Oracle shares soared more than 35% in early trading Wednesday after the software giant reported blowout earnings and projected explosive growth in its cloud business, powered by contracts with artificial intelligence companies.

Chief Executive Safra Catz described the just-ended quarter as “astonishing,” revealing that Oracle signed four multi-billion-dollar contracts with three customers.

By mid-morning, Oracle stock traded at $337.02, up nearly 40%, giving the company a market value of about $950 billion. The rally significantly lifted the fortune of chairman Larry Ellison, putting him on the cusp of overtaking Elon Musk as the world’s richest person.

The surge also buoyed Wall Street: the S&P 500 gained 0.5% to 6,545.94, the Nasdaq rose 0.3% to 21,950.81, while the Dow Jones slipped 0.1% to 45,659.71.

Oracle projected its cloud revenue will jump 77% this fiscal year to $18 billion, rising to $144 billion in coming years, with more multi-billion-dollar deals expected.