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Oracle (ORCL +6%) is trading sharply higher to a new all-time high today. The catalyst is the company stating in an 8-K filing that CEO Safra Catz plans to meet with other Oracle colleagues later today and provide some positive commentary. Also, Stifel upgraded the stock this morning, which is likely helping as well.

• Specifically, Ms. Catz is expected to say, "Oracle is off to a strong start in FY26. 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." This is on par with the bullish commentary we heard on Oracle's Q4 (May) call on June 11.
• To reiterate, its Q4 report was its largest EPS beat in two years and it followed misses in three of the four prior quarters. Oracle also posted its first double-digit revenue growth quarter in two years. That is really important. Despite its large size, Oracle seems to be accelerating its top line growth. And based on its bullish comments, it sounds like the next few years will see acceleration also.
• RPO is a key metric, it grew 41% yr/yr to $138 bln in Q4, not quite the +62% growth we saw in Q3 (Feb), but Q3 was Oracle's strongest booking quarter ever by a huge margin. This RPO number was still very good and it grew 6% sequentially. And Oracle said the best is still yet to come. Oracle said it's still in a position where its supply is not meeting demand. Oracle is actually still waiving off customers or scheduling them out into the future until it has enough supply to meet demand. Oracle said this is a situation that it has never seen in its history.
• A key potential growth catalyst for Oracle is being a partner in the Stargate Project, a massive AI infrastructure initiative that also includes OpenAI, SoftBank, and MGX. The goal is to deploy a number of large data centers across the US to develop and deploy AI technology on a large scale. Oracle noted that, if Stargate turns out to be everything as advertised, then Oracle has understated its RPO growth.

Oracle seems to really turning a corner. It was just a few years ago that Oracle was seen as late to the party in terms of transitioning from hardware/on-premises to the cloud. It is now much more software and cloud-focused and it deserves credit for that. Management stated on June 11 that it expects it will exceed the revenue growth target previously provided for FY27. And beyond FY27, it's even more confident in its ability to meet and likely exceed prior targets for FY29. Oracle is a large company and companies this size rarely talk about revenue growth accelerating two years out. This result bodes well for other tech names set to start reporting next month.