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 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. Confidence in the software sector remained strong despite geopolitical tensions,

Oracle’s share price surged by about 24% this week, marking its strongest performance since April 2001, as investors reacted positively because of strong earnings and a positive outlook for its cloud business.