Oracle's shares surged 8% after the database giant reported better-than-expected third-quarter earnings and raised its fiscal 2027 revenue forecast to $90 billion. The Austin-based company posted quarterly revenue of $17.2 billion, up 22% year-over-year, with cloud revenue hitting $8.9 billion and exceeding analyst expectations.

Oracle credited robust demand for AI cloud computing infrastructure, noting that major AI customers have strengthened their financial positions. The company highlighted OpenAI and xAI as key customers who secured significant funding during the quarter. This comes as Oracle aggressively expands its data center footprint to compete with Amazon and Microsoft in supplying computing power to AI companies.

The company's capital expenditures jumped 50% to $18.6 billion in the quarter, while total bookings reached $553 billion. Despite concerns about Oracle's heavy reliance on OpenAI and a more than 50% share price decline from last year's peak, the company raised $25 billion through a bond offering to finance its data center expansion. Oracle has faced scrutiny over project delays and financing challenges at some sites, including reports of a Michigan facility losing crucial backing.