While there are questions about a contract that will ultimately add more than $30 billion in revenue annually, Bernstein analysts think the arrangement will bring Oracle closer to its larger cloud competitors.

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.

Oracle Corp. signed a cloud services deal that it expects to contribute more than $30 billion in annual revenue starting in the fiscal year 2028.