Oracle Stock Surges On $500 Billion ‘Stargate’ OpenAI-Trump Deal
Oracle stock was the most notable winner from the stock market’s first day of trading during President Donald Trump’s second term as Trump unveiled a $500 billion artificial intelligence infrastructure partnership between the cloud computing and data storage giant and other AI heavyweights including OpenAI and Nvidia.
The AI infrastructure deal, dubbed “Stargate,” involves Oracle, OpenAI (the Microsoft-backed parent of the generative AI ChatGPT program), top AI tech designer Nvidia and Tokyo-headquartered conglomerate SoftBank, matching reports earlier Tuesday.
Trump announced the project at a White House press conference flanked by Oracle’s billionaire chairman Larry Ellison, OpenAI’s billionaire CEO Sam Altman and SoftBank’s billionaire CEO Masayoshi Son.
The project includes an immediate $100 billion of investment in U.S. infrastructure for the first year and $500 billion over the next four years, according to OpenAI’s press release on Stargate, which it says will establish “hundreds of thousands” of new American jobs.
