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Oracle shares soared 36% on Wednesday, reaching a record $328.33, after the tech giant unveiled an ambitious cloud growth forecast that analysts at Bernstein called “rarely seen at this scale in the software industry.” The firm raised its price target to $363 from $308, reaffirming an Outperform rating and highlighting Oracle’s rapid shift into a leading hyperscaler and AI infrastructure provider.
The company projects Oracle Cloud Infrastructure (OCI) revenue to hit $18 billion in fiscal 2026, accelerating to $32 billion in FY27, $73 billion in FY28, $114 billion in FY29, and a staggering $144 billion by FY30. This trajectory could see Oracle rival or surpass Google Cloud by decade’s end. Analysts emphasized Oracle’s transformation from a potential player to a major provider in both hyperscale cloud services and AI training.
Strong demand underpins the forecast. Remaining performance obligations (RPOs) surged 359% year-on-year to $455 billion, fueled by multi-billion-dollar deals with major clients, including OpenAI. Management expects further large-scale contracts soon. In its latest quarter, OCI revenue climbed 55% to $3.3 billion, with consumption revenue up 57%. Overall cloud revenue jumped 28% to $7.2 billion, while SaaS applications, including Fusion ERP and NetSuite, grew 11%.
Oracle’s multi-cloud database business saw explosive growth of 1,529% year-on-year, supported by partnerships with Microsoft, Google, and Amazon. To meet rising demand, Oracle raised its FY26 capital spending forecast to $35 billion from $25 billion, after already investing $8.5 billion in Q1. Unlike rivals, Oracle rents datacenters instead of building them, aligning costs more closely with revenue growth.
While AI training carries lower margins, high-margin multi-cloud database services are expected to balance profitability. Analysts see Oracle’s unique architecture, strong bookings, and partnerships fueling substantial earnings and cash flow growth over the next decade.
