Shares of Oracle (ORCL) surged almost 30% in premarket trading after it boosted its forecast for AI-fueled cloud revenue, citing a jump in its contract backlog.
The software giant now expects its Cloud Infrastructure sales to reach $144 billion by 2030 — a massive leap from its estimate of $18 billion for the current year.
“We’re all kind of in shock in a very, very good way,” Brad Zelnick, an analyst at Deutsche Bank, said during Oracle’s earnings conference call, per Bloomberg. “There’s no better evidence of a seismic shift happening in computing than these results that you just put up.”
Yahoo Finance’s Laura Bratton reports: