Story: Oracle's stock hit a record high of over 40% on Wednesday morning after saying demand for cloud services from AI companies is surged.
A big jump in stocks has made the stocks get on track for its biggest day increase since 1992.
With profits, Oracle's market value could reach nearly $950 billion, bringing the tech giant closer to the coveted trillion dollar club.
Oracle reported four multi-billion dollar contracts with three clients in the last quarter, highlighting its strong appetite for cloud services.
The company has signed agreements with Amazon, Alphabet and Microsoft to enable cloud customers to run Oracle Cloud Infrastructure along with native services.
Revenue from these partnerships rose more than 16 times in the first quarter.
Analysts flagged Oracle's role in SoftBank and Openai's Stargate projects as another tailwind, giving them a foothold for a large AI infrastructure project that is expected to channel approximately $500 billion in spending.
Oracle also provides cloud services to Xai, an AI startup founded by longtime Oracle Cofounder ally and chairman of Larry Ellison, Elon Musk.
The 81-year-old's net worth, built primarily on a 41% stake in Oracle, was about $400 billion, up about $100 billion.
According to Forbes data, it makes him the second richest person in the world behind Elon Musk.
