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Shares of Oracle (NYSE:ORCL), Nvidia (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT), and Arm Holdings (NASDAQ:ARM) rallied after announcing a groundbreaking $500 billion artificial intelligence initiative with OpenAI. The new venture, named the Stargate Project, will focus on building cutting-edge AI infrastructure in the U.S. over the next four years, strengthening the country’s position as a global leader in AI.
Oracle led the gains, surging 7.2% during Tuesday's session and climbing another 4.1% in after-hours trading to $179.75. Nvidia gained 1.4% after hours to $142.76, while Microsoft rose 1% to $433.20. Arm Holdings advanced 3.6%, closing at $159.52.
SoftBank (OTC:SFTBY) will provide the primary financial backing for the venture, while Oracle, Nvidia, Microsoft, Arm, and OpenAI will serve as core technology partners. The collaboration seeks to accelerate U.S. advancements in artificial intelligence and bolster the industry's rapid growth.
AI has been a significant driver of stock market gains, with its heavy computing demands creating new opportunities for cloud firms like Oracle. The Stargate Project also reinforces partnerships between OpenAI, Nvidia, and Microsoft, aligning their efforts to capitalize on the transformative potential of AI.
This strategic move not only deepens collaboration among tech giants but also offers investors increased exposure to the AI sector, which promises to fuel future growth in cloud computing and other tech industries. The venture highlights the rising importance of artificial intelligence as a key driver of innovation and market expansion.
With AI at the forefront, these firms are well-positioned to shape the industry's future, creating opportunities for technological breakthroughs and sustained investor interest.
