Oracle shares surged 14% to breach the $200-mark for the first time on Thursday, after the company raised its annual revenue forecast, driven by strong demand for its AI-related cloud services. Confidence in the software sector remained strong despite geopolitical tensions,

The cloud-services company logged double-digit revenue growth in the fourth quarter and set its sights on even bigger gains in the fiscal year ahead, pushing shares higher after hours.

Key Takeaways Several analysts raised their price targets for Oracle stock after the company delivered higher-than-expected revenue growth estimates. Oracle expects cloud infrastructure growth to increase from 50% last fiscal year to more than 70%.