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 nearly 8% in premarket trading on Thursday after the company raised its annual revenue forecast, driven by strong demand for its AI-related cloud services.