Starting at $163B in 2000, Oracle’s market cap was halved by the dot‑com crash, bottoming near $57B in 2002. The company rebuilt through the mid‑2000s, only to face another dip during the 2008 financial crisis. Its 2015–2018 cloud pivot laid the groundwork for renewed growth, but the real inflection came post‑2020 — fueled by cloud infrastructure dominance, database leadership, and the AI wave — propelling Oracle to $865B by 2025.
Years ago they bet on building deep vertical apps for specific industries and government services, built on top of their database. Nobody else, other than SAP, came even close. They're embedded and impossible to switch. Even AWS recognizes how sticky they are and offers managed Oracle on top of their own infrastructure.
This recent burst of stock price rise appears not to be about some hot new product, but mainly AI enthusiasm.