Oracle Stock Gains Another 2% After Soaring 36% on AI Optimism

Oracle shares gained another 1.8% in premarket trading on Thursday.

Shares in Oracle soared Wednesday after a blowout quarter in which the tech company won hundreds of billions of dollars of future artificial-intelligence-related business.

Shares jumped by as much as 43% and closed at a record $328.33, up 36% on the day.

It was the software giant's largest one-day gain since December 1992.

Oracle's rally was the first time a U.S. company with a market cap of $500 billion or more gained more than 25% in a single trading day. On the day, the company added an estimated $244 billion in market value, the seventh largest one-day bump on record, according to Dow Jones Market Data.

Oracle's market cap is now $922 billion, surpassing JPMorgan Chase and Walmart and putting it in the top 10 of U.S. companies for the first time since 2011.

The runup offers a big boost to the wealth of Chairman Larry Ellison, already ranked the world's second-richest person by Forbes.

The surge in Oracle shares sparked a broad rally in AI-related stocks, including Broadcom, TSMC, Nvidia, AMD and Palantir.

Oracle's bookings, or total remaining performance obligations, swelled to $455 billion at the end of August, from $138 billion three months before.

Chief Executive Safra Catz said it had been an "astonishing quarter." She added that Oracle was off to a "brilliant start" to its financial year, which runs through next May.