Oracle will develop multiple data centers across the US with partners, Bloomberg reports. The existing Abilene, Texas, data center campus, built with partner Crusoe, could be expanded from 1.2GW to 2GW, while it is also evaluating other sites in Texas.

OpenAI has just expanded its Stargate initiative with its agreement to rent an additional 4.5 gigawatts of data center power from Oracle Corp. in the United States. The scale and timing of the deal are just the latest exhibits to underscore the massive computational demands of advanced AI products.

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