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Oracle Corporation shares surged 41% in early Wednesday trade on Nasdaq, hitting a day’s high of $339.68 after the company announced an AI Center of Excellence for healthcare to help organizations leverage rapid advances in artificial intelligence. The sharp rally also turned Oracle into a multibagger in 2025, with year-to-date returns crossing 100%. The surge was amid high volumes as nearly 43 million shares changed hands around 10:06 AM ET (7:40 India time). The stock's one-year returns now stand around 117% and may change on the closing price basis.The Oracle AI Center of Excellence for Healthcare offers a hub of resources and expertise that will help health systems and hospitals deploy and optimize AI across their organizations, a company filing to the exchanges said.The sharp surge in the IT stock dramatically shook up co-founder and chairman Larry Ellison's personal wealth surpassing Elon Musk to become the world's richest man.Ellison, who holds 41% stake in Oracle, was reported to have gotten a $101 billion boost to his net worth to over $400 billion due to the stock surge.The single-day surge highlights the immense influence of corporate performance on billionaire rankings and the volatility of tech fortunes.Oracle Corporation is a Texas, US-based multinational technology company. It was co-founded in 1977 in Santa Clara, California, by Larry Ellison.The company release said that soon, patients using the Oracle Health Patient Portal1 to view their comprehensive medical records will be able to engage with new AI capabilities to get secure, clear, plain-language explanations of diagnoses, test results, and treatment options. They will also be able to ask clarifying questions about their individual medical record directly within the portal. For instance, instead of struggling with jargon, users can simply ask, "What does this abbreviation mean?" Or "What was the result of my latest cholesterol test?" The AI will deliver context-aware answers instantly, helping patients better understand and manage their care.Wall Street traded mixed with DOW 30 declining by 93.41 points or 0.20% to 45,617.90. The S&P 500 was trading at 6,553.05, up 40.44 points or 0.62%while the Nasdaq Composite index gained 117.57 points or 0.54% and was hovering at 21,997.10 around this time.Also Read: Jane Street-backed Nebius Group surges 52% intraday after Microsoft pact; 1-year gains top 330%(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The Election Commission on Wednesday certified the election of C P Radhakrishnan as the 15th Vice President of India. According to the poll authority, Chief Election Commissioner Gyanesh Kumar and Election Commissioners Vivek Joshi and S S S Sandhu signed the certification of election."Thereafter, a signed copy of the same was handed over to the Union Home Secretary by Bhanu Prakash Yeturu, Deputy Election Commissioner, and Suman Kumar Das, Secretary, which will be read out at the time of the oath taking ceremony of the new Vice President," it said. Radhakrishnan is likely to be administered the oath of office by President Droupadi Murmu on Friday, officials said. The president is expected to administer the oath of office to Radhakrishnan at a formal ceremony at the Rashtrapati Bhavan on September 12, they said. The 67-year-old Radhakrishanan won the vice presidential election on Tuesday, defeating the joint opposition nominee B Sudershan Reddy by a margin of 152 votes. The election was necessitated as Jagdeep Dhankhar resigned from the post on July 21, citing health issues.

Infosys’ board meeting on Thursday to consider a share buyback proposal has infused fresh life into the stock, which has rallied 7% in the past two sessions. As the buzz builds, ET Markets explains why companies do share buybacks and what it means for investors:Companies buy back their shares either through open markets or via the tender route for various reasons. Here are eight common ones:Enhance shareholder valueBy reducing the number of outstanding shares, earnings per share (EPS) rises. This often boosts the stock price and signals confidence to the market.Return excess cash to shareholdersCompanies sometimes distribute surplus cash through buybacks. This method is tax-efficient and benefits only participating shareholders, unlike dividends, which are distributed to all. It is especially popular in markets with high dividend distribution tax.Signal of undervaluationManagement may initiate a buyback if it believes the stock is undervalued. It signals confidence in the company’s growth and fundamentals.Stabilise stock priceBuybacks provide support in volatile or weak markets, boosting investor sentiment.Offset dilution from ESOPsCompanies issuing large numbers of employee stock options (ESOPs) often use buybacks to prevent excessive dilution of existing shareholders’ stakes.Defend against hostile takeoversBy reducing the free float, buybacks make it harder for an acquirer to accumulate a controlling stake.Flexibility versus dividendsUnlike dividends, buybacks are one-time events, giving companies flexibility to manage cash without committing to recurring payouts.Regulatory or tax arbitrageIn some cases, tax treatment makes buybacks more attractive than dividends. In India, since 2019, the tax on buybacks shifted to the company instead of shareholders, making it beneficial for investors.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)