Oracle stock is higher Wednesday after President Trump announced the $500 billion AI-focused Stargate Project. Here's what you need to know.

Shares of Oracle ( ORCL 7.17%) are on the move today. The firm's stock is up 5.7% as of 1 p.m. ET. The leg up comes as the S&P 500 ( ^GSPC 0.88%) and Nasdaq Composite ( ^IXIC 0.64%) gained 0.6% and 0.3%, respectively.

OpenAI, Oracle, and SoftBank formed Stargate, a new venture investing up to $500 billion in AI infrastructure in Texas. President Donald Trump talked up the partnership on Jan. 21, calling it ”a resounding declaration of confidence in America’s potential.

Oracle's shares jumped nearly 9% before the bell on Wednesday after U.S. President Donald Trump said the company would make a large investment in artificial intelligence infrastructure, alongside OpenAI and SoftBank.

President Donald Trump is supporting the newly formed Stargate to advance AI as construction on the company's first data center gets underway in Abilene. Trump announced the new entity formed by OpenAI,