Oracle stock roared 35% higher on Wednesday after reporting gobsmacking cloud demand numbers, setting the company on track for a historic gain.
The cloud giant is on pace for its best day since 1992, and is now quickly approaching the $1 trillion market cap benchmark. Oracle is now over $900 billion.
The company said Tuesday after the bell that it has $455 billion in remaining performance obligations, up 359% from a year earlier.
"This is a very historic kind of print right here from Oracle with this backlog," Ben Reitzes, technology research head at Melius Research, told CNBC's "Closing Bell: Overtime" on Tuesday. "The Street was looking for about $180 billion in RPO and they're talking about a number that is a multiple of that. That is astounding."
Oracle has been one of the biggest benefactors of the artificial intelligence boom thanks to its cloud infrastructure business and its access to Nvidia's graphics processing units, or GPUs, which are both needed to run large workloads. But competition is fierce, and Oracle is jostling with other cloud providers like Microsoft , Amazon and Google for customers.
Oracle's founder, Larry Ellison, is set to add about $100 billion to his net worth. Bloomberg reported that he has topped Tesla CEO Elon Musk as the world's richest person.