Oracle’s (ORCL.N) shares jumped nearly 9 per cent before the bell on January 22 after US President Donald Trump said the company would make a large investment in artificial intelligence infrastructure, alongside OpenAI and SoftBank (9984.T).

The joint venture, called Stargate, plans to invest $500 billion to help the United States stay ahead of China and other rivals in the global AI race, Trump said at the White House on Tuesday.

The venture plans to deploy $100 billion immediately, with the remaining investment over the next four years. Construction of the project’s first data centers has already started in Texas.

Nvidia (NVDA.O), which will supply chips for the venture, rose 2.7 per cent, while the JV’s other tech partners also gained, with Microsoft (MSFT.O) up 1.1 per cent and Arm climbing 5.5 per cent.

Futures tracking the tech-heavy Nasdaq 100 rose 0.8 per cent.

“We believe this is the start of a wave of massive AI investments to take place in the US as we expect more big tech players to make announcements over the coming weeks,” Wedbush analyst Dan Ives said.

AI consumes vast amounts of energy to drive its immense computing power, boosting the demand for specialized data centers and electricity needed to power them.

Nuclear power company Vistra’s (VST.N) stock rose 3.8 per cent. Over the past 12 months, its shares have surged more than fourfold, in part due to increasing demand for clean, sustainable energy for data centers.

AI server makers’ shares also gained, with Dell Technologies (DELL.N) up 4.3 per cent and Super Micro Computer (SMCI.O) rising 2.7 per cent. Among other stocks, AI data analytics firm Palantir Technologies (PLTR.O) increased 2.2 per cent.

Oracle’s shares closed about 7 per cent higher on Tuesday, boosted by reports of the joint venture.