Key Takeaways
- Oracle shares surged Tuesday after reports that President Trump could soon announce an artificial intelligence initiative involving the software maker.
- Trump is expected to announce a joint venture involving Oracle, OpenAI and SoftBank, called Stargate, to build AI infrastructure in the U.S., CBS News reported.
- The companies reportedly could commit $100 billion to start, and as much as $500 billion over the next four years toward the initiative.
Oracle (ORCL) shares surged Tuesday following reports that President Donald Trump could soon announce an artificial intelligence initiative involving the database software maker.
Trump is expected to announce a joint venture among Oracle, ChatGPT maker OpenAI, and Japanese conglomerate SoftBank called Stargate that would build AI infrastructure in the U.S., CBS News and and oother outlets reported Tuesday.
The report said the companies could commit $100 billion to start, and as much as $500 billion over the next four years.
Executives including Oracle Chief Technology Officer and former CEO Larry Ellison, SoftBank CEO Masayoshi Son and OpenAI CEO Sam Altman, were expected at the White House Tuesday, according to reports. Oracle did not immediately responded to Investopedia’s requests for comment.
Shares of Oracle finished the day up more than 7%, leaving them ahead more than 50% over the past 12 months.
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