Oracle shares rise further to record high on AI-powered superior forecast by Investing.com

Investing.com– Shares of Oracle Corporation (NYSE: ) rose in aftermarket trading on Thursday, pushing further into record territory, after the cloud computing firm signaled strong revenue growth in the coming years from artificial intelligence demand.

Oracle rose 6.4% to a record high of $171.51, extending its recent winning streak after posting strong quarterly earnings earlier this week and also inking a deal with Amazon Web Services (NASDAQ:).com.

The firm raised its estimate for annual revenue for fiscal 2026 to $66 billion from a previous estimate of $65 billion, higher than Bloomberg estimates of $64.5 billion. The company said annual revenue will reach at least $104 billion by fiscal 2029.

The company has benefited from increased cloud computing demands from the fast-growing artificial intelligence industry, although it competes on that front with tech giants GOOG, Microsoft (NASDAQ: ) and Amazon.

Oracle is one of the best-performing software stocks this year and is trading up about 53% through Thursday’s close.