Oracle’s shares soared after forecasting $144 billion in revenue by 2030, driven by AI cloud computing. CEO Safra Catz expects revenue to grow from $18 billion this year to $144 billion in five years. Oracle’s stock jumped 32% in premarket trading. Despite underwhelming Q1 results, revenue was up 12% year-on-year. The company signed four multibillion-dollar contracts, growing backlog 359% to $455 billion. Catz anticipates more big contracts, with the remaining performance obligation likely exceeding half-a-trillion dollars. Oracle’s partnerships with Amazon, Google, and Microsoft saw a revenue surge of 1,529% in Q1.

Read more at Yahoo Finance: Oracle shares soar on $144 billion AI cloud revenue forecast