Oracle shares soared to a record high, as the database giant announced a $30bn cloud computing contract worth nearly triple the annual revenue it generates from its fastest-growing division. The tech group, which is valued at about $620bn, said in a regulatory filing on Monday that it had signed a deal that would start to bring in revenue in 2028.

Oracle stock is hovering just above the record-high close it recorded Monday, propelled by the cloud computing giant's disclosure of new deals, including one worth an estimated $30 billion a year.