Oracle Corp. projected cloud infrastructure sales will jump more than 70% in the fiscal year that began this month, boosting shares in late trading on investor enthusiasm for the closely watched business.

Oracle's stock soared beyond $200 after it raised its annual revenue forecast, driven by the demand for its AI-related cloud services. The firm's revenue and market position continue to strengthen, even amid geopolitical tensions.

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,