Oracle

For decades Oracle was the company that ran corporate databases, and it has engineered a surprising second act as an AI-cloud provider. Its database software still sits underneath countless businesses' most important systems, generating dependable, sticky revenue. The newer story is Oracle Cloud Infrastructure, which arrived late to a market dominated by Amazon and Microsoft but has won a wave of demand by renting out the GPU capacity that AI companies need to train models, signing huge contracts that reshaped how investors see the stock. Co-founded in 1977 by Larry Ellison, who still steers it as chairman and technology chief, Oracle moved its headquarters to Austin, Texas. The bull case is a backlog of cloud contracts that promises years of growth; the risks are the vast capital spending required to build that capacity and whether the AI-infrastructure boom keeps paying for it.

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