Oracle co-founder Larry Ellison, center, watches Andy Murray of Great Britain against Alexander Zverev of Germany 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 Sport | Getty Images
Oracle shares jumped 6% on Tuesday on reports that the software maker is involved in a joint venture with OpenAI and SoftBank to build artificial intelligence infrastructure in the US
President Donald Trumpwho returned to the White House on Monday, will announce the plans, CNBC confirmed. CBS News was the first to report on the business. Plans call for $100 billion initially and as much as $500 billion over four years.
Oracle shares soared 58% in 2024, their best performance since 1999, boosting co-founder and chairman Larry Ellison net worth per over 75 billion dollars. Ellison has ties to the White House, having hosted a 2020 fundraiser for Trump and partnered with 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 blacked out over the weekend in response to legislation passed by Congress and signed by former President Joe Biden. TikTok said was being renewed service to US customers as of Sunday evening.
Last year, Oracle acquired the cloud business from artificial intelligence startup OpenAI, which needs big numbers Nvidia GPUs to train and run AI models for its ChatGPT assistant and other products.
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