Quick overview

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Oracle’s stock (ORCL) surged about 4% on Monday to close at a record high following the software giant’s announcement that it had signed multibillion-dollar contracts for cloud services. The company provided commentary in a filing to the US Securities and Exchange Commission, which CEO Safra Catz intended to discuss with other Oracle colleagues on Monday.

According to Catz’s statement, “Oracle is off to a strong start in FY26,”. “We have signed several significant cloud services agreements, including one that is anticipated to generate over $30 billion in revenue annually beginning in FY28, and our MultiCloud database revenue is still growing at a rate of over 100%. “Oracle’s cloud services division generated $24.5 billion in revenue during its fiscal year 2025, which concluded on May 31.

The company’s overall revenue was $57.4 billion. Oracle’s stock rose 8 points to a high of $228 during the day. Oracle’s stock reached a record high of slightly over $215 last week. Over the past month, shares have increased by over 33%, outpacing the tech-heavy index

Additionally, Oracle’s Monday surge came after Brad Reback, a Stifel analyst, upgraded the stock from Hold to Buy. Citing growth in Oracle’s cloud business, Reback increased his price target for the company’s shares from $180 to $250. Reback wrote, “In the upcoming years, cloud gains should result in accelerating increases in total revenue. The business collaborated with OpenAI (OPAI).

The much-discussed $500 billion Stargate project to develop US AI data centers was supposed to be started earlier this year by PVT and SoftBank (SFTBY), but it has stalled.