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Oracle stock booms 30%, on pace for best day since 1999

Word Count: 190 | Estimated Reading Time: 1 minute

Clode: Oracle delivered a drop the mic number

Oracle stock roared more than 30% Wednesday after reporting gobsmacking cloud demand numbers, setting the company on track for a historic gain.

The cloud giant is on pace for its best day since 1999, and is now quickly approaching the $1 trillion market cap benchmark

The company said it has $455 billion in remaining performance obligations, up 359% from a year earlier.

“This is a very historic kind of print right here from Oracle with this backlog,” Ben Reitzes, technology research head at Melius Research, told CNBC’s “Closing Bell: Overtime” on Tuesday. “The Street was looking for about $180 billion in RPO and they’re talking about a number that is a multiple of that. That is astounding.”

Oracle now sees $18 billion in cloud infrastructure revenue in the 2026 fiscal year, with the company calling for the annual sum to reach $32 billion, $73 billion, $114 billion and $144 billion over the subsequent four years.

Other analysts were left “blown away” and “in shock.” D.A. Davidson’s Gil Luria called it “absolutely staggering on CNBC’s “Fast Money.” Wells Fargo analysts said it was a “momentous confirmation” of the artificial intelligence trade.