Oracle Corporation (NYSE) saw its shares soar in after-hours trading on Thursday, reaching record levels as the company highlighted promising revenue growth tied to increasing demand for artificial intelligence (AI).
The stock jumped by 6.4%, hitting an all-time high of $171.51. This surge follows strong quarterly earnings released earlier in the week and a recent agreement with Amazon (NASDAQ) Web Services.
The company raised its fiscal 2026 revenue forecast to $66 billion, up from a previous estimate of $65 billion, exceeding Bloomberg’s projections of $64.5 billion. Oracle also projects its annual revenue to surpass $104 billion by fiscal 2029.
Oracle’s growth is being fueled by the booming cloud computing needs of the AI industry. However, it faces competition from tech giants like Google, Microsoft (NASDAQ), and Amazon.
Having gained around 53% by the close of Thursday, Oracle remains one of the top-performing software stocks this year.
