Just for a moment this week, Larry Ellison, co-founder of US cloud computing company Oracle, became the world’s richest person. The octogenarian tech titan briefly overtook Elon Musk after Oracle’s share price rocketed 43% in a day, adding about US$100 billion (A$150 billion) to his wealth.
The reason? Oracle inked a deal to provide artificial intelligence (AI) giant OpenAI with US$300 billion (A$450 billion) in computing power over five years.
While Ellison’s moment in the spotlight was fleeting, it also illuminated something far more significant: AI has created extraordinary levels of concentration in global financial markets.
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