Oracle stock (ORCL) jumped more than 5% midday Monday and was on track to hit a record closing high after the software giant disclosed that it inked new multibillion-dollar cloud services agreements.

In a filing to the US Securities and Exchange Commission, the company provided commentary that CEO Safra Catz planned to share with other Oracle colleagues on Monday.

"Oracle is off to a strong start in FY26," Catz's statement read. "Our MultiCloud database revenue continues to grow at over 100%, and we signed multiple large cloud services agreements including one that is expected to contribute more than $30 billion in annual revenue starting in FY28."

Read more about Oracle's stock moves and today's market action.

In its 2025 fiscal year, which ended May 31, Oracle's revenue from its cloud services business amounted to $24.5 billion, and total revenue was $57.4 billion.

Oracle shares jumped as much as 8.6% to an intraday high of $228. Despite paring gains, Oracle stock was set to hit a record close above its previous one last week of just over $215. Shares have climbed more than 33% over the past month, ahead of the tech-heavy Nasdaq's (^IXIC) 6.4% gain.

Oracle's jump on Monday also follows a note from Stifel analyst Brad Reback upgrading the stock to Buy from Hold. Reback raised his price target on Oracle shares to $250 from $180, citing momentum in its cloud business.

Reback wrote, "Cloud gains should generate accelerating total revenue increases in coming years."

The company partnered with OpenAI (OPAI.PVT) and SoftBank (SFTBY) to launch the highly publicized $500 billion Stargate project to build out US AI data centers earlier this year, but the project has stalled.

Reback wrote that "while Oracle's expanding relationship with OpenAI is expected to contribute to Cloud growth going forward, management has indicated that potential revenue from the Stargate project would be incremental to current total Oracle revenue growth expectations."

Like other Big Tech hyperscalers, Oracle has ramped up its spending to build out data centers to power artificial intelligence. Oracle's capital expenditures soared from $6.9 billion in its 2024 fiscal year to $21.2 billion in 2025 and are expected to rise to over $25 billion in the current year. Still, the company is spending much less than other tech firms.

"While the higher capital spending will lead to additional near-term gross-margin compression, there is no question this management team is extremely adept at managing expenses," Reback wrote.

But just as Oracle touched new highs, lauded short seller Jim Chanos warned that the wider ecosystem of AI stocks could be nearing a pullback, likening the surge in AI stocks to the dot-com bubble.