Oracle's stock surges 8.51% after Trump announces $500B AI initiative, solidifying its role as a key AI provider. CEO Ellison's stake also rises.

Stargate 1 project is a massive $500 billion AI infrastructure initiative in collaboration with tech giants like OpenAI, Oracle and Microsoft. The groundbreaking project aims to create the largest AI supercomputer, dubbed "Stargate," which is set to be launched by 2028.

Oracle stock is poised to reap the benefits of President Donald Trump’s enthusiasm for artificial intelligence, analysts said after Trump announced a $500 billion investment in AI infrastructure on Tuesday.

Netflix, Oracle and other big technology stocks lifted Wall Street Wednesday as their profits pile higher and excitement builds around the moneymaking prospects of artificial intelligence. The S&P 500 rose 0.

The Dow Jones Industrial Average was up 136 points, or 0.3%, as of 11:55 a.m. Eastern time. The Nasdaq composite was 1.5% higher.

Global shares climbed as technology stocks rose after President Trump announced significant AI infrastructure spending. A joint venture between OpenAI, SoftBank, and Oracle will invest $500 billion in AI data centers.

By Alessandro Parodi, Dominique Patton and Zaheer Kachwala MILAN/PARIS (Reuters) -Global industrial and technology stocks including Oracle and Schneider Electric rallied on Wednesday after U.S. President Donald Trump unveiled a massive artificial intelligence investment push.