Oracle is increasingly involved in US AI infrastructure initiatives.
Oracle co-founder Larry Ellison, center, watches Great Britain’s Andy Murray against Germany’s Alexander Zverev during their third round match on Day 9 of the BNP Paribas Open at the Indian Wells Tennis Garden on October 12, 2021 in Indian Wells, California.
Clive Brunskill | Getty Images Sports | Getty Images
Oracle Shares rose 6 percent on Tuesday after reports that the software maker is entering into a partnership with OpenAI and SoftBank to build artificial intelligence infrastructure in the US.
President Donald Trump, who returned to the White House on Monday, will announce the plans, CNBC confirmed. CBS News He first reported on the deal. The plans call for $100 billion initially and up to $500 billion over four years.
Oracle shares are up 58 percent in 2024, their best performance since 1999, pushing co-founder and chairman Larry Ellison’s fortune to more than $75 billion. In the year Ellison has ties to the White House, organizing fundraisers for Trump in 2020 and linking himself to the White House. Tesla CEO Elon Musk, who attended Trump’s inauguration on Monday after advising him for months.
Oracle is the cloud infrastructure provider for TikTok, which went dark over the weekend following legislation passed by Congress and signed into law by former President Joe Biden. TikTok said it was restoring service to US users as of Sunday night.
Last year, Oracle spun off the cloud business from artificial intelligence startup OpenAI, which required a large number Nivea Graphics processing units for training and running AI models for ChatGPT Assistant and other products.
See: Oracle and C3.ai are both fresh to their earnings reports, Jim Cramer said.
