Oracle Corp. shares soared to a record high after the software maker projected a 70% gain in cloud infrastructure sales this fiscal year, giving a bullish outlook for the closely watched business.

Oracle shares surged 14% to breach the $200-mark for the first time on Thursday, after the company raised its annual revenue forecast, driven by strong demand for its AI-related cloud services.

Oracle shares soared 15% on Thursday and headed for a record close and their best day since 2021, after the database software vendor issued robust earnings and a strong forecast, fueled by growth in cloud.