Oracle co-founder Larry Ellison, center, watches Andy Murray of Great Britain against Alexander Zverev of Germany during a third-round match on day nine of the BNP Paribas Open at Indian Wells Tennis Park on October 12, 2021 in Indian Wells, California.
Clive Brunskill | Getty Images Sport | Getty Images
oracle The company's shares jumped 6% on Tuesday amid reports that the software maker is participating in a joint venture with OpenAI and SoftBank to build artificial intelligence infrastructure in the United States.
president Donald TrumpHe, who returned to the White House on Monday, will announce the plans, CNBC confirmed. CBS News He was the first to report the deal. The plans call for $100 billion initially and up to $500 billion over four years.
Oracle shares rise 58% in 2024, their best performance since 1999, boosting co-founder and CEO Larry Ellison Net worth by More than $75 billion. Ellison has connections to the White House, where he hosted a fundraiser for Trump in 2020 and aligned himself with Trump. Tesla CEO Elon MuskWho appeared at Trump's inauguration on Monday after advising him for months.
Oracle is also the cloud infrastructure provider for TikTok, which was shut down over the weekend in response to a law passed by Congress and signed by former President Joe Biden. Tik Tok SayD was recovering The service is for US users starting Sunday night.
Last year, Oracle acquired the cloud business of AI startup OpenAI, which needs large numbers of… Nvidia GPUs for training and running AI models for ChatGPT Assistant and other products.
He watches: Jim Cramer says both Oracle and C3.ai came in hot in their earnings reports
