Why did Oracle's stock price soar before the market today?

Oracle's shares soared 29.39% in pre-market trading to $312.65 after announcing its cloud infrastructure business is expected to generate more than $500 billion in book revenue. In the first quarter of 2025, the company's remaining performance obligations rose 359% to $455 billion, and CEO Safra Kaz is expected to sign several multi-billion-dollar contracts. Oracle predicts revenue will grow 77% this fiscal year to $18 billion, boosted by artificial intelligence integration and strong corporate demand, and will increase to $144 billion in the next four years.