Oracle shares skyrocketed 40% on Wednesday, fueled by stunning cloud demand figures that left Wall Street astonished. The rally has put the company on pace for its best trading day since 1992, propelling its market valuation to $950 billion—just shy of the $1 trillion mark.

The surge came after Oracle reported $455 billion in remaining performance obligations (RPO) on Tuesday, representing a 359% year-over-year increase. Analysts had expected around $180 billion.

“This is a very historic kind of print right here from Oracle with this backlog,” said Ben Reitzes, technology research head at Melius Research, in an interview with CNBC. “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.”

AI Boom Powers Oracle’s Growth
Oracle has become one of the biggest winners of the artificial intelligence boom, thanks to its expanding cloud infrastructure and partnerships giving it access to Nvidia GPUs—crucial for running large-scale AI workloads.

Still, the company faces fierce competition from Microsoft Azure, Amazon Web Services, and Google Cloud, all of whom are battling for dominance in the AI-driven cloud market.

Ellison Tops Musk as World’s Richest
The stock rally also boosted Oracle founder Larry Ellison’s fortune by nearly $100 billion. According to Bloomberg, Ellison has now overtaken Tesla CEO Elon Musk to become the world’s richest person.

Oracle’s historic surge highlights the accelerating demand for AI-powered cloud services, marking a turning point for the company as it edges closer to joining the exclusive $1 trillion valuation club.