Oracle shares soar to record high on cloud demand

Group 1 - Oracle's stock surged to an all-time high, driven by strong cloud demand numbers, marking its best performance in over three decades [1] - The company is nearing a $1 trillion market value, having gained nearly $300 billion in market capitalization overnight [2] - Investors are responding positively to Oracle's backlog, which includes significant cloud demand and a shift from legacy software to AI cloud services [3] Group 2 - Oracle's backlog is reported at $455 billion, significantly exceeding market expectations of around $180 billion, indicating strong future revenue growth [4] - Approximately 10% of the backlog is expected to convert to revenue within the next 12 months, with non-GPU cloud services growing faster than major competitors [5] - The company secured four multi-billion dollar AI contracts and plans a $35 billion capital expenditure, positioning itself alongside major players like Alphabet [6]