Shares of US software and cloud computing services giant Oracle rose to a new record high during trading on Tuesday.

Cloud computing industry sales rose 54% to $4.4 billion in the last quarter of last fiscal year, up from 45% year over year in the third quarter of the year.

Year-on-year revenue rose 17 percent to $13.8 billion in the three months to the end of May, the company reported Monday after the U.S. stock market closed. The company also benefited from growing buzz around AI applications in its bottom line.

Oracle earned $3.3 billion, up 4 percent from last year.

Quarterly numbers beat market expectations. The stock price rose more than 4% at times in after-hours trading.

Bloomberg News reported that Oracle’s share price rose 6.5% to $123.99, while the share price has risen 42% since the start of the year, compared with a 32% gain in the iShares index of technology-traded investment funds.

“As demand for cloud computing services continues to grow, we see stocks maintaining their positive momentum driven by continued strong demand for AI services,” said Barclays Bank analyst Ramio Lincho.

Oracle, headquartered in Austin, Texas, said cloud computing infrastructure revenue rose 76% to $1.4 billion in the fiscal fourth quarter ended May 31. Cloud computing application sales rose 45% to $3 billion.