Oracle's AI-fueled sales growth enabled it to increase fiscal second-quarter earnings per share (EPS) by 24% year over year to $1.10. This was the latest quarter of rising EPS since the AI boom began with the arrival of ChatGPT in late 2022, converting its success in the technology into gains for shareholders.

Austin, Texas-based Oracle Corporation (ORCL) offers products and services that address enterprise information technology environments. Valued at a market cap of $482.4 billion, the company offers cloud solutions and services that can be used to build and manage various cloud deployment models.

Oracle stock (NASDAQ:ORCL) has been riding high on growing adoption of its cloud services, driven by successful implementation of generative AI capabilities. The company’s management forecasts a doubling of revenue within five years as customers increasingly migrate their on-premises databases to cloud platforms.

Shares of Oracle Corp. ORCL slid 4.47% to $164.76 Thursday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX falling 1.59% to 5,861.57 and Dow Jones Industrial Average DJIA falling 0.