US equity indexes rose as Netflix's (NFLX) blockbuster Q4 results and a $500 billion artificial intelligence infrastructure project boosted risk sentiment in the technology and communication services sectors.

The Nasdaq Composite jumped 1.3% to 20,011.8, with the S&P 500 up 0.7% to 6,092.8 and the Dow Jones Industrial Average 0.3% higher at 44,168.5 after midday on Wednesday. The S&P 500 made a fresh record intraday of 6,100.81, with the Nasdaq and the Dow trading close to their respective all-time highs. Real estate and utilities led the decliners intraday.

Microsoft (MSFT) said late Tuesday that it partnered with OpenAI to cooperate on Stargate, a project unveiled by President Trump a day after his inauguration. OpenAI said it will be an equity funder in a new company called The Stargate Project along with Oracle (ORCL), SoftBank, and MGX, with plans to "invest $500 billion over the next four years building new AI infrastructure for OpenAI" in the US.

Arm Holdings (ARM) is one of the technology partners in the project, OpenAI said. Shares of Arm surged past 15% intraday, the second-highest return on the Nasdaq.

Of the top five performers intraday among mega-caps, defined as firms with a market capitalization of more than $200 billion, three were Oracle, Microsoft, and Netflix. The streaming giant's shares soared more than 10% intraday, among the top gainers on the S&P 500 and the Nasdaq, after it reported overnight subscriber growth and earnings that beat analysts' expectations. Oracle and Microsoft shares added 7% and 3%, respectively.

In a press briefing at the White House late Tuesday, President Trump reportedly said he plans to implement a 10% tariff on imports from China, potentially by Feb. 1, coming in at the lower end of the spectrum bandied about during the campaign trail. The US Dollar index rose 0.1% to 108.23.

West Texas Intermediate crude oil futures fell 0.2% to $75.67 a barrel intraday.

Trump's energy policy is unlikely to result in near-term investment or change US production growth, Reuters quoted Morgan Stanley analysts as saying in a Wednesday report. On his first day in office, the president declared a national energy emergency and withdrew the US from the Paris Agreement to boost oil and gas production.

In US economic news, the Conference Board's measure of leading indicators fell by 0.1% in December, as expected in a survey compiled by Bloomberg, and following an upwardly revised 0.4% increase in November.

Redbook US same-store sales rose by 4.5% year-over-year during the week ended Jan. 18, following a 4% gain in the previous week.

Mortgage applications rose by 0.1% during the week ended Jan. 17 after a jump of more than 33% in the prior week, according to data from the Mortgage Bankers Association. Mortgage rates declined but remained above 7%.

Most US Treasury yields rose, with the benchmark 10-year climbing 2.7 basis points to 4.6% and the two-year rising 1.4 basis points to 4.3%.

Gold futures rose 0.4% to $2,769.61 an ounce, while their silver counterpart slipped 0.3% to $31.41 per ounce.