OpenAI reportedly signs $300 billion Project Stargate cloud deal with Oracle

OpenAI, the artificial intelligence research company, has reportedly signed a $300 billion cloud computing deal with Oracle. The deal is part of a broader project called Stargate, which was announced earlier this year with SoftBank and former U.S. President Donald Trump. The contract will begin in 2027 and is one of the largest cloud computing deals ever. Additionally, OpenAI is likely behind a $10 billion contract with semiconductor giant Broadcom to design its own AI chip. This news comes as Oracle announced that it had signed three unnamed companies to four multi-billion-dollar contracts in the first quarter, contributing to a 77% increase in the company's cloud infrastructure revenue for the year. The massive dollar amount of these contracts has sent Oracle's share prices soaring and its chairman, Larry Ellison, to the top of the world's richest person list.