Oracle retreats after record run toward $1 trillion club on AI cloud boom

Oracle shares retreated on Thursday after a record AI-driven surge in the previous session that brought the company closer to the trillion-dollar mark and put co-founder Larry Ellison within striking distance of the world’s richest person title.

The enterprise software maker’s remarkable rise, fueled by a wave of multi-billion-dollar cloud deals, puts the spotlight on the scramble for computing power from companies that are pouring billions to become leaders in the AI race.