Business
Oracle Is Wall Street’s New Favorite AI Play

Good morning. Today marks the 24th anniversary of the terrorist attacks on the US. A photographer in New York on that tragic day previously shared some of the gripping photos he took and the stories behind them.
In today’s newsletter, Oracle’s blowout earnings sent the stock skyrocketing, and made Larry Ellison even richer than he already is.
We’re also covering the fatal shooting of Conservative influencer Charlie Kirk, including reactions from business leaders.
What’s on deck:
Markets: Jeffrey Epstein’s 50th birthday book offers a glimpse into how his financial career got started.
Tech: Big changes at the xAI team training Grok.
Business: Charlie Kirk, a conservative influencer and key ally of President Donald Trump, was fatally shot.
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The big story
Oracle on top
Getty
Even for billionaires, there’s a first time for everything. For Larry Ellison yesterday, that was briefly becoming the richest man in the world
At one point, the Oracle chairman and cofounder saw his net worth increase by more than $100 billion — not a typo — following the software giant’s massive earnings beat. Oracle’s stock finished Wednesday up an astonishing 36%, and Ellison owns a 41% stake in the company.
It’s easy to gloss over big numbers like that in the day and age of meme stocks, but Oracle isn’t a fly-by-night company. The tech giant has a market cap of nearly $1 trillion, making Wednesday’s rally truly remarkable. BI’s Jennifer Sor analyzed some of the mind-blowing numbers.
So what’s got everyone so excited about Oracle?
In the simplest terms, Oracle is benefiting big from the AI boom, and it’s got the numbers to prove it, writes BI’s Katherine Li and Samuel O’Brient.
It’s becoming a sort of utility provider for companies in the AI space, offering a bunch of the resources they need to build out and run their compute-hungry models. And Oracle’s agnostic, meaning it can work seamlessly with customers already using AWS, Microsoft Azure, and Google Cloud. The lack of lock-in is a big plus for businesses looking for flexibility.
Thomson Reuters
Oracle’s demonstrating how its business is growing from AI with some hard numbers.
It’s a refreshing take for investors tired of translating the pie-in-the-sky projections so many AI companies make.
Revenue is expected to hit $18 billion this year for its cloud business, a 77% year-over-year increase. By the start of the next decade, Oracle sees that number ballooning to $144 billion.
And the good times don’t appear to be slowing down anytime soon. The company has a backlog of deals worth $455 billion. Chief among them is Oracle’s partnership in President Donald Trump’s Stargate AI project alongside OpenAI and SoftBank.
All of that represents more certainty than lots of AI companies can provide, as they continue to burn through cash on their way to chasing a sustainable business model.
Of course, having a backlog of deals (more formally known as “remaining performance obligations”) doesn’t guarantee they’ll all come to fruition. The revenue isn’t guaranteed, as contracts can be cancelled and the timing on all the deals isn’t clear.
Oracle also still needs to do the actual legwork to meet those demands. It’s not as simple as flicking a switch to service more customers. It’ll require more investment and buildouts that aren’t foolproof.
Still, as Wall Street is acknowledging, it’s a lot more concrete than the type of projections some AI players are offering up.
3 things in markets
Patrick McMullan/Getty Images
1. What Jeffrey Epstein’s 50th birthday book says about his Wall Street origins. The 200-page book — recently released by the House Oversight Committee — includes five letters from former colleagues at Bear Stearns, where Epstein worked until 1981. Their inclusion doesn’t indicate wrongdoing, but the letters offer a glimpse into how Epstein’s Wall Street career began.
2. Better hope consumer inflation keeps its cool. If inflation data comes in hotter than expected this morning, JPMorgan foresees the S&P 500 tumbling as much as 8%. Economists expect inflation to have risen 0.3% for the month and 2.9% on a year-over-year basis.
3. Point72’s quantitative investing unit has a new leader. Geoffrey Lauprete, WorldQuant’s former CIO, is now leading Cubist Systematic Strategies, replacing Denis Dancanet. The leadership shakeup comes as a surprise to some industry insiders, as Lauprete was actively fundraising to launch his own trading firm.
3 things in tech
Brendan McDermid/Reuters
1. Klarna is officially public after 20 years. Investors of the “buy now, pay later” company are finally seeing a windfall after its debut on the New York Stock Exchange. Its IPO was priced at $40 a share, giving it a $15.1 billion valuation, and its stock popped 30%. It’s not all good news, though. Its new RTO mandate garnered an emoji-fueled response from employees.
2. Inside the leadership shake-up at a key xAI team. At least nine high-level employees on the team that trains Grok had their Slack accounts deactivated over the weekend, according to screenshots seen by BI. Workers said that other employees on the team were called into one-on-one meetings where they were asked to explain their value to the company.
3. San Francisco is investigating Scale AI’s treatment of workers. Scale AI employs thousands of contractors to train the tech’s top AI models. Some have previously alleged the company underpaid them, denied them benefits, and misclassified them. The startup told BI that it’s cooperating with the city’s investigation and complies with all labor laws.
3 things in business
Andrew Harnik/Getty Images
1. Conservative activist and influencer Charlie Kirk was fatally shot. Kirk, 31, a Trump ally and the cofounder of the organization Turning Point USA, was shot on Wednesday while speaking at an event on a college campus in Utah. Reactions from business leaders are pouring in. Jared Kushner, David Sacks, and Bill Ackman are among those expressing dismay at Kirk’s death.
2. A new phishing scam just landed. Fraudulent emails that look like they’re from shipping companies are asking people to pay money so their “packages” can clear customs. They’re trying to exploit the confusion around customs duties, following the end of the de minimis exemption. Here’s how to spot the scam.
3. Some Walmart Spark drivers got an extra payday. Well, not really: The retailer is paying some Spark delivery drivers for tips they should have already received, according to emails seen by BI. Some “tip adjustments” issued were hundreds of dollars, including interest.
In other news
What’s happening today
- CPI data is released.
- Kroger reports earnings.
Dan DeFrancesco, deputy editor and anchor, in New York. Hallam Bullock, senior editor, in London. Akin Oyedele, deputy editor, in New York. Grace Lett, editor, in New York. Amanda Yen, associate editor, in New York.
Business
What’s ‘decision-making AI’ and how is it transforming SMEs?

Their findings show many business leaders don’t yet understand how AI can transform the performance of their organisation. The key lies in decision-making AI, or ‘decision intelligence’ – but what does that actually mean?
According to YouGov’s findings published in August 2025, whilst 31% of SME leaders are already using AI-powered tools – and another 15% plan to – just 19% are using AI for decision-making within their business. Strikingly, YouGov’s press release about the new figures took a surprised tone at the concept of using AI to support decision-making, “given the technology’s well-known tendency to occasionally hallucinate answers”.
That sentence highlights a lack of understanding on the part of the author, which perhaps reflects some wider misunderstandings and assumptions. When it comes to business, what do we mean by AI? And are we missing a trick if we’re confined to thinking of it as ChatGPT or Microsoft Copilot and not applying AI at a higher level to help make important business decisions?
Misunderstandings and mixed messages
Confusion often lies in the broad brush with which ‘AI’ is painted. The term can encompass use cases as disparate as recipe suggestions and predictive analytics engines. This blurs the distinction between novelty and necessity, between compute-intensive curiosity and transformational business decision support.
The YouGov data highlights that only 29% of SMEs have any form of in-house AI expertise; others are turning to external suppliers or remaining cautious. That gap in understanding is fertile ground for misconceptions around reliability, risk, and return.
I see the solution as twofold: firstly, with the need for education. Business leaders, particularly within SMEs and the mid-market, need better support from the public and private sector to understand how AI can substantially boost their company’s performance – that AI isn’t some magic wand but a disciplined data-driven support tool.
Secondly, with tailored delivery. AI is most effective when it’s applied within a system that’s bespoke to each firm’s data, culture, and decision-making habits – not when it’s seen as a ready-made tool to be bought off the shelf.
Decision intelligence
While generative AI and agentic AI help streamline desk-based tasks and automate customer service, the true potential of AI is unlocked with ‘decision intelligence’. For most SMEs, this decision-making AI is what will really boost the bottom line.
Decision intelligence involves bringing an organisation’s data together, then using custom machine-learning models that directly answer the questions business leaders ask: “What’s happening in my business?”, “Why is it happening?”, and “What should I do next?”. I describe it as allowing you to look around corners and look into corners.
These AI tools help businesses deliver tangible outcomes in weeks, not years, drawing on data from multiple sources such as Marketing, Sales, Finance, HR, and Operations, to deliver actionable and accountable intelligence.
Take Irish retail chain Petstop as an example. Using Galvia’s AI-powered platform, they created a single, connected view of their data, breaking down internal silos and enabling faster, smarter decisions across every level of the organisation. With intelligent prompts, real-time predictions, and clear insights, their teams began acting with greater confidence and agility, from the head office to the shop floor. As the founder and CEO told me, “it was like turning on the lights.”
Early results have included their best online sales performance outside the holiday period, recovering a 2.5% revenue dip without spending on ads, and launching customer campaigns that prioritised retention over acquisition, delivering far stronger ROI.
A call for intelligent adoption
SMEs are still in the early stages of AI adoption. I often hear leaders say they can see the potential of AI but don’t know which problem to solve first.
My advice: start with one dataset, one decision or one challenge. Often, the most powerful starting point is to unlock value from what you already have. The risk is that, in trying to do everything, you end up doing nothing.
Encouragingly, there are now more structured ways for leaders to build their confidence in AI. Initiatives such as dedicated AI Adoption accelerator programmes give business directors a chance to understand the fundamentals, explore the potential in their own data, and leave with practical next steps for driving impact. The more SMEs can access that kind of support, the faster they’ll move from AI confusion to clarity.
Business
UK economy saw zero growth in July

The UK economy failed to grow in July, according to the latest official figures.
The Office for National Statistics (ONS) said the economy saw zero growth in the month, following a 0.4% expansion in June.
However, monthly figures are volatile, and over the three months to the end of July, the economy grew by 0.2% compared with the previous three months, the ONS said.
The government is under mounting pressure to deliver on its key priority of boosting economic growth ahead of the Budget on 26 November.
The UK’s statistics body said the service sector performed well, helped by the health sector, computer programming and office support services.
However, this was offset by a weak performance in the manufacturing sector.
In the Budget, Chancellor Rachel Reeves will outline the government’s tax and spending plans with increasing speculation she will have to raise taxes to meet her self-imposed fiscal rules.
Yael Selfin, chief economist at KPMG UK, said the “weak start to the third quarter [is] a sign of things to come”.
“Economic activity is expected to slow in the second half of the year as the temporary factors which pushed up growth in the first half of 2025 begin to fade,” she said.
“Additionally, the later date of the Autumn Budget could prolong some uncertainties for businesses, delaying investment decisions and acting as a drag on growth until more clarity emerges.”
Responding to the latest growth figures, a Treasury spokesperson said: “We know there’s more to do to boost growth because whilst our economy isn’t broken, it does feel stuck.
“That’s the result of years of underinvestment, which we’re determined to reverse through our plan for change.
Shadow chancellor Sir Mel Stride said: “Any economic growth is welcome – but this government is distracted from the problems the country is facing.
“While the government lurch from one scandal to another, borrowing costs recently hit a 27-year high – a damning vote of no confidence in Labour that makes painful tax rises all but certain.”
Business
South Korea workers detained in US raid head home

More than 300 South Koreans who were detained in a massive immigration raid at a Hyundai plant in the US state of Georgia last week are due to arrive home on Friday.
Their return comes as the country’s president and Hyundai’s chief executive have warned about the impact of the raid.
A chartered Korean Air jet carrying the workers and 14 non-Koreans who were also detained in the raid took off from Hartsfield-Jackson Atlanta International Airport at midday local time on Thursday (17:00 BST). One South Korean national has reportedly chosen to stay in the US to seek permanent residency.
The plane is expected to arrive at Incheon International Airport at about 15:30 Seoul time (07:30 GMT) on Friday.
The departure was delayed by more than a day because of an instruction from the White House, South Korean President Lee Jae Myung said on Thursday.
President Donald Trump ordered the pause to check whether the workers were willing to remain in the US to continue working and training Americans, according to a South Korean foreign ministry official.
The BBC has contacted the White House for comment.
Lee also said companies would be “very hesitant” about investing in the US following the raid.
“The situation is extremely bewildering,” Lee added, while noting it is common practice for Korean firms to send workers to help set up overseas factories.
“If that’s no longer allowed, establishing manufacturing facilities in the US will only become more difficult… making companies question whether it’s worth doing at all,” he added.
Seoul is negotiating with Washington on visa options for South Korean workers “whether that means securing [higher] quotas or creating new visa categories”, Lee said.
On Friday, the South Korean foreign ministry said it had called for the US Congress to support a new visa for Korean firms.
During meetings with US senators in Washington this week, Foreign Minister Cho Hyun reiterated concerns among South Koreans over the arrests, the ministry said in a statement.
Meanwhile, Hyundai’s chief executive José Muñoz has said the raid will delay the factory’s opening.
Mr Muñoz told US media that the raid will create “minimum two to three months delay [in opening the factory] because now all these people want to get back”.

Last week, US officials detained 475 people – more than 300 of them South Korean nationals – who they said were working illegally at the battery facility, one of the largest foreign investment projects in Georgia.
LG Energy Solution, which operates the plant with Hyundai, said that many of its employees who were arrested had various types of visas or were under a visa waiver programme.
A worker at the plant spoke to the BBC about the panic and confusion during the raid. The employee said the vast majority of the workers detained were mechanics installing production lines at the site, and were employed by a contractor.
South Korea, a close US ally in Asia, has pledged to invest tens of billions of dollars in America, partly to offset tariffs.
Media in the country have described the raid as a “shock,” with the Dong-A Ilbo newspaper warning that it could have “a chilling effect on the activities of our businesses in the United States”.
The Yonhap News Agency published an editorial on Thursday urging the two countries to “cooperate to repair cracks in their alliance”.
The timing of the raid, as the two governments engage in sensitive trade talks, has raised concern in Seoul.
The White House has defended the operation at the Hyundai plant, dismissing concerns that the raid could deter foreign investment.
On Sunday, US President Donald Trump referenced the raid in a social media post and called for foreign companies to hire Americans.
The US government would make it “quickly and legally possible” for foreign firms to bring workers into the country if they respected its immigration laws, Trump said.
Additional reporting by Hosu Lee in Seoul
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