By Katherine Hamilton
Artificial Intelligence shares rose after a report that three industry companies, including Oracle, would pour billions of dollars into building data centers.
Oracle's stock was up 7% to $172.57 on Tuesday. Nvidia rose 3% to $141.41 and Palantir advanced 2% to $73.32.
OpenAI, SoftBank and Oracle are reportedly planning a joint venture called Stargate focused on building data centers and other infrastructure to support AI development, according to CBS News. The companies are expected to invest at least $100 billion in the initiative and up to $500 billion over the next four years, CBS reported.
Chief executives from the three companies are scheduled to visit the White House on Tuesday afternoon.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
January 21, 2025 15:57 ET (20:57 GMT)
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