Oracle's recent fiscal report revealed a staggering increase in contracted revenue, driven by rising demand for AI computing. The company predicts its cloud infrastructure revenue will reach $114 billion by 2029, suggesting a potential for significant growth similar to that of Nvidia.

Oracle plans to spend approximately $40 billion on high-performance Nvidia chips to support OpenAI's new data center in Abilene, Texas. This initiative is part of the U.S. Stargate Project, aimed at enhancing the country's position in the competitive AI industry. The purchase will involve around 400,000 of Nvidia's GB200 chips, which Oracle will lease to OpenAI.