Oracle stock roared 35.95% higher on Wednesday after reporting gobsmacking cloud demand numbers, setting the company to a historic gain.
The cloud giant posted an all-time high and had its best day since 1992. Oracle gained $244 billion in market cap and is now at $922 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.