Oracle shares are rising rapidly due to its involvement in the US artificial intelligence infrastructure initiative

Oracle shares jumped 7% on Tuesday on reports that the software maker is entering into 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 the deal. The plans call for $100 billion initially and up to $500 billion over four years.

Oracle shares soar 58% in 2024, best performance since 1999, boosts co-founder and chairman Larry Ellison net capital by over $75 billion. Ellison has ties to the White House, having organized a 2020 fundraiser for Trump and teamed up with Tesla General director Elon Muskwho appeared at Trump’s inauguration on Monday after advising him for months.

Oracle is also the cloud infrastructure provider for TikTok, which shut down last weekend in response to a law passed by Congress and signed by former President Joe Biden. TikTok said it was renewed service for US users starting Sunday evening.

Last year, Oracle took over the cloud business from AI startup OpenAI, which needed big numbers Nvidia graphics processing units to train and run artificial intelligence models for its ChatGPT assistant and other products.

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