Shares of Oracle (NYSE:ORCL) surged about 32% premarket on Wednesday after the company reported a massive surge in remaining performance obligations, which also saw positive reactions from analysts. Jefferies kept its Buy rating on Oracle and raised the price target on the stock to $360 from $270,

Oracle stock hit a record high on Wednesday with a historic one-day rally of 43 percent that followed its blowout earnings results. Founder Larry Ellison added more than $107 billion in net worth the same day, making him the richest person in the world with nearly $400 billion, eking by Elon Musk.

The Journal says Oracle has a much greater debt load relative to its cash holdings than Microsoft, Amazon and Meta. Its investments on AI infrastructure have already outpaced its cash flow, and it has a total debt-to-equity ratio of 427%, compared with just 32% for Microsoft.

Oracle stated its sovereign cloud would enable NCIA to meet data residency, hyperscale services and operational control requirements.

The company is on track to add about $190 billion to its market value if the stock’s 28% gain in the postmarket session holds through Wednesday’s trading. AI-related stocks such as chip developer Nvidia Corp and its Asian suppliers also climbed.

Fixed and mobile telecom operator Orange (formerly France Telecom) is consolidating its financial systems to free its corporate finance people to do higher-level work in support of a companywide transformation initiative dubbed Essentials 2020. The ...