OpenAI and Oracle Sign $300 Billion Cloud Computing Agreement

OpenAI has entered into a $300 billion agreement with Oracle to procure computing power over approximately five years, marking one of the largest cloud contracts in history.

The deal is part of the Stargate Project, a joint venture involving OpenAI, Oracle, and SoftBank, aiming to invest up to $500 billion in AI infrastructure in the United States by 2029.

Oracle's shares surged approximately 43% to a record high following the announcement, adding around $234 billion to its market capitalization and bringing its valuation close to $913 billion.

Oracle declined to comment on the agreement, and OpenAI did not respond to requests for confirmation or comment.