oracle stock price is firing on all cylinders as the company becomes one of the biggest players in the AI industry.

Megacap technology stocks came under pressure Tuesday, keeping all three major stock indexes from hitting fresh intraday records on a light day for economic data. Shares of Nvidia Corp. were tumbling more than 3% a day after the chip maker announced a $100 billion investment in OpenAI.

Oracle Corp. accelerated its succession plans for top leadership in recent months following a massive acceleration in its cloud business and stock market rally.

Oracle cofounder Larry Ellison has grown almost $200 billion richer this year, and is now worth more than one of the world's biggest banks.

Oracle's stock has been on fire -- but is it a sustainable surge? If not, this longtime rival could soon eclipse the database giant's market value.

For anyone concerned that artificial intelligence is fueling a bubble in technology stocks, Oracle Corp. has entered the conversation.

Trump administration officials on Monday talked up the TikTok deal that they’ve helped arrange and provided more details about the deal’s terms, but they continue to face some skepticism.