Oracle shares surged 8.7% after the company announced it expects to exceed its previous revenue growth outlook for the next fiscal year and beyond. The company had previously faced questions about its ability to handle a growing demand from AI tech giants. In the most recent quarter, revenue rose 22% to $17.2 billion, surpassing S&P Capital IQ expectations of $16.9 billion and a 44% increase in cloud revenues to $8.9bn. The order backlog for remaining performance obligations (RPO) at the end of the quarter was $553 billion, up 325% from the previous year. The news led to a surge in Oracle shares, which had lost over 54% of their value over the past six months.