Oracle share price surged 36% after the company projected strong revenue growth in the coming years. The shares jumped 35.95% to $328.33 per share, marking its biggest single-day gain since 1992. With this rally, Oracle’s market capitalisation rose to $922 billion, surpassing the valuations of Eli Lilly, JPMorgan Chase, and Walmart.
The shares soared to their highest level since 1992 after the company issued an optimistic outlook for its cloud business, solidifying the software maker’s position in the race to support demand for artificial intelligence computing.