Oracle posted a 25% jump in cloud revenue for the third quarter Credit: Getty Images / SOPA Images / Contributor

Oracle shares increased 13% on Tuesday (12 March) after the database giant posted a 25% jump in cloud revenue and rumours of partnership announcement with AI heavyweight NVIDIA emerged. 

The US company has been focused on expanding its cloud infrastructure business to compete with Microsoft, Amazon and Google. 

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Oracle CEO, Safra Catz, said Oracle’s sales backlog was $80bn at the end of the third quarter, a significant increase over analysts’ estimates of $59bn.

Catz said the backlog was driven by “large new cloud infrastructure contracts signed in the third quarter”.

The CEO said the company expects to continue to receive large contracts reserving cloud infrastructure capacity. Catz said Oracle was “very rapidly” opening new data centres to meet anticipated demand. 

Oracle also gave rise to speculation about partnership with Nvidia, expected to be announced next week at Nvidia’s GTC developer conference.

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Oracle Cloud Marketplace, a catalogue of cloud solutions for businesses, already offers customers access to Nvidia’s AI supercomputing platform.

The US saw a decrease in the value of cloud deals in 2023, following the industry peaking in investment in 2021.

According to GlobalData's deal database, the value of deals in 2023 totalled $19.1bn. This marked a significant decrease from 2021 when deals totalled $54bn.

According to GlobalData forecasts, the total cloud computing market will be worth $1.4trn in 2027, having grown at a compound annual growth rate of 17.1% from $638.6bn in 2022.