(Bloomberg) -- Oracle Corp. said annual revenue will rise to at least $104 billion in fiscal 2029, an optimistic signal on the growth prospects of the software maker’s cloud infrastructure business. The company’s shares jumped to reach record highs.

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Executive Vice President Doug Kehring delivered the forecast Thursday at Oracle’s annual briefing for financial analysts. Oracle also raised its sales outlook for fiscal 2026 to at least $66 billion from a prior target of $65 billion. On average analysts estimated revenue of $64.5 billion for 2026, according to a Bloomberg survey.

The Austin-based company, known for its database software, is focused on expanding its toehold in cloud infrastructure, which rents out computer power and storage to compete with Amazon.com Inc., Microsoft Corp. and Alphabet Inc.’s Google. Oracle’s cloud has developed a reputation for success with generative artificial intelligence workloads — the company touted customers including including Reka and Elon Musk’s xAI.

Oracle’s shares rose as much as 7.8% on Friday to a record high of $173.94. If the gains hold, the stock is on track for its best week since 2002. The company has been one of the best-performing software stocks of the year, rallying 53% through Thursday’s close.

The company has also struck deals with its larger cloud infrastructure rivals to allow its namesake database software to run more easily on their platforms. Most database customers haven’t yet moved moved to the cloud, Kehring said during the event Thursday. Oracle has said moving on-premise database customers to the cloud will be a major pillar of revenue growth.

(Updates share price in the fourth paragraph.)

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