Oracle Corp. shares soared to a record high after the software maker projected a 70% gain in cloud infrastructure sales this fiscal year, giving a bullish outlook for the closely watched business.

Oracle Corp has 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 shares surged 14% to breach the $200-mark for the first time on Thursday, after the company raised its annual revenue forecast, driven by strong demand for its AI-related cloud services.