OpenAI will lease 4.5 gigawatts of U.S. data center power from Oracle as part of its $500 billion Stargate initiative, according to CNBC. The unprecedented agreement underpins at least part of Oracle’s recently disclosed $30 billion cloud contract set to begin in fiscal 2028.

Oracle shares gained as much as 3.9 per cent to $227.46, a record high, following the news. The stock has jumped 36 per cent this year, fueled by investor enthusiasm in its cloud business